LAS VEGAS, March 5, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. ("CanAm" or the "Company") (OTCBB:CAUI) is pleased to announce the letter of intent to exercise $1.6 million USD in options by Advantage Systems Enterprise Limited.
Advantage Systems Enterprise Limited has sent their intent to exercise the option agreement signed January 30th 2007 for $600,000 USD at $1 per restricted share by March 23rd, prior to the April 1st 2007 expiry date, and to accelerate payment of $1,000,000 for 666,666 restricted shares at $1.50 per share by May 25th 2007 before the expiration date of January 1st 2008.
"Exercising the options for $1.6 million USD over the following 2 months could allow for CanAm Uranium Corp to secure equipment and operators for our Wheeler Beckett 2007 work program, our Bancroft Properties, and to commit to new acquisitions as expressed within our business objectives. We still intend to seek further financing to option or acquire historic resources, with a keen interest in already proven pounds of uranium," said Ryan Gibson, CEO and Director.
Forward Looking Statement
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. In addition, such statements could be affected by risks and uncertainties related to the exploration for and development of mineralized material, 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's website does not constitute a part of this release.
About Us
CanAm Uranium Corp. is a Nevada incorporated junior resource company with a corporate objective focused on the strategic acquisition and development of exploration properties in well-known prolific mining areas, especially known for Uranium, of Canada, Southern Africa, Australia and the United States. CanAm Uranium Corp has optioned over 120,000 acres of claims within the Saskatchewan Athabasca Basin and Ontario, with significant interest in prolific Uranium mining areas. http://www.CanAmUranium.com