Vanadian Energy Corp. (URCFF)

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Uracan Completes Summer Program on North Shore Uranium Property, Quebec
October 11, 2006

Vancouver, Canada, - Uracan Resources Ltd. ("Company") is pleased to announce that it has completed the Phase 1 summer campaign on the 900 km2 North Shore Uranium Property, Quebec. Results have been received for a small portion of the program, and two priority drill targets have been identified.

The main goal of the program is to, in part, evaluate and validate a potential large volume and low grade uranium resource as outlined in the NI 43-101 technical report for the property (refer to the technical report listed under Uracan at www.sedar.com).

The Phase 1 program included:

* regional and detailed mapping, bedrock sampling and ground scintillometer surveys;
* an airborne (helicopter) magnetic, electromagnetic and radiometric survey;
* more than 2,600 outcrops were mapped with an equivalent number of scintillometer readings
* more than 2,300 rock samples were also taken for ICP-47 Element Geochemical Analysis at ALS-Chemex, that included uranium, thorium, selected rare-earths and yttrium;

The field and geophysical observations to date suggests that the 225 km2 Turgeon Lake Intrusive Complex remains the first priority target.

HIGHLIGHTS:

Two preliminary targets have been outlined from the higher than average scintillometers counts (in the 5,000 to 30,000 cps range) observed for the "Lac Petit" and "Lac Turgeon" historical uranium occurrences in the Complex;

* The 2006 program has shown that the "Lac Petit" occurrence consists of a 7 kilometer by 500 meter NE trending segment of the Complex, containing a number of historical uranium occurrences. The occurrence was sampled in detail (at 100 meter centers) with results pending. There is evidence of magmatic breccias, fracturing, hematization and typical scintillometer readings in the 5,000 to 10,000 cps range;
* The "Lac Turgeon" occurrence consists of a 25 meter wide, near horizontal band of biotite-bearing granites, which is a common host rock for elevated uranium levels in the Turgeon Lake intrusive, over a 1 kilometer distance. The occurrence is in part defined by historical trenches and scintillometer values in the 10,000 to 30,000 cps range.

The North Shore Uranium Property

The lake bottom sediments geochemical data base from the North Shore region indicates that the 225 km2 Turgeon Lake Intrusive Complex, entirely covered by the Turgeon « A », « B » and « C », and WeeGee « A » and « B » Claim Blocks, is highly anomalous in uranium, hosting a significant number of historical uranium occurrences. Second tier uranium anomalies linked to the NE Costebelle « A » to « I » Claim Block appear to be hosted in paragneisses and quartzites of the Wakeham Basin. Granites and pegmatites are characterized by the highest U/Th content, and are geologically similar to the Rössing Deposit type mineralization (300 million tonnes grading 0.035% U3O8, from www.rossing.com).

Previous workers had outlined uraninite and pitchblende disseminations and veinlets in pegmatites and granites of the Complex with numerous historical values in the 0.02% to 0.10% U3O8 range within a wider range of 0.015% to 0.03%, in near surface mineralized zones over a few meters to several kilometres in length;

The Turgeon Lake Intrusive Complex has potential for large tonnage, open pit uranium of the Rössing Deposit type. Rössing is one of the largest uranium mines in the world, and grades ~0.03%. The Company is expecting all final results, data synthesis and priority targeting in the fourth quarter of 2006.

The summer 2006 exploration program on the North Shore was managed by Jean Lafleur, P. Geo., a Qualified Person under National Instrument 43-101 standards. This Press Release has been prepared and revised under the supervision of Mr. Lafleur, the Company's principal consultant in Quebec.

For further information please contact

Gordon Keep
President and Director
[phone]

Keith Schaefer
Vanguard Shareholder Solutions Inc.
[phone] or 1-866-898-0824
www.vanguardsolutions.ca