VANCOUVER, British Columbia, July 31, 2006 (PRIMEZONE) -- Anglo-Canadian Uranium Corp. (TSX-V:URA) is pleased to announce it has acquired a 100% interest in 106 uranium and vanadium claims located in the Bull canyon region of Colorado near the Utah border in the Four Corners region of the United States. This claim group, known as the Joseph claims, is well known for its uranium and vanadium production, with five (5) historically producing mines included in the land parcel. They are located approximately 100 km east-northeast of Blanding, Utah, within the Uravan mineral belt. These mines include the Ura, Zebra, Peanut No. 1, Peanut No. 2, and Gilbert mines, which were operated by Union Carbide until 1983. Management intends to visit these mine sites in the coming weeks and will engage in development programs designed to bring historical resources to current NI 43-101 standards and further investigate the permitting and re-commissioning process with state regulatory bodies.
The Bull Canyon region is a well known producer of uranium and vanadium with a ratio of 5-1 vanadium to uranium. The average uranium grades reported from historical production were 0.20% - 0.25 %, with vanadium grades ranging from 1.5% to 2.0%. All ore was located in the Morrision-Saltwash formation. This acquisition further compliments the company's Spider Rock uranium project located in Colorado, its Dragon uranium project in Beaver County, Utah, and demonstrates its goal of becoming an emerging player in uranium development in the Four Corners region of the United States.
Terms of this agreement are a cash payment of US$65,000 and the issuance of 300,000 common shares of the company upon regulatory approval. An additional 300,000 common shares will be issued on the first anniversary date of the initial issuance. In addition to these terms, a 2% NSR will also be payable to the finders.
The technical portion of this release has been approved by James A.Turner. P.Geo., a qualified person under NI 43-101. This acquisition is subject to approval by the TSX Venture Exchange.
About Anglo-Canadian Uranium Corp.
Anglo-Canadian is an aggressive uranium and gold exploration company with several properties located in Canada and the United States. The Company's current projects include uranium projects located in Quebec, Colorado and Utah, and gold projects in British Columbia. The Company's mission is to acquire uranium and gold deposits in strategic locations through acquisition and option arrangements, and further develop these projects with experienced management teams.
For more information on the Company and its projects, please visit the website at www.anglocanex.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.