Canam Energy Inc. (CNGJ.PK) is an explorer and miner of uranium. The Company is acquiring highly prospective properties that will offer exploitation and development opportunities for uranium. Canam already owns two high-grade uranium properties in Canada – the Fort Coulonge uranium property located near the Canadian city of Ottowa and the Grand Calumet uranium property. The Grand Calumet property consists of 24 claims and 3,000 acres in the Grand Calumet Township of Quebec.
The company has exploration programs underway at both Canadian properties and plans to commence drilling activities during the 2007-2008 season. In October 2007, Canam announced its introduction of a work program to search for potential hot spots on the Grand Calumet Uranium property.
The price of uranium is rising and the global demand for nuclear energy is growing as well. The combination of these factors has led to an increased demand for alternative energy sources such as nuclear power generated by uranium. The uranium demand increased from 175 million pounds in 2005 to 177 million pounds in 2006. The company is well positioned for a favorable demand in its uranium production and mines.
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