LAS VEGAS, Dec. 5, 2006 (PRIME NEWSWIRE) -- CanAm Uranium Corp. ("CanAm Uranium") (OTCBB:CAUI) a Nevada-based junior resource exploration company, announces a corporate update on its current property interests with a focus on uranium exploration.
On November 2, 2006 El Nino Ventures Inc. ("El Nino") (TSX-V:ELN); (OTCBB:ELNOF); (Frankfurt:E7Q) announced that CanAm Uranium, (then known as Boulder Creek Explorations Inc.) optioned El Nino's Bancroft Uranium properties for up to an 80% interest. This agreement will advance the Bancroft properties through the next stages of exploration. Under the terms of this agreement, El Nino received 275,000 shares of CanAm Uranium, and cash payments totaling CDN $125,000. CanAm Uranium can earn in a 60 percent interest by committing CDN $1,000,000 over the next two years and could earn up to 80 percent of the project by issuing a further 300,000 shares and spending an additional CDN $1,500,000.
Bancroft is known as "the Mineral Capital of Canada" (Bancroft & District Chamber of Commerce) due to the abundance of minerals found in the area. Bancroft was especially well known for its uranium production according to El Nino, as it was once home to four past producing mines, "producing a total of 14,862,653 lbs U3O8" between 1956 and 1982.
Highlights and Plan:
* 8 optioned properties, totaling 9,765 acres * Virtually no regional exploration in over 30 years * Technological advances to enable further delineation of known resources * 43-101 report filed; approval pending * Results pending for Autumn/Winter exploration program
Further information on the properties can be viewed at: http://www.elninoventures.com/s/Uranium.asp?ReportID=112768
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in CanAm Uranium's filings with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to product demand, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on CanAm Uranium's website does not constitute a part of this release.
CanAm Uranium Corp. is a Nevada based junior resource exploration stage company whose corporate objective is to revisit former mining regions and potential exploration properties where mineralization of target mining objectives such as Uranium exist. In addition to the Ontario Bancroft Property, CanAm Uranium Corp continues to focus on properties within Canada, Southern Africa, Australia, and the USA.