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cau chart looks good like coming back from rebound. its not 100% gainer, but slow and steady gainer for quick 20-25%. i have ran it twice from 1.09 to 1.4. looks like rebound is on the way again. slight resistance in 1.16 area but after that stock shall rally till it reaches decent price around 1.3 area. however the stock is sensitive to gold market. so it would depend on weather gold market turns green or red.
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Canyon Resources Announces Sand Creek Uranium Joint Venture Tuesday June 20, 9:00 am ET
GOLDEN, Colo., June 20 /PRNewswire-FirstCall/ -- Canyon Resources Corporation (Amex: CAU - News), a Colorado-based mining company, is pleased to announce that its Converse Joint Venture ("Converse"), has executed a Letter of Intent ("LOI") to form the Sand Creek Joint Venture with High Plains Uranium (Toronto: HPU - News). The Sand Creek JV covers an area of interest of approximately 92,000 acres (37,300 hectares), located east and south of Douglas, in Converse County, Wyoming. The objective of the Sand Creek JV is to move as rapidly as possible to explore and develop uranium resources in this area of known uranium occurrences.
ADVERTISEMENT Converse was formed in January 2006, by Canyon and New Horizon Uranium Corporation, a private company based in Golden, Colorado, to explore and develop uranium properties in Converse and Niobrara Counties of Wyoming. The Sand Creek JV covers a portion of the total area of interest currently being explored by Converse.
Under the terms of the LOI, High Plains will contribute its surface and mineral holdings within the defined area. Converse will also contribute its holdings as well as geologic data, drill logs and engineering studies, completed in the 70's and 80's relating to the defined area. The resultant Sand Creek ownership interest will have Converse retaining 70% ownership interest, High Plains 30%, with revenues and expenses split accordingly. The joint venture partners of Sand Creek will market their respective share of production. New Horizon will serve as operator of the Sand Creek JV.
Uranium mineralization has previously been identified in the White River Formation that trends through the Sand Creek JV area. That trend is believed to be highly prospective and is the same formation containing Cameco Corporation's Crow Butte ISL operation in Nebraska. A geophysical program is planned and it is anticipated a drilling program will be implemented later this year. This work will be aided by the prior work done by Canyon. Converse has had a NI 43-101 report prepared by a qualified person estimating resource potentials on its acreage within the defined area. This report will be modified to reflect the High Plains contribution and will be released following completion.
"We are pleased to enter into the Sand Creek Joint Venture with High Plains," said James Hesketh, President and CEO of Canyon. "New Horizon's management experience in uranium exploration and production combined with our prior work and High Plains' land and mineral position creates a very strong entity with excellent prospects for uranium production," he added.
The LOI is subject to the completion of a definitive agreement and the approval of the Board of Directors of each company.
-------------------- All my posts are based on my own opinions and not to be taken as buy/sell recommendations.
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