Uranium property swap for Uravan and Cameco

Tuesday, 29 March 2011 Uranium exploration company Uravan Minerals has completed a deal to swap various Canadian interests with major producer Cameco. The deal sees Cameco take over Uravan's 49% joint venture interest in the Boomerang uranium project in the southwest Thelon Basin of the Northwest Territories, giving it 100% ownership. In return, Cameco has signed over to Uravan its interests in the Halliday Lake, Poplar Point, Stewardson Lake and Thluicho Lake uranium projects in Saskatchewan's Athabasca Basin. While Boomerang has good potential for finding uncomformity-type uranium deposits, land access issues concerning the southwest Thelon Basin mean that the area is not currently open for exploration, Uravan explains. In contrast, the "highly prospective" properties it has acquired in the Athabasca Basin are immediately accessible for exploration, and Uravan says it intends to move quickly to assess the potential of its new acquisitions with plans to drill potential targets by late summer 2011.