LAS VEGAS, June 7, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. ("CanAm" or the "Company") (OTCBB:CAUI) is pleased to acknowledge that uranium's spot price hit $135 per pound June 4th 2007 as quoted at UXC.com, which is a dramatic increase from roughly $50 since the corporate focus to acquire and develop its Uranium interests.
CanAm Uranium Corp. is very happy to see the rising prices which make the extraction and sale of uranium more economical in some of the smaller deposits of U3O8 globally. 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 Halo Project first round of drilling on Halo 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 optioned Bancroft claims.
The increase in market price for this important commodity highlights the significance of CanAm Uranium Corp.'s exploration and development projects. These include the Bancroft project, in Ontario, with 3 million pounds of historical U3O8 resource and the Wheeler-Beckett and Don McCarthy claims in the Athabasca Basin, adjacent to two world-class Uranium mines: Cigar Lake and McArthur River Mine.
"The company is excited about the continued grade of intercepts and average we have discovered in the Bancroft area when compared to the grades of past producing mines within the area, which give us positive news to report to our investors as Uranium prices continue to rise to $135 per pound. It comes at a great time, as our company reaches over 159,000 acres of prospective uranium properties to explore in some of the most prolific uranium mining regions of Canada and the World," 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.