LAS VEGAS, July 5, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. (OTCBB:CAUI) announces a Corporate Update. Since CanAm Uranium's Board of Directors chose to focus on Uranium as the corner stone of the company, Uranium has increased from roughly $40 per pound to $135 per pound at its current spot price as of July 2nd 2007.
CanAm has grown to over 4,000 investors and 159,000 acres of prospective Uranium Properties in some of the world's most prolific uranium mining areas including Bancroft, Ontario and the Athabasca Basin Saskatchewan.
Property Highlights
The Bancroft Uranium Projects (Up to 80% Interest)
CanAm Uranium Corp.'s primary Fall 2007 fieldwork focus has been the development of the optioned mineral claims in Bancroft by drilling for as high of grade as possible concentrations of U3O8 in radioactive pegmatite. The Bancroft Uranium Property comprising of 8 optioned mineral claims consists of 3 million historic pounds of Uranium. Thus far, the 6 holes drilled on the Halo Project in the early fall have shown assay results that are consistent with historical grades. In addition, 9 holes were drilled in the Amalgamated Rare Earth project. The 8 optioned properties are located near 4 past producing mines, producing a total of 14,862,653 pounds of U3O8, extracted for the most part at similar average grades as are being proven by the drill campaign on the CanAm Uranium properties. Results of the drill program on the Amalgamated Rare Earth Project are expected to be released to CanAm in early to mid July.
For discussion purposes only, the Bancroft project calculation for the value of the 3 million pounds of Uranium at the current spot price would equal $405,000,000 USD.
3,000,000 times $135.00 = $405,000,000 USD
This does not include the other rare earth credits such as Scandium found on the Halo Project which could add to the value of the Project.
The Saskatchewan Athabasca Basin Projects
CanAm Uranium Corp. decided in early 2007 that the Athabasca Basin hosts some of the most successful Uranium Mines and Companies in the world, and therefore, the rate of success by growing within the Athabasca Basin would move CanAm Uranium to the forefront of Uranium Exploration Companies.
Wheeler-Beckett Project
CanAm Uranium Corp. has title of 100% of a 51,000 hectare, 11 claims property located in South East Athabasca Basin Saskatchewan called the Wheeler-Beckett.
-- 24 miles east of the McArthur River Mine
-- Similar mineralization styles as found at the McArthur River mine,
the largest producing high-grade uranium mine in the world
(reserves of 389.1 million tons grading 24.3% U3O8 and producing
18.7 million pounds of uranium per year
-- Adjoining JNR Way Lake property with an over 40% U3O8 sample on
strike with Wheeler-Beckett
-- Hosts a 3.7 mile 6km long north east conductive zone, potentially
a graphitic horizon, analogous with the nearby Hook Lake showing
and the Eagle Point Uranium deposit
With this in mind, CanAm scheduled and booked with payment in full the Summer Exploration program on the Wheeler-Beckett Uranium Project for a 3600 line airborne radiometric, magnetic, and electromagnetic survey. The value added survey has the ability to attract additional support from Joint Venture partners or financing companies to develop drill targets and work programs for the 2008.
Don McCarthy Project
In addition, CanAm added to the Uranium Projects in the Athabasca Basin, by acquiring a 100% interest in the Don McCarthy Project, adjoining Denison's South cigar Project, on which "deep seated conductors" have been identified. An Airborne Radiometric, Mag, and EM Survey is highly probable as part of the Summer/Fall 2007 work program.
-- Single 4087 hectare claim, previously controlled by International
Uranium Corp., Denison Mines Corp.
-- 15.8 miles east of the McArthur River Mine
-- Adjoining Denison's South Cigar Project, on which "deep seated
conductors" have been identified
-- Airborne radiometric, magnetic, and electromagnetic surveys
expected Summer and Fall 2007
Grass Root Acquisitions
CanAm Uranium Corp. has made grass root acquisitions in Ontario and British Columbia with a clear understanding that the value of the real estate that hosts Uranium and possible anomalies that would lead to large scale discoveries is an important part of an exploration company. With this in mind, the company acquired 100% interest in the Reilly Uranium Property located in the Mining Division of Sault St. Marie Ontario in the Reilly Mining District consisting of 23 contiguous mining claims totaling 5,120 hectares or just over 12,650 acres. The Sault District forms the western extension of the region that include the Elliot Lake mining camp which was once known as "the uranium capital of the world" and has produced more than 270 million pounds of U3O8 from strata-bound deposits that demonstrate remarkable consistency over extensive areas.
These Uranium claims were staked as a result of very favorable radiometric anomalies in conjunction with a series of anomalous lake sediment samples. The Lake Sediment Samples were collected as part of a National Geochemical Reconnaissance uranium program released in 1978. This data was released prior to establishment of current standards under National Instrument 43-101, and has not been substantiated by CanAm Uranium Corp., and therefore should not be relied upon. (More information on this property and maps of the area are available at: http://www.canamuranium.com/page158.htm)
Acquisition and Joint Venture Strategy
Within this past quarter the company has acquired and developed the various aforementioned projects listed. In addition, CanAm Uranium Corp. has been actively contacting the top uranium companies in the world for potential joint venture of properties that are not being developed with historical resources estimates over 5 million pounds of Uranium.
International Exchange Research and Listings
CanAm Uranium Corp. and its executives have been actively researching the London AIM exchange listing requirements, TSX, and Frankfurt. The Company wishes to expand its reach to highly successful commodity driven markets, such as the AIM exchange, Frankfurt, and the TSX. The company's research has been favorable for dual listing, and has been in discussions with various NOMAD sponsors for the AIM exchange. The cost and long-term financing needs of the company will need to be considered before listing on any new exchanges, and if this decision is made, it will be with the best interest of the company and investors in mind.
Provided adequate funding is available to CanAm Uranium Corp., the Joint Venture strategy, acquisitions, and development of the current properties and prospective relationships will add value to the firm and its investors moving forward to reach the objective of being in the forefront of major uranium exploration projects in Canada, the United States and abroad.
Additions to CanAm Uranium Team This Quarter
Mr. Paul T. Sarjeant, Director, a P.Geo., has been involved in the mining industry for over twenty years, with extensive experience in project evaluation and management for junior and senior companies in Canada and around the world. Currently he's the President and CEO of Grandview Gold Inc., a TSX listed company exploring for gold in Canada and the USA. He has worked previously as Senior Geologist for Echo Bay Mines and was responsible for project evaluation outside of North America.
Dr. Peter Born P. Geo, Director; at age 54, he brings over 30 years of exploration/mining experience to the company including project evaluation/feasibility studies for senior and junior companies in Canada. He worked previously as Senior Geologist and then Resource Geologist with Western Mining (WMC) as well as being a consultant/senior geologist, modeling the Aquarius ore body with Echo Bay Mines. Dr. Born holds a Ph.D. in Earth Sciences with expertise in Precambrian Sedimentary Geology, Basin Analysis, Sedimentology, Stratigraphy and Sedimentary Ore deposits.
Mr. R. Stuart (Tookie) Angus, LL.B., Advisory Board. Mr. Tookie Angus is an independent business advisor to the mining industry. He was most recently Managing Director -- Mergers & Acquisitions for Endeavour Financial. Prior to this, he was a partner at the Canadian law firm Fasken Martineau DuMoulin and headed its Global Mining Group. For over 25 years, Tookie has focused on significant international exploration, development and mining ventures, and all aspects of their structuring and finance. Tookie is also a director of Nevsun Resources Ltd., Bema Gold Corporation and Plutonic Power Corporation. He was a director of First Quantum Minerals Ltd. until June 2005 and resigned as a director of Canico Resource Corp. upon completion of a takeover by CVRD. He was Chairman of the Board of BC Sugar Refinery Limited.
Thomas E. Puzzo, age 40, is a practicing lawyer, based in Seattle, Washington, who also serves as of counsel to Catalyst Law Group of San Diego. Mr. Puzzo's law practice focuses on securities regulation and corporate finance. Mr. Puzzo has represented numerous companies in raising capital via public and private offerings of debt and equity securities, and counseled public companies in connection with their ongoing reporting and other obligations. He has also represented underwriters in public offerings, broker-dealers in placing private offerings and venture capital funds and other investors in non-public investment transactions. Mr. Puzzo also has extensive experience in counseling public companies on maintaining compliance with Nasdaq, New York Stock Exchange and American Stock Exchange rules and Over-the-Counter Bulletin Board eligibility requirements. Additionally, Mr. Puzzo has represented established and emerging businesses with respect to intellectual property transfers and protection. Mr. Puzzo received his B.A. from the Evergreen State College in 1989. From 1989 to 1991, he attended the University of Leiden in The Netherlands, where he studied Philosophy and received a Propaedeutic Degree in Dutch. Mr. Puzzo received his J.D. from Seattle University in 1997.
"The key to success is location and people in mining. Be where the high-concentration Uranium is, and have the people and knowledge to finance the company and bring to production the discovery. I am confident with our location and our people which are driving the success of our company," said 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.