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Published in Stocks and Investing on Wednesday, February 18th 2009 at 3:23 GMT, Last Modified on 2009-02-18 03:24:19 by Market Wire
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 18, 2009) - WestCan Uranium Corp., ("WestCan") (TSX VENTURE:WCU)(OTCBB:WCURF)(FRANKFURT:IAR) is pleased to announce it has reached an agreement with North American Gem Inc., (TSX VENTURE:NAG) whereby WestCan has the right to acquire a 37.5% interest in 12 Coal Prospecting Permits (CPP) totaling 23,040 acres, located in Township 55-07-02 Northeast of Tobin Lake in Central Saskatchewan. In addition, Silver Fields Resources Inc. (TSX VENTURE:SF) ("Silver Fields") will also have the right to acquire a similar 37.5% interest in the property and North American Gem will retain a 25% interest upon completion of the agreement.
The terms of the option agreement will require WestCan to pay the sum of $7,500 and issue 200,000 common shares to North American Gem as well as complete $480,000 in shared exploration costs on the property with Silver Fields, prior to October of 2011. A bankable Feasibility Study on the property must be completed within 5 years of the vesting of this agreement. Upon acceptance of this study, the Companies will enter into a joint venture agreement whereby North American Gem Inc. will hold 25% interest in the project and WestCan and Silver Fields, will each hold a 37.5% interest in the project. The terms and conditions of the joint venture relationship will to be determined at that time. This agreement is subject to TSX Venture Exchange approval.
Silver Fields will be the Operator for the project and has submitted a detailed drill permit application to the government of Saskatchewan's permitting office. The Company has made plans to commence a detailed exploration program on the property, upon permit approval.
This Township, located just east of the recently announced Weststar Resoures Corp. (TSX VENTURE:WER) exploration program, is near the most recent coal discovery by Goldsource Mines Inc. (TSX VENTURE:GXS), and is contiguous to another 12 CPP's held by WestCan. The Company also holds 24 CPP's southwest of Wapawekka Lake and southeast of Lac La Ronge near the intersection of Highways 165 and 912.
On behalf of the Board of Directors
"Chris England"
President and CEO, WestCan Uranium Corp.
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
