CanAm announced a Corporate Update this morning. Since the company decided to focus on Uranium, the spot price for the metal has increased from about $40 a pound to $135 a pound.
CanAm’s main focus during this Fall will be on the development of the optioned mineral claims in Bancroft by drilling for concentrations of U3O8 in radioactive pegmatite. The property has historically produced 3 million pounds of Uranium. The six holes drilled on the Halo Project has shown assay results which are consistent with previous performance.
CanAm has scheduled an exploration program which includes a 3600 line airborne radiometric, magnetic, and electromagnetic survey on its 51,000 hectare, 11 claims Wheeler-Beckett property located in South East Athabasca Basin Saskatchewan.
CanAm has also made grass root acquisitions in Ontario and British Columbia. It has acquired 100% interest in the Reilly Uranium Property located in the Mining Division of Sault St. Marie Ontario which contains 23 contiguous mining claims adding up to over 12,650 acres. The Sault District was once known as the uranium capital of the world and has produced more than 270 million pounds of U3O8 with remarkable consistency.
Also contained in the corporate update, CanAm revealed that it is actively researching the London AIM exchange listing requirements as it wishes to expand its reach to commodity driven markets. Thus far, the research has been favorable for dual listing.
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