In filing its Quarterly Report, CanAm Uranium Corp. (CAUI) reported that it has spent over $450,000 on mineral property acquisitions during the quarter, including the Bancroft claims in Ontario, Canada and the Wheeler-Beckett property in Saskatchewan, Canada.
The Company will be commencing drilling and exploration activity on its various claims over the upcoming months.
“We are required, for accounting purposes, to treat the payments as expenses as they are options to acquire between 60% and 100% of the various properties. Once we exercise the options these will become assets of the company,” said David Hayes, CFO.
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