Ryan Gibson, CEO of CanAm Uranium Corp., sent shareholders and interested investors the latest newsletter regarding his company’s latest events. The entire bulletin can be viewed below.
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There are many reasons why CanAm Uranium Corp is excited about its current position in the world of Uranium Exploration, especially when one considers its location to world-class uranium exploration and mining camps such as Cameco and JNR Resources.
As the CEO of the Company, I am most excited about the Athabasca Basin projects and the proximity of Wheeler-Beckett to current work being performed by our neighbor JNR Resources. Therefore, I have taken the time to construct this message to our newsletter subscribers to outline why the momentum and property exploration within the Athabasca Basin is so important for our firm and its shareholders.
The most recent activity we are excited about is the work of JNR Resources, trading on the Toronto Stock Exchange as JNN. JNR Resources recently announced on the Way Lake Project that they have completed the 2007 Way Lake Exploration Program.
In addition, on October 30th 2007 JNR Resources announced “JNR Announces Purchase of Two Diamond Drills” (More Detail Here). The significance of the purchase is the commitment of JNR to continue to drill the properties directly inline with our flagship Athabasca Basin Property. The properties mentioned included, 2007-08, drilling programs planned on the Way Lake, Black Lake, Newnham Lake and Yurchison Lake projects. This positive momentum was likely part of the results listed in their November 1st 2007 announcement of the Completion of the 2007 Way Lake Exploration Program, and prior releases with regards to the ground work and exploration on the aforementioned properties.
The Way Lake property is directly adjoined to CanAm Uranium’s 100% interest in the Wheeler-Beckett property, on which the Airborne Survey has recently been completed.
Most notably, JNR’s Director of Exploration, Dr. Irvine R. Annesley, commented: “The Way Lake project is a phenomenal exploration play. It is seldom in one’s career where one project contains such a variety of geological model types with the potential for a major discovery. [Emphasis added] I am especially excited over the prospects for mineralization within the newly discovered occurrences, as well as those that have been historically documented, but never systematically explored”.
CanAm Uranium Corp announced the commencement of the Airborne Survey on September 27th 2007, which will assist in identifying the occurrences consistent with the geological model types and potential in the adjoining area. It is exciting to be within the vicinity of a world-class camp such as JNR Resources and Cameco, and we congratulate them on their current success and projects.
The Wheeler-Beckett 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 which has rebounded to $85 per pound; experts expect a continued rise. The Wheeler-Beckett is approximately 24 miles 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 which JNR Resources recently drilled. Other major finds within the area include Key Lake Mine and Cigar Lake. Increased exploration and discoveries within this vicinity continue to add value to CanAm Uranium Corp’s shareholders and our goal of being a successful exploration company in prolific uranium areas globally.
As a young company, with only 1 year since the purchase of the current exploration assets and contracts, we remain optimistic about the future of our company and it’s ability and possibility to grow like the veteran exploration camps in our region.