LAS VEGAS, April 12, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. ("CanAm" or the "Company") (OTCBB:CAUI) is pleased to acknowledge that uranium's spot price hit $113 per pound April 9th 2007, which is an increase from roughly $50 since the corporate focus to acquire and develop its Uranium interests.
CanAm Uranium Corp. is very happy to see the rising prices which make the extraction and sale of uranium more economical in some of the smaller deposits of U3O8 globally. The increase in market price for this important commodity highlights the significance of our exploration and development projects. These include the Bancroft project, in Ontario, with 3 million pounds of historical U3O8 resource and the Wheeler-Beckett claims in the Athabasca Basin, adjacent to two world-class Uranium mines: Cigar Lake and McArthur River Mine. "We are continuing to pursue new members to our Board and Management Team, who are experts in the field of uranium extraction and mine production. This will only serve to enhance the quality of our development programs, particularly as the interest in uranium as a clean, alternate fuel source to traditional carbon-based fuels increases. In the last 9 months, since our decision to focus on uranium as our primary acquisition target, the commodity price has increased from roughly $50 per lb to over $100 per lb," says Ryan Gibson, CEO.
Forward-Looking Statements
Statements in this press release 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. Information on CanAm's website does not constitute a part of this release.
About Us
CanAm Uranium Corp. is a Nevada incorporated junior resource company with a corporate objective focused on the strategic acquisition and development of exploration properties in well-known prolific mining areas, especially known for uranium, of Canada, Southern Africa, Australia and the United States. CanAm Uranium Corp has optioned over 136,000 acres of claims collectively within the Saskatchewan Athabasca Basin, Ontario and British Columbia, with significant interest in prolific Uranium mining areas. http://www.CanAmUranium.com