LAS VEGAS, Sept. 27, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. (OTCBB:CAUI) is pleased to announce the commencement of its airborne EM survey for the Wheeler Beckett and Don McCarthy claims in the eastern Athabasca Basin Tuesday, September 25th 2007.
Both projects have shown potential to host unconformity-style uranium mineralization associated with conductive zones, similar to that discovered by IUC/JNR Resources at Moore Lake, which lies to the southwest. CanAm Uranium is utilizing a leading edge survey tool, The Tempest, that was recently tested over the Midwest Mine where it demonstrated resolving capabilities superior to traditional time domain systems. The Tempest is expected to inspect conductive horizons to a depth of 400m on the Wheeler Beckett and to 300m on the Don McCarthy. Survey flight lines are to be flown in a northwest-southeast direction at 200 meter flight line intervals with some infill flying at 100 meters. Tie lines will be flown perpendicular to flight lines at two kilometer intervals. The Survey Area will encompass approximately 4,600 line kilometers and the survey is expected to take 3-5 weeks to complete. Interpretation of data is expected to take an additional 4-8 weeks thereafter.
Dr. Michael Hitch, Chief Geoscientist and Director stated, "We are pleased to be able to use this discovery tool in the prolific Athabasca Basin. If there is a possibility of a new discovery, it certainly has a greater possibility in a world-class camp."
The Don McCarthy Claim is a single 4,087-hectare claim (10,100 acres), previously controlled by International Uranium Corp/Denison Mines Corp., which still has a significant presence in the area. The Claim is considered to be a high priority target due to its proximity to large, high-grade uranium mines and its potential to host similar mineralization. The Claim is located on the eastern edge of the Athabasca Basin, approximately 15.8 miles (25.5km) southeast of Cigar Lake and 25.5 miles (41km) east of the McArthur River Mine (Cameco/Cogema), the largest, high-grade uranium mine in the world (reserves of 389.1 million lbs with an average grade of 24.3% U3O8 and producing 18.7 million lbs per annum).
The Wheeler-Beckett property consists of 11 contiguous claims comprising approximately 51,000-hectares (126,000 acres) 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 east of the McArthur River mine.
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 volatility of uranium prices, the possibility that exploration efforts will not yield economically recoverable qualities of uranium, accidents and other risks associated with uranium exploration and development operations, the risk that CanAm will encounter unanticipated geological factors, CanAm Uranium's need to obtain additional financing, the possibility that CanAm may not be able to secure permitting and other governmental clearances necessary to carry out CanAm Uranium's exploration and development plans, and other risks factors discussed in greater detail in CanAm Uranium's filings with the U.S. Securities and Exchange Commission. 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 Uranium'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.