VANCOUVER, B.C., April 18, 2007 (PRIME NEWSWIRE) -- Anglo-Canadian Uranium Corp. (TSX-V:URA) (the "Company") is pleased to announce the acquisition of 110 uranium claims located in Mesa County, Colorado. These claims, known as the Outlaw Property, are made up of two claim blocks; the Lonestar claims consisting of 78 uranium and vanadium claims and the Gunfighter claims which consist of 32 uranium and vanadium claims. This property has a number of historical drill holes completed from 1950 to 1980, and is located in an area with historical uranium and vanadium production.
Lonestar Claims, Outlaw Property, Mesa County, Colorado
The Lonestar claims contain two past producing mines with ventilation holes intact for each mine. On claims 65, 66, 71 and 72 there is a cluster drill out of 27 holes ranging from 200 to 350 feet deep. There is an additional cluster drill out on claims 59 and 65 with 10 holes at 500 to 600 feet deep. On claim 49 there is a Department of Energy (DOE) hole with four offset holes and on claim 69 there is another DOE hole drilled with no offset holes. The two DOE holes and one of the mines line up with the historical drill out on the Company's Gunslinger project and possibly indicate a trend or channel. In addition to the potential trend, the historical data and existing mines may indicate several trends running in a north easterly direction on Outlaw Mesa. The Company intends to complete all requirements necessary for the initiation of a drill program on this project in the coming weeks.
Gunfighter Claims, Outlaw Property, Mesa County, Colorado
The Gunfighter claims border the DOE withdrawal tract on the north side. This tract, which contains the G2 shaft, was a major producer from the 1950's to the 1980's. Eight (8) mines lie in close proximity to the Gunfighter claim group, and consist of small and shallow deposits. The Company intends to complete drilling at a depth greater than 200 feet through its development partner.
Terms of this acquisition are as follows: Cash payment of US $55,000, and a 5% gross royalty, and a minimum work commitment of US $25,000 for the first 3 years from date of lease and US $20,000 advance royalties starting in the fifth year. In addition to these terms, the Company's development partner has agreed to put half of the monies generated through production royalties into exploration of the property for up to ten years. This acquisition is subject to TSX Venture Exchange approval.
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 Colorado, Utah, New Mexico and Quebec, and gold and base metals projects in British Columbia. The Company's focus 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
On Behalf Of The Board Of Directors:
"Len J. Harris"
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website (or press release), such as "measured", "indicated" and "inferred" "resources", which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 000-52457, which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.