Uracan Resources Ltd. (TSX-V: URC/OTC:URCFF.PK) is exploring for near surface, bulk tonnage uranium deposits in Canada, as this style of deposit can be developed quickly and inexpensively. The company's first two projects have abundant historical data showing several pounds U3O8 per ton over large areas, are easily accessible and have year round access.
Management has an excellent track record in creating value for shareholders. Several of their exploration companies have been purchased by mining majors, and they have put mines into production for a major mid-tier gold producer.
COMPANY PRESS RELEASES
Uracan Resources has acquired 100% of the "North Shore" uranium properties on the north shore of the St. Lawrence River in south-eastern Quebec, Canada. This land package of more than 900 sq km of claims has had two major staking rushes involving dozens of junior companies and major players such as Denison, Imperial Oil and Uranerz. Showings graded an average 0.3 to 0.5 pound U3O8 per ton, including some higher grade lake sediments.
Uracan Resources Ltd. ("Company") announces that it has staked claims in the Pipewrench Lake and Narrows Lake area approximately 130 kilometers northwest of La Ronge, Saskatchewan. These two claims total approximately 2,056 Hectares, with the Company holding a 100% interest in these properties.
The claims cover an area which received several phases of exploration in the late 1960's and 1970's. This work included ground and airborne geophysics, prospecting, surface sampling, trenching, mapping and diamond drilling. The properties have not seen any exploration activity since the late 1970's.
A total of approximately 2,511 meters of diamond drilling has been completed on the properties, with approximately 1,027 meters on the Pipewrench Lake Claim and approximately 1,484 meters on the Narrows Lake Claim. This drilling was completed between the late 1960's and late 1970's.
Historic Assessment reports (Can-Fer Syndicate, 1970, 1971; R. Bissonnette, 1979) show significant mineralization was encountered in these drill programs. These assessment reports cover both the Pipewrench Lake claim and the Narrows Lake Claim.
Gregg J. Sedun
Position: Chairman, Director
Mr. Sedun is an independent venture capital professional based in Vancouver, Canada. He is a former corporate finance/securities lawyer having practiced law for 14 years; thereafter, for 7 years he was the President of a private venture capital firm; and was President/CEO of Diamond Fields International Ltd., a TSX listed company, for over two years. Mr. Sedun has been involved as founder, director or early stage investor in a number of very successful companies including Diamond Fields Resources (acquired for $4.3 billion in the largest take over ever of a junior mining company); Adastra Minerals (recently acquired by First Quantum Minerals for $300 million); Peru Copper Inc. (listed on TSX with $65 million IPO and current market cap of over $500 million); Ascalade Communications ($40 million IPO in 2005 on TSX Exchange - revenues of US$115 million); and Neurovir (acquired by Medigene, a leading German biotech - US$40 million valuation).
Position: President, Director
Gordon Keep, Director -- is Managing Director, Corporate Finance for Endeavour Financial. An MBA and P.Geo, his career in corporate finance has spanned over 20 years, where his responsibilities have included financings, mergers and acquisitions and public company administration. Previously, he held positions as Senior Vice President of Lions Gate Entertainment Corp. and Vice President of Corporate Finance with Yorkton Securities Inc.
Tom Garagan, Director - was appointed Vice President Exploration of Bema Gold in 1996, after joining the Bema group of companies in 1991. A 1980 geology graduate from the University of Ottawa, he has worked in North and South America, East and West Africa and Russia. With the Bema companies, he has been instrumental in several discoveries, including the Cerro Casale (Chile) and Kupol (Russia) deposits.
183,600 Agents Warrant outstanding:
Amount Exercise Price Issue date Expiry Date
183,600 $0.50 27-Jul-06 27-Jul-07
5,150,000 Warrant outstanding:
Amount Exercise Price Issue date Expiry Date
4,150,000 $0.80 14-Dec-06 14-Dec-08
1,000,000 $0.90 19-Dec-06 19-Dec-08
2,725,000 Stock Options Outstanding
57,296,032 Fully Diluted
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