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Thursday, September 27, 2007
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. CONTACT: CanAm Uranium Corp.
David Hayes, CFO
(206) 274-7598
Fax: (206) 299-3484
www.canamuranium.com
Source: PrimeNewswire (September 27, 2007 - 5:09 PM EST)
Thursday, July 05, 2007
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. CONTACT: CanAm Uranium Corp.
David Hayes, CFO
(206) 274-7598
Fax: (206) 299-3484
www.canamuranium.com
Source: PrimeNewswire (July 5, 2007 - 8:31 AM EST)
Friday, June 08, 2007
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. CONTACT: CanAm Uranium Corp.
David Hayes, CFO
(206) 274-7598
Fax: (206) 299-3484
www.canamuranium.com
Source: PrimeNewswire (June 8, 2007 - 2:08 PM EDT)
Thursday, June 07, 2007
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. CONTACT: CanAm Uranium Corp.
David Hayes, CFO
(206) 274-7598
Fax: (206) 299-3484
www.canamuranium.com
Source: PrimeNewswire (June 7, 2007 - 9:35 AM EDT)
Thursday, May 31, 2007
LAS VEGAS, May 31, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. (OTCBB:CAUI) ("CanAm" or the "Company") announced today that it has acquired an option to own 100% of the Reilly Uranium Property in the Sault St. Marie District of Ontario. The acquisition expands CanAm Uranium Corp's property holdings to over 159,000 acres of Uranium claims collectively.
The Reilly Uranium Property is 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 total 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. CanAm has an aggressive acquisition strategy for projects in areas of known uranium mineralization, especially in geological environments similar to past producing mines.
"The uranium market is currently experiencing unprecedented price gains due to surging global demand and increasingly uncertain supply, rising from a long-term base of roughly US$10 per pound, a level seen earlier this decade, to a recent high of US$125 per pound," said Dr Michael Hitch, Chief Geoscientist. "Many market analysts anticipate sustained strength in the uranium price for years to come".
The terms of the transaction include the option to purchase 100% of the property by the staged issuance of 80,000 CanAm common shares and $110,000 in cash payments in Canadian dollars. The underlying vendor retains a 2% NSR royalty of which 1% can be bought back by the Company for $1 million and the first right of refusal for the remaining 1%. The payment schedule is as follows, an "Initial Payment" of $30,000 on signing of this Option Agreement, an additional $10,000 on the first anniversary date of the Option Agreement, an additional $15,000 on the second anniversary date of the Option Agreement; an additional $20,000 on the third anniversary date of the Option Agreement; and, a final payment of an additional $35,000 on the fourth anniversary date of the Option Agreement. Issue to the Owners a total of 80,000 common 144 shares in the capital stock of CanAm for the grant of the Mineral Claims according to the following schedule, 20,000 common shares to the Owner within 10 days of the approval of the terms of this Option Agreement; 20,000 additional common shares on the first anniversary date of the Option Agreement; 20,000 additional common shares on the second anniversary date of the Option Agreement; and, 20,000 additional common on the third anniversary date of the Option Agreement.
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. CONTACT: CanAm Uranium Corp
David Hayes, CFO
(206) 274-7598
Fax: (206) 299-3484
www.canamuranium.com
Source: PrimeNewswire (May 31, 2007 - 3:03 PM EDT)
Wednesday, May 30, 2007
LAS VEGAS, May 30, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. (OTCBB:CAUI) announced today that BUYINS.NET, www.buyins.net, is re-iterating coverage of CanAm Uranium Corp. after releasing the latest short sale data to May 2007. From January to May 2007 approximately 34.4 million total aggregate shares of CAUI have traded for a total dollar value of nearly $38.2 million. The total aggregate number of shares shorted in this time period is approximately 2.6 million shares. The CAUI SqueezeTrigger price of $1.11 is the volume weighted average short price of all short selling in CAUI. The first of several short squeezes began when CAUI closed above $0.85, where approximately 529,000 shares have been shorted. To access SqueezeTrigger Prices ahead of potential short squeezes beginning, visit http://www.buyins.net. Month Total Vol. Short Vol. Avg. Price Short $ Value
----- ---------- ---------- ---------- -------------
January '07 160,880 12,388 $1.03 $12,697
February 120,200 9,255 $1.14 $10,551
March 9,664,498 744,166 $1.24 $924,627
April 17,585,832 1,354,109 $1.14 $1,543,684
May 6,880,861 529,826 $0.85 $450,352
Total: 34,412,271 2,649,745 $1.11 $2,941,912
* short volume is approximated using a proprietary algorithm.
** average short price is calculated using a volume weighted average
short price.
*** short volume is the total short trade volume and does not account
for covers.
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 BUYINS.NET
WWW.BUYINS.NET is a service designed to help bonafide shareholders of publicly traded U.S. companies fight naked short selling. Naked short selling is the illegal act of short selling a stock when no affirmative determination has been made to locate shares of the stock to hypothecate in connection with the short sale. BUYINS.NET has built a proprietary database that uses Threshold list feeds from NASDAQ, AMEX and NYSE to generate detailed and useful information to combat the naked short selling problem. For the first time, actual trade by trade data is available to the public that shows the attempted size, actual size, price and average value of short sales in stocks that have been shorted and naked shorted. This information is valuable in determining the precise point at which short sellers go out-of-the-money and start losing on their short and naked short trades.
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About CanAm Uranium Corp.
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 146,925 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 . CONTACT: CanAm Uranium Corp
David Hayes, CFO
(206) 274-7598
Facsimile: (206) 299-3484
www.canamuranium.com
Source: PrimeNewswire (May 30, 2007 - 6:23 PM EDT)
Tuesday, May 29, 2007
LAS VEGAS, May 29, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. ("CanAm" or the "Company") (OTCBB:CAUI), is pleased to announce that on May 28th, 2007, the Company agreed to proceed with the acquisition of a 100% interest in the Don McCarthy Claim, (the "Claim"), located in the Athabasca Basin from Geomode Mineral Exploration Ltd. ("Geomode"), expanding CanAm Uranium Corp's property holdings to 146,925 acres of claims collectively.
The Don McCarthy Claim is a single 4087-hectare claim (10100 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).
Highlights for the due diligence summary by Dr. Peter Born P.Geo., from information provided by the vendor, include:
-- The location is in close proximity to the McArthur River and Cigar Lake Mines, both are world class uranium deposits.
-- Scattered uranium and arsenic anomalies occur in several locations, all within the Athabasca Basin, some 9km from the eastern margin. Presumably, there is a regolith along the contact with the underlying basement rocks.
-- A Northeast trending anomalous magnetic feature (high derivative values) may be indicating a high magnetic source in the basement rocks underlying the local sandstone/conglomerates.
There are several reasons for acquiring the Don McCarthy claims, not the least of which is its proximity to several world-class uranium mines. We also know that the basement regolith below the unconformity is mineralized with uranium at numerous locations along this eastern edge of the Athabasca basin. In addition, there are several geochemical anomalies of Arsenic/Uranium on the Claim, and at least one northeast trending airborne anomaly, namely a derivative magnetic anomaly. Also, IUC-Denison/JNR Resources' South Cigar and North Wedge are neighboring exploration properties. In the spring of 2004, JNR and Denison completed a 243-kilometre airborne GEOTEM survey over the South Cigar Property. This survey outlined a number of features including a conductive zone interpreted to represent a deep-seated basement conductor.
"We are excited to have a land package within the Athabasca Basin that could present surprising results for the Company based on its location and proximity to known mines and deposits. It is well known that the basement regolith below the unconformity is mineralized with uranium at numerous locations along this eastern edge of the Athabasca basin, and therefore, we are optimistic with regards to this acquisition. We believe CanAm could attract joint venture partners in the region with this asset," says Ryan Gibson, CEO of CanAm Uranium Corp.
To earn a 100% interest in the Don McCarthy Claim, CanAm is required to pay an aggregate of US$400,000 and issue 3,000,000 common shares to the vendor over three years. First year commitments require the issuance of 2,000,000 common shares and payment of $100,000, of which $50,000 is due upon closing (paid) and $50,000 is to be paid on or before December 22, 2007. The balance of commitments calls for the payment of $100,000 and 500,000 shares on or before May 25th, 2008, and the payment of $200,000 and 500,000 shares on or before May 25th, 2009. A one percent (1%) NSR has been reserved in favor of the vendor, which can be purchased by CanAm for $3,000,000.
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 146,925 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 CONTACT: CanAm Uranium Corp.
David Hayes, CFO
(206) 274-7598
Fax: (206) 299-3484
www.canamuranium.com
Source: PrimeNewswire (May 29, 2007 - 4:00 PM EDT)
Thursday, May 24, 2007
LAS VEGAS, May 24, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. ("CanAm" or the "Company") (OTCBB:CAUI), is pleased to announce the results of a Preliminary Property Evaluation of the Wheeler-Beckett Claims Northern Saskatchewan by Dr. Peter Born, P.Geo. The evaluation has confirmed that there are several compelling reasons for exploration activity on the Wheeler-Beckett Claims, Northern Saskatchewan.
Dr. Born noted: * a 3.7 mile (6 km) long northeast conductive zone: potentially a
graphitic horizon, analogous with the nearby Hook Lake Showing,
which sampled greater than 40% U3O8, and the Eagle Point Uranium
deposit,
* a prominent derivative gravity anomaly (high values) which could be
related to the unconformity, and
* a significant arsenic anomaly at the northwest boundary of the
property, at the edge of the basin
CanAm Uranium Corp.'s Wheeler-Beckett Claims cover approximately 51,100 hectares on the eastern edge of the Athabasca basin in Northern Saskatchewan. 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 Athabasca Basin has become one of the fastest growing areas for Uranium exploration in the world, especially with the increase in Uranium prices, which currently has a Spot Price of $125 per pound. The Wheeler-Beckett is approximately 37 miles (60km) east of the McArthur River Mine (the largest, high-grade uranium mine in the World with reserves of 389.1 million lbs with an average grade of 24.3% U3O8 and producing 18.7 million lbs per annum) and is approximately 9 miles (14 km) northeast of, and on strike with, the Hook Lake Showing.
Dr. Born's findings are consistent with the Company's plans to perform a heliborne EM, Mag and radiometric survey and the subsequent ground survey follow-up to identify potential diamond drill targets.
The Property Evaluation summary is available at the following link: http://www.canamuranium.com/page157.htm.
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 136,000 acres of claims collectively within the Saskatchewan Athabasca Basin, Ontario and British Columbia, with significant interest in prolific uranium mining areas. CONTACT: CanAm Uranium Corp
David Hayes, CFO
(206) 274-7598
Fax: (206) 299-3484
www.canamuranium.com
Source: PrimeNewswire (May 24, 2007 - 9:15 AM EDT)
Monday, May 21, 2007
LAS VEGAS, May 21, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. ("CanAm" or the "Company") (OTCBB:CAUI), is pleased to announce that on May 18, 2007, the Company entered into a Definitive Property Option Agreement with Geomode Mineral Exploration Ltd. ("Geomode"), to acquire a 100% interest in a prospective mineral claim, the Don McCarthy Claim, (the "Claim"), located in the Athabasca Basin.
The single 4087-hectare claim (S-110884) was previously controlled by International Uranium Corp/Denison Mines Corp., which still have 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 15.5 miles (24km) southeast of Cigar Lake and 21.7 miles (35km) 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 northern and eastern borders of the Claim are contiguous to claims held by International Uranium Corp/Denison Mines Corp. and the western side of the Claim adjoins Dejour Enterprises Ltd/Titan Uranium Inc. claims.
To acquire a 100% interest in the Don McCarthy Claim, CanAm is required to pay an aggregate of US$400,000 and issue 3,000,000 common shares to the vendor over a three year term. A deposit of $50,000 is to be held in trust, subject to CanAm, completing its due diligence on or before May 25th 2007. Upon subject removal, first year commitments require the issuance of 2,000,000 common shares and retention of the deposit, with a payment of $50,000, on or before December 22, 2007. The balance of payments requires the payment of $100,000 and 500,000 shares on or before May 25th 2008, and the payment of $200,000 and 500,000 shares on or before May 25th 2009. A one percent (1%) NSR has been reserved in favor of the vendor, which can be purchased by CanAm for $3,000,000.
"The expansion of our property holdings in the world famous Athabasca Basin, and the acquisition of a prior Denison & IUC property are momentous in CanAm's goal to acquire and develop significant Uranium exploration properties in the most prolific regions of Canada. With exploration properties like the Don McCarthy and the Wheeler-Beckett, combined with promising work program results, CanAm could attract some of the larger joint venture partners in the region," says Ryan Gibson, CEO of CanAm Uranium Corp.
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 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 CONTACT: CanAm Uranium Corp
David Hayes, CFO
(206) 274-7598
Fax: (206) 299-3484
www.canamuranium.com
Source: PrimeNewswire (May 21, 2007 - 12:06 PM EDT)
Friday, May 11, 2007
LAS VEGAS, May 11, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. ("CanAm" or the "Company") (OTCBB:CAUI) is pleased to announce the completion of six drill holes to test the Halo property, including description of other targets included in CanAm Uranium Corp's option agreement. It is important to note, the current price of Uranium is $120 per pound as of May 7 2007, up $7 since the release of this information by Operator El Nino Ventures.
El Nino and CanAm released assay results for the first four drill holes. Best results to date have been achieved in DDH H-4, the upper hole on the second or easternmost section drilled. Eight radioactive pegmatite dikes were intersected within an interval of 24 metres. Assays/width ranged from 0.01 per cent uranium oxide (U3O8) (0.2 pound per ton) over 0.11 m to 0.31 per cent U3O8 (6.2 pounds per ton) over 1.52 metres. Average weighted grade of the dikes was 0.09 per cent U3O8 (1.8 pounds per ton) with a cumulative width of 8.9 metres. Anomalous amounts of certain heavy rare earth elements have been noted. In Sample 8027 from DDH H-4, 18 grams per tonne (g/t) scandium was reported along with 0.10 per cent U3O8 (two pounds per ton) across an interval of 1.31 metres.
Details include: * First round of drilling on Halo confirms historical results by
intercepting average grade of 0.09 per cent (1.6 pounds) U3O8 over
8.9 metres (34 feet), including 0.31 per cent U3O8 (6.2 pounds per
ton) over 1.52 metres;
* drill program continues on second of seven other known historical
targets;
* Bancroft is home to four past-producing mines between 1956 and 1982;
* total past production of the camp was over 14 million pounds;
* El Nino is the project operator; and
* drilling continues and trenching program to begin for six other
projects.
2007 Objectives
The objective of the second phase of drilling will be to define 43-101-compliant reserves, expand the length and depth of the project, and reconfirm historical values. Reserve estimates in 1957 were 472,000 tons, grading 0.112 per cent (2.24 pounds per ton U3O8). No exploration has been done over the last 30 years due to lower uranium prices.
Second Drill Target
The drill is currently being moved to the second target which is the Amalgamated Rare Earth project (ARE). Between 1952 and 1957, diamond drilling and underground development identified three zones of uranium mineralization in pegmatite, and a shaft was sunk on the Main zone to 440 feet, with a total of 5,871 feet of underground development completed at three levels. In 1957, the resource was estimated at 292,444 tons at a grade of 0.095 per cent (1.9 pounds per ton) -- not compliant with 43-101.
Other Targets
Silver Crater, Baumhour, Campbell Occurrence
This property is composed of five claims totaling approximately 1,789 acres, and is located in Faraday township. Three uranium showings have been found on this property. The first is a 200-foot-long exposure, with uranium-bearing pegmatites one foot to five feet wide and 20 feet long. The second showing consists of uranium-bearing pegmatites six feet to 18 feet wide and 170 feet long. The third is a discontinuous pegmatite dike which is at least 300 feet long. A total of 15,452 feet of surface diamond drilling on the showings was conducted between 1954 and 1956 and 1967 to 1969, as well as trenching. Geology and geophysics were conducted in 1975 to 1977, with drill core samples averaging 0.06 per cent (1.2 pounds per ton) U3O8, and a best assay of 0.31 per cent (6.2 pounds per ton) over six feet.
Empire B prospect
Located in Monmouth and Cardiff township, this property represents three claim units totaling approximately 1,087 acres. From 1954 to 1955, geophysics and 26 diamond drill holes (12,509 feet) were completed, and a further 11 diamond drill holes (6,922 feet) were completed between 1968 to 1970. Prospecting for fluorite occurred during the periods of 1971 to 1975 and 1976 to 1977, and geophysics and 12 diamond drill holes (6,560 feet) were also completed. Past drilling indicated 2,179,166 tons of U3O8, grading 0.036 per cent (0.726 pound per ton), not compliant with 43-101. It occurs in the southwest part of the claim group in Monmouth township.
Saranac
Two claims have been staked on this property, totaling approximately 691 acres, located in Monmouth township. From 1954 to 1956, a 150-foot open cut comprising 32 drill holes for 7,286 feet was done by Saranac Uranium Mines Ltd., and in 1973 a geological survey and four drill holes for 643 feet were completed by Imperial Oil Ltd. The most recent work on the property was a scintillometre survey by Imperial Oil in 1975. Drill core samples on the property assayed from 0.018 per cent to 0.36 per cent U3O8 (0.36 pound per ton to 7.2 pounds per ton) and a grab sample over a 1,500-foot zone of 15 per cent to 20 per cent zircon mineralization assayed 0.298 per cent U3O8.
McLean, Hogan Occurrence
This property consists of two claims (approximately 691 acres) located in Cardiff township. Trenches on the property expose a complex of mica metamorphic pyroxenite, hornblende gneiss, pegmatite, leucogranite and patches of marble, striking north and dipping east. Activity began on the property in 1953, with 11 trenches created by E.T. Hogan, and additional short drill holes by Cope Lake Mines Ltd. In 1954 to 1955, scintillometre and geological surveys were conducted, as well as bulk sampling and 69 diamond drill holes totaling 1,585 feet, by Anuwon Uranium Mines. Further surveys were conducted in 1968 by Cope Lake Mines, and in 1975, two diamond drill holes of 332 feet were completed by Canadian Nickel Company. Grab samples assayed 0.019 per cent to 0.540 per cent U3O8 (2.62 pounds per ton to 10.8 pounds per ton) and the best bulk sample assayed 0.10 per cent U3O8.
Canada Radium Occurrence
This property is composed of three claims of approximately 840 acres and is located in both Cardiff and Faraday townships. Work on this property began as early as 1936, when Canada Radium Corp. sunk a 400-foot shaft with levels of 125 feet to 375 feet. It also conducted 1,810 feet of lateral work. Between 1939 and 1942, 200 tons of feldspar pegmatite was milled at a separate mill. From 1954 to 1955, geological surveys were conducted, as well as 90 diamond drill holes totaling 43,184 feet. During this period, five radioactive zones, the largest over 400 feet long, were outlined by diamond drilling. Further drilling in 1968 to 1969 of three diamond drill holes for 869 feet by Cam Mines Ltd. intersected numerous narrow uraniferous pegmatites which assayed up to 0.116 per cent U3O8 (2.32 pounds per ton) over one foot. The last work to be done on the property was a radon gas survey by Kerr Addison Mines Ltd. Two additional claims, totaling approximately 296 acres, were staked on this property under this option agreement, in addition to the six claims discussed above.
Option Agreement Signed
As reported in Stockwatch news Nov. 2, 2006, El Nino entered in an option agreement with Boulder Creek Explorations, now CanAm Uranium, a company incorporated under the laws of Nevada. This agreement will finance the Bancroft properties through the next stages of exploration. Under the terms of this agreement, El Nino will receive 275,000 shares of CanAm Uranium and cash payments totaling $125,000. CanAm Uranium can earn in a 60-per-cent interest by committing $1 million over the next two years and could earn up to 80 per cent of the project by issuing an additional 300,000 shares and spending an additional $1.5 million.
El Nino will remain the operator for the first two years of this agreement and will receive a management fee of 10 per cent of exploration expenditures and cash payments of $40,000 a year for the second year and $20,000 per year thereafter.
CanAm is currently financing a $500,000, 3,900-metre drilling program to extend historic reserves on the two developed properties of the eight, the Halo property in Cardiff township and the Amalgamated Rare Earth No. 2 property, 10 kilometres to the southwest in Monmouth township. The drill programs on the two properties have been designed to test the uranium and rare earth element potential in drill sections spaced at 60-metre intervals down to depths of 1,000 feet (305 metres).
The drill is currently being moved to the Amalgamated Rare Earth No. 2 property. This property was developed underground on three levels from a 440-foot three-compartment vertical shaft in 1956. The current program will test beneath and along strike from the underground workings to depths of 1,000 feet (305 m).
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 CONTACT: CanAm Uranium Corp.
David Hayes, CFO
(206) 274-7598
Fax: (206) 299-3484
www.canamuranium.com
Source: PrimeNewswire (May 11, 2007 - 3:37 PM EDT)
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