Uravan Signs $22 Million Uranium Exploration Agreement

CALGARY, April 25, 2012 /CNW/ - Uravan Minerals Inc. ("Uravan ") and Cameco 
Corporation ("Cameco") have signed a "Term Sheet Memorandum" agreement whereby 
Uravan granted Cameco the exclusive option ("Option") to earn an aggregate 70% 
interest in Uravan's 100% owned Halliday and Stewardson uranium projects (the 
"Mineral Properties"), Athabasca Basin(1), Northern Saskatchewan [map link] by 
Cameco funding a cumulative twenty-two million dollars ($22,000,000) in 
exploration expenditures. 
The agreement consists of two Options: (1) the first option grants Cameco the 
exclusive right to earn a 51% interest in the Mineral Properties by funding 
seven million dollars ($7,000,000) in exploration expenditures over four years 
and (2) a second option grants Cameco the exclusive right to earn an 
additional 19% in the Mineral Properties by funding an additional fifteen 
million dollars ($15,000,000) in exploration expenditures. Upon Cameco earning 
either a 51% or 70% interest in the Mineral Properties, Cameco and Uravan 
(collectively the "Parties") shall enter into a joint venture agreement to 
form a joint venture in relation to the Mineral Properties, with the Parties 
funding their pro-rata share of future exploration expenditures. Uravan shall 
be the operator for the first four years of the Option, after which Cameco may 
elect to become the operator. 
The Halliday property consists of a single mineral disposition (S-107299) 
totaling 2,169 hectares, located approximately 18 kilometers northwest of 
McArthur River uranium mine in the eastern Athabasca Basin [map link]. 
Historically, six (6) widely-spaced diamond drill holes were completed on the 
property amounting to 5,176 metres drilled with drill depths averaging about 
850 meters. This reconnaissance drilling targeted three coincident EM 
conductors within an east-west oriented magnetic low. Based on core analysis 
and interpretation, the conductive zones coincide with an east-west trending 
graphite-bearing metasedimentary unit and structural zone. Core analysis 
identified high boron concentrations within basement samples, strong illite 
clay alteration in the Athabasca sandstone above the unconformity and 
anomalous uranium mineralization occurring at the unconformity in drill hole 
EL-09 assaying 0.12% U3O8 (<1.0 meters). 
The Stewardson property consists of five (5) contiguous mineral dispositions 
(S-107738, S-108181 to S-108184 inclusive) totaling 21,349 hectares, located 
approximately 20 kilometers north of Cameco's Centennial uranium deposit in 
the south-central portion of the Athabasca Basin. The Stewardson property 
overlies the northeast-southwest trending Dufferin fault. Historical 
electromagnetic (EM) and magnetic surveys over the property indicate a broad 
magnetic low hosting several conductors and interpreted faults sub-parallel to 
the Dufferin Lake fault on the western portion of the property, transitioning 
to a magnetic high on the eastern side of the Dufferin Lake fault. In 2004 one 
diamond drill hole (VR-01) was completed, intersecting the unconformity at 
1,135 meters. VR-01 targeted a broad boron anomaly defined by boulder and 
outcrop sampling completed in 1995. Although no significant uranium 
mineralization was encountered in VR-01, the drill hole intersected a wide 
interval of illite clay alteration in sandstone above the unconformity and 15 
meters of chlorite clay alteration directly above the unconformity. The illite 
and coincident chlorite clay alteration in the sandstone above the 
unconformity is indicative of favourable hydrothermal activity in the area, a 
key ingredient necessary for uranium mineralization. 
In the summer of 2011, Uravan completed multifaceted surface geochemical 
sampling programs on the Halliday and Stewardson projects [Press Release 
Link]. These surface programs capitalized on new surface geochemical 
technologies developed from a geochemical remote sensing study conducted over 
the Cigar West Uranium deposit (Cigar Lake Study)(2 )for the detection of 
buried unconformity-related uranium deposits in under-explored areas in the 
Athabasca Basin. 
Data analysis and interpretation of the surface geochemical data from the 
Halliday project identified an east-west oriented highly anomalous geochemical 
signature that is coincident with an EM (electromagnetic) geophysical 
conductor and magnetic low corridor [map link]. The east-west geochemical 
signatures consist of anomalous radiogenic Pb isotope values occurring in the 
clay minerals separated from the soil media and in tree-cores. These 
coincident radiogenic Pb anomalies also correlate strongly with other 
anomalous uranium pathfinder elements occurring in the same media. 
Based on positive results from the Halliday surface geochemical program, a 
five hole diamond drill program is planned and anticipated to commence in July 
2012. In preparation for finalizing drill targets, additional ground 
geophysics and structural mapping is being considered to be completed over the 
anomalous east-west geochemical trend and EM conductor. More details on these 
surveys and the subsequent drill program will be announced in future press 
Data analysis and interpretation of the surface geochemical data from the 
Stewardson project highlighted the south-central portion of the property as 
having favourable correlation and clustering of anomalous radiogenic Pb 
isotope values ((207)Pb/(206)Pb isotopic ratios) in soil and in tree core 
samples [map link]. Multiple correlations between anomalous radiogenic Pb 
isotopic signatures and other element geochemical enrichment with interpreted 
structural trends suggest preferential element migration from depth through 
high permeability fluid conduits and may serve as important indicators to 
structurally controlled subsurface mineralization. In 2012, an airborne EM 
survey is being considered to be flown over the south-central claim blocks to 
better defined conductive trends that are supported by key surface geochemical 
Uravan is looking forward to working with Cameco's exploration group. 
Uravan is committed to working to bring the highest level of technical 
knowledge and uranium exploration experience into our exploration programs on 
the Halliday and Stewardson projects. 
Dr. Colin Dunn, P. Geo., technical advisor for Uravan, is the Qualified Person 
for the purposes of NI 43-101 with respect to the technical information in 
this press release. 
(1)The Athabasca Basin is an ancient (Paleoproterozoic) sandstone basin 
located in northern Saskatchewan, Canada. The Athabasca Basin hosts 
high-grade unconformity-type uranium deposits that account for about 28 
percent of the world's primary uranium production. These unconformity-type 
uranium deposits occur in sandstones at the basement-sandstone unconformity 
contact (sandstone-hosted mineralization) and within the underlying 
structurally disrupted crystalline basement (basement-hosted mineralization). 
The ore grades are high, typically grading 5% to 20% U(3)0(8). 
(2)The Cigar West Study was a collaborative applied research program conducted 
by Uravan and QFIR (Queen's Facility for Isotope Research) in 2009 over a 
known high-grade uranium deposit in the Athabasca Basin. The study was 
designed to develop new surface geochemical techniques that can better 
identify bedrock sources of uranium mineralization at depth. This research 
clearly identified distinctive elements and isotopic compositions that have 
been mobilized from the deposit (geosphere) to the surface media (plants and 
soils) from depths >450 meters. The Cigar Lake deposit is on the 
Waterbury/Cigar uranium property; a joint venture partnership between Cameco 
Corporation, AREVA, Idemitsu Kosan Co. Ltd., and Tokyo Electric Power Co. 
[TEPCO]) located in the Athabasca Basin, Saskatchewan. Uravan thanks both 
AREVA and Cameco for their collaboration and gracious support for the Cigar 
West Study; and the support provided by the Cigar Lake facility during our 
field operations. 
(3)The Queen's Facility for Isotope Research (QFIR) at Queens's University, 
Ontario is a state-of-the-art research facility, comprising a group of highly 
experienced research geochemists. The QFIR lab contains some of the most 
technologically advanced analytical equipment in Canada. Under the direction 
of Dr. Kurt Kyser, the QFIR research team is working collaboratively with 
Uravan's technical group to develop new exploration technologies using applied 
research.  Dr. Colin Dunn, an independent specialist in biogeochemistry, is 
working closely with Uravan's technical group and QFIR to advance the 
interpretation of biogeochemical results. Dr. Kurt Kyser and Dr. Colin Dunn 
are key technical advisors for Uravan.  
Uravan is a Calgary Alberta based diversified mineral exploration company that 
utilizes applied research to develop new innovative exploration technologies 
to identify buried uranium, rare earth elements (REE) and 
nickel-copper-platinum group element (Ni-Cu-PGE) deposits in under-explored 
areas. Our exploration focus in uranium is for potential high-grade 
unconformity-related uranium deposits in the Athabasca and Thelon Basins in 
Canada and other basin environments globally. Uravan is expanding its 
acquisition efforts toward REE geological domains in North America and 
specific areas globally. The REE and uranium mineralization occur in related 
geological environments thereby complementing Uravan's uranium exploration 
efforts with a strategy to add diversification to its portfolio. Further, 
Uravan is pursuing the exploration of its advanced- stage Rottenstone 
Ni-Cu-PGE project supported by the development of new drill targets defined by 
recent geophysical re-interpretation. Uravan is a publicly listed company on 
the TSX Venture Exchange under the trading symbol UVN. All of the mineral 
properties Uravan owns are considered in the exploration stage of development. 
This press release may contain forward looking statements including those 
describing Uravan's future plans and the expectations of management that a 
stated result or condition will occur. Any statement addressing future events 
or conditions necessarily involves inherent risk and uncertainty. Actual 
results can differ materially from those anticipated by management at the time 
of writing due to many factors, the majority of which are beyond the control 
of Uravan and its management. In particular, this news release contains 
forward-looking statements pertaining, directly or indirectly, to the use of 
proceeds of the Offering. Readers are cautioned that the foregoing list of 
risk factors should not be construed as exhaustive. These statements speak 
only as of the date of this release or as of the date specified in the 
documents accompanying this release, as the case may be. The Corporation 
undertakes no obligation to publicly update or revise any forward-looking 
statements except as expressly required by applicable securities laws. 
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that 
term is defined in the policies of the Exchange) accepts responsibility for 
the adequacy or accuracy of this release. 
Larry Lahusen, CEO Uravan Minerals Inc. Tel: 403-264-2630 
Email:llahusen@uravanminerals.com, Website:www.uravanminerals.com 
To view this news release in HTML formatting, please use the following URL: 
CO: Uravan Minerals Inc.
ST: Alberta
-0- Apr/25/2012 14:30 GMT
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