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Junior, partner sample uranium property

 

Last updated 9/28/2008 at Noon



Uravan Minerals Inc. and Cameco Corp. Aug. 27 said they recently completed a multi-faceted surface sampling program on the Boomerang North Uranium Project, in Southwest Thelon Basin, 300 miles east of Yellowknife, Northwest Territories.

Project operator Uravan granted Cameco an option to earn 60 percent interest in the Boomerang uranium property in exchange for C$10 million in aggregate funding.

The exploration program consisted of sampling about 600 square kilometers of surface soil and vegetation covering the Boomerang North project area, which consists of five mineral leases and 253 contiguous mining claims covering about 647,003 acres. About 2500 soil and 2500 vegetation samples were collected based on a pre-established grid, with 500-meter-by-500-meter grid spacing. All grids were designed to cover substantial surface corridors over the G-, F-, H4 & 5 series- and Edge-conductive trends plus over the T-grid, a new anomalous area identified in 2007.

Uravan conducted surface sampling on Boomerang North without a land use permit and is currently prohibited from drilling on the property. The company said it is awaiting a decision by the Mackenzie Valley Environmental Impact Review Board on environmental assessment for the North and South Boomerang project.

Arduous regulation a burden

In the Northwest Territories and specifically the upper Thelon River watershed region, where Uravan is actively exploring its Boomerang uranium project, the Calgary, Alberta-based company said the LUP approval process has become more arduous and difficult to complete due to "public concern" issues raised by the aboriginal communities, other non-government organizations and federal government bureaucratic oversight.

Therefore, Uravan said its efforts to gain access to lands covered by its Boomerang mining claims, which provide potential for uranium discovery, has become more challenging.

"Further, Uravan is unaware of any other jurisdiction in the world where an EA is required at the entry level exploration drilling stage. Uravan does not agree that an EA was necessary or required for either Uravan's LUP application given the low impact nature of this project and the environmental safeguards currently in place, to include: company operating standards, government requirements and established government and industry best management practices and the substantial amount of regulatory oversight currently in place," the company said.

"To be clear, all stakeholders must realize Uravan is highly committed and heavily invested in the Thelon Basin and the Boomerang uranium project, and is not going anywhere, and has no intent to abandon its tenure, as Uravan believes in the potential of this project for the company, for all stakeholders and for Canada," said Uravan CEO Larry Lahusen.

 

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