WestCan Uranium Corp. Expands Coal Holdings in Saskatchewan
18 Febbraio 2009 - 12:00PM
Marketwired
WestCan Uranium Corp., ("WestCan") (TSX VENTURE: WCU)(OTCBB:
WCURF)(FRANKFURT: IAR) is pleased to announce it has reached an
agreement with North American Gem Inc., (TSX VENTURE: NAG) whereby
WestCan has the right to acquire a 37.5% interest in 12 Coal
Prospecting Permits (CPP) totaling 23,040 acres, located in
Township 55-07-02 Northeast of Tobin Lake in Central Saskatchewan.
In addition, Silver Fields Resources Inc. (TSX VENTURE: SF)
("Silver Fields") will also have the right to acquire a similar
37.5% interest in the property and North American Gem will retain a
25% interest upon completion of the agreement.
The terms of the option agreement will require WestCan to pay
the sum of $7,500 and issue 200,000 common shares to North American
Gem as well as complete $480,000 in shared exploration costs on the
property with Silver Fields, prior to October of 2011. A bankable
Feasibility Study on the property must be completed within 5 years
of the vesting of this agreement. Upon acceptance of this study,
the Companies will enter into a joint venture agreement whereby
North American Gem Inc. will hold 25% interest in the project and
WestCan and Silver Fields, will each hold a 37.5% interest in the
project. The terms and conditions of the joint venture relationship
will to be determined at that time. This agreement is subject to
TSX Venture Exchange approval.
Silver Fields will be the Operator for the project and has
submitted a detailed drill permit application to the government of
Saskatchewan's permitting office. The Company has made plans to
commence a detailed exploration program on the property, upon
permit approval.
This Township, located just east of the recently announced
Weststar Resoures Corp. (TSX VENTURE: WER) exploration program, is
near the most recent coal discovery by Goldsource Mines Inc. (TSX
VENTURE: GXS), and is contiguous to another 12 CPP's held by
WestCan. The Company also holds 24 CPP's southwest of Wapawekka
Lake and southeast of Lac La Ronge near the intersection of
Highways 165 and 912.
On behalf of the Board of Directors
"Chris England"
President and CEO, WestCan Uranium Corp.
Statements about the Company's future expectations and all other
statements in this press release other than historical facts are
"forward looking statements". The Company intends that such
forward-looking statements be subject to the safe harbours created
thereby. Since these statements involve risks and uncertainties and
are subject to change at any time, the Company's actual results may
differ materially from the expected results.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: WestCan Uranium Corp. Chris England President and CEO
(604) 694-0888 Email: info@westcanuranium.com Website:
www.westcanuranium.com
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