LAS VEGAS, April 3, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. ("CanAm" or the "Company") (OTCBB:CAUI) is pleased to announce a Corporate Update.
Financial Update
CanAm Uranium Corp. is pleased to announce the loans from this quarter reported in the 10Q-SB have been paid in full and on time.
CanAm Uranium Corp. is also pleased to announce that the US$600,000 financing announced March 05, 2007 has closed on time. The second round of $1,000,000 is expected to close on or before May 25, 2007.
Property Update
CanAm Uranium has met the Joint Venture payment requirements to date with partner El Nino Ventures Inc., and have begun the drill program on the Halo Project in Bancroft. It is important to note that the Halo Project has over 1,000,000 lbs of U3O8 (Uranium) in non-43 101 historical estimates. (Lowest reserve estimate (1957) -- 472,000 tonnes at 0.112% U3O8, 2.24 lb/ton) The Halo Project is only one of 8 claims within the Bancroft Region, an area that was once home to four past producing mines, producing a total of 14,862,653 lbs. U3O8 between 1956-1982. Uranium has a current spot price of $95/lb as announced by the leading firms, such as UXC who set the price estimate.
Press Update
CanAm Uranium CEO Ryan Gibson was recently quoted in the press concerning the company's initiatives in the Bancroft Region. Article Title: Uranium Industry re-emerging in Bancroft http://www.intelligencer.ca/webapp/sitepages/content.asp?contentid=459762&catname=Local+News&classif%20=
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.