Wednesday, April 4, 2007

Bancroft might be on the way to reliving its uranium boom days

The city of Bancroft, in Ontario, often regarded as "the mineral capital of Canada" for its geological richness, is once again on the radar for uranium exploration companies.

Home to four major uranium mines in the past, producing a total of 14,862,653 lbs of U3O8 between 1956 -1982, Bancroft was set aside for many years by companies who explore the commodity because of the increasing costs of mining. With uranium's current high prices, however, renewed interest in the area has been sparked.

CanAm Uranium Corp. is one of the companies that strongly believes in Bancroft's potential. The firm has eight optioned properties in the region, totaling 9,765 acres, on which it may earn 80% interest. Drilling on the property has begun and the results so far have been extremely positive.

Dr. Michael Hitch, a geologist and CanAm's Head of Field Operations, said in an interview to the StockHouse Executive Broadcast that significant lengths of uranite mineralizations were found in the three holes drilled. Dr. Hitch's complete interview can be heard at:

http://www.stockhouse.ca/exec_casts/co_detail.asp?tickerSymbol=CAUI&edition=Aug2004

CanAm Uranium Corp.'s CEO was also interviewed about the Bancroft properties, by the local newspaper The Intelligencer.

Sources: Bancroftontario.com, Stockhouse.ca and CanAm Uranium

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Statements in this blog may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above. In addition, such statements could be affected by risks and uncertainties related to the exploration for and development of mineralized material, product demand, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

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