LAS VEGAS, June 8, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. (OTCBB:CAUI) announces the completion of nine drill holes on the Amalgamated Rare Earth #2 project in Bancroft Ontario by Operator El Nino Ventures Inc. between May 1 and May 28th, with a total of 1,989 m (6,525 ft.) drilled. El Nino is going to expedite results by putting semi-rush status on core samples from the later holes. When the results come in over the next two weeks, a summary of findings will be delivered to CanAm Uranium Corp. and published online.
CanAm Uranium Corp. is actively working on compiling the data within the optioned Bancroft Ontario projects drilled, including the Halo Project and Amalgamated Rare Earth Project completed in the month of May. Bancroft is home to four past producing mines between 1956 and 1982. Bancroft was well known for its uranium, producing a total of 14,862,653 lbs U3O8 between 1956 and 1982. It is important to note the Faraday Mine within the same geological area produced 2,544,716 tons of ore which were averaging .1074% U3O8. The CanAm Uranium property, the Halo Project, first round of drilling confirms historical results by intercepting average grade of 0.09% (1.6 lbs) U3O8 over 8.9 meters (34 feet), which included 0.31% U3O8 (6.2 lb ton over 1.52 meters). CanAm Uranium Corp. and El Nino Ventures Inc are currently working on proving the historical estimates of over 3 million lbs of U3O8 within the 8 optioned Bancroft claims. The current spot price of Uranium is $135 per pound.
"We are excited with the progress and the average grades of the drill program which confirm historical results on the Bancroft Project optioned by CanAm Uranium. It's also important to look at the similarity in grade in comparison to past producing mines. We look forward to receiving the assays from the 9 holes drilled in May," says Ryan Gibson CEO.
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", "could" 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 159,000 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.