LAS VEGAS, March 27, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. ("CanAm" or the "Company") (OTCBB:CAUI) is pleased to announce that the first phase of the CDN $500,000 2007 Work Program will be commencing on the Bancroft Uranium Project with Joint Venture Partner El Nino Ventures Inc. ("El Nino") (TSX-V:ELN) (OTCBB:ELNOF) (Frankfurt:E7Q). This work program consists of 1650 meters of drilling on a property that was once home to four past producing mines, producing a total of 14,862,653 lbs. U3O8 between 1956 -- 1982. Subject to results, a follow up drill program is planned.
Property Summary available at: http://www.canamuranium.com/page131.htm
"El Nino Ventures Inc., as the operator for the field work, successfully booked the necessary people and equipment to begin our drill program on the Halo Claims in Bancroft. We have worked closely with El Nino to decide that the best drill prospect in our mutual claims was to begin with the targets on the Halo Project," says Ryan Gibson, CEO.
This work program is the result of an agreement signed with CanAm Uranium, formerly Boulder Creek Exploration Inc. in November 2006. Under the terms of this agreement, El Nino received 275,000 shares of CanAm Uranium Corp., and cash payments made totaling CDN $125,000. CanAm Uranium Corp. 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.
Forward-Looking Statements
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 136,000 acres of claims collectively within the Saskatchewan Athabasca Basin, Ontario and British Columbia, with significant interest in prolific Uranium mining areas. http://www.CanAmUranium.com