LAS VEGAS, May 9, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. ("CanAm" or the "Company") (OTCBB:CAUI) is pleased to announce that it has finalized a 3,600 line kilometer airborne radiometric, magnetic and electro-magnetic survey to be flown over its Wheeler Beckett Uranium Property, located in the Athabasca Basin, Saskatchewan. The survey, which will be flown by helicopter at a combination of 100m and 200m spacing, designed to test for the presence and extent of graphitic zones that can host uranium mineralization, as well as to map contacts and faults on the property. The survey, which will be conducted and supervised by Fugro Airborne Surveys and G. Santos Geoscience, is scheduled to take place in early July 2007.
Dr. Michael Hitch, Chief Geoscientist, states, "The DIGHEM survey being flown at Wheeler Beckett, has unique design characteristics which allow for the detection of highly conductive structures, typical of uranium mineralization in the Athabasca Basin. This survey will provide us with a brand new look at the property and will examine a large portion of the property area, for similar structure and stratigraphy to the world-class McArthur River Mine, 24 miles to the northwest."
Technical Details
The EM survey is to be flown utilizing the DIGHEM electromagnetic system, which employs five frequencies and multi-coil geometry. The system has the widest range of frequencies in the industry and provides the interpretation benefits that can only be realized by a system employing both horizontal coplanar and vertical coaxial transmitter-receiver coil-pairs. A total of ten EM channels of information will be sampled at 0.1 second intervals or approximately every 4 metres along the survey line, with a time constant of 0.2 seconds. Additionally, there are two spheric/powerline channels for noise monitoring. The Mag survey will be conducted with a Scintrex Airborne High Sensitivity Magnetometer, an optically pumped cesium magnetometer with a sampling rate of 10Hz and a sensitivity of 0.01 nT. An Exploranium GR820 256-channel spectrometer with 16.8L (1024 cubic inches) of main (downward) NaI crystal detector will be utilized to detect gamma ray emissions, one of the key indicators of uranium.
Wheeler-Beckett Property
The Wheeler-Beckett property consists of 11 contiguous claims comprising approximately 126,000 acres (51,000 ha) on the eastern margin of the basin (see location map at http://www.canamuranium.com) with similar mineralization styles as found at the McArthur River mine of Cameco/Cogema. The claims are located approximately 24 miles from the McArthur River mine, the largest, high-grade uranium mine in the world (reserves of 389.1 million tonnes grading 24.3% U3O8 and producing 18.7 million pounds of uranium per year).
The 2007 exploration budget of CDN$1million and will include radiometric geophysical survey (CDN$600,000), ground proofing and mapping (CDN$200,000) and follow-up trenching and sampling (CDN$200,000). Recent magnetic geophysics has indicated a strong correlation to and indicates continuity with JNR Resources (CDNX:JNR) Way Lake and Moore claims.
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 136,825 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