CALGARY, AB, April 2, 2021 /CNW/ - Uravan Minerals
Inc. (TSXV: UVN) ("Uravan") announces the sale of its Outer
Ring mining claims (the "OR Claims") located in the
Athabasca Basin, in Saskatchewan. The OR Claims were purchased
from Uravan by an independent exploration group.
From 2011 to 2016 Uravan's technical team evaluated the OR
Claims by applying surface geochemical techniques and airborne
geophysical surveys, followed by several drill programs that
targeted potential areas identified. The results of this work
provided no positive uranium mineral response; hence, the Uravan
Board did not recommend incurring further exploration expenditures
on the OR Claims.
Therefore, due to Uravan's current financial constraints, weak
spot natural uranium prices and lack of access to financial markets
or other sources of financing, Uravan determined it is in the best
interest of its shareholders to divest and sell the OR Claims in
lieu of allowing the claims to lapse due to a lack of further work
expenditures.
Uravan will continue to pursue and evaluate other businesses and
strategic opportunities, both within and outside the mineral
exploration industry, to include mergers and RTO arrangements and
will make further announcements with respect to these efforts in
due course.
Cautionary Statement
This press release may contain
forward looking statements including those describing Uravan's
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, much of
which are beyond the control of Uravan and its
management. This news release contains forward-looking
statements pertaining. 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.The Corporation undertakes no obligation to publicly
update or revise any forward-looking statements except as expressly
required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Uravan Minerals Inc.
