Jourdan Resources Inc.
TSX-V - JRN
VAL-D'OR, QC, Nov. 1 /CNW Telbec/ - Jourdan Resources Inc. ("Jourdan") is
pleased to announce the signing of an option agreement (the "Agreement") with
Anglo-Canadian Uranium Corp. ("Anglo-Canadian") for the acquisition of a 50%
interest in 4 mining claims known as the Spider Rock Uranium / Vanadium
Project (the "Project") located in the Delores and San Miguel Counties of the
State of Colorado (USA).
The Project consists of 80 acres of uranium / vanadium lands, with
historical exploration completed by Western Nuclear from 1976 to 1984. During
this exploration program uranium/vanadium mineralization occurred in 28 drill
holes, with further exploration halted when the uranium market deteriorated in
the early to mid 1980's. Preliminary calculations from this data resulted in a
historical resource of 185,000 pounds of uranium oxide (averaging 0.20% over
1.83 meters), and a historical resource of 2,000,000 pounds of vanadium oxide
(averaging 1.47% over 2.74 meters). Spot prices for uranium and vanadium are
currently trading at $60 and $10 per pound respectively.
To quote Michel L. CFotDe, President of Jourdan: "We are very pleased with
this agreement as we feel that the Project holds tremendous potential for
discoveries. Jourdan intends to undertake an aggressive exploration program on
the Project in order to update the historical data available and define
high-priority exploration targets."
Terms of the agreement
Pursuant to the terms of the Letter Agreement, Jourdan can acquire an
undivided 50 % interest in the Project by making a cash payment of $200,000
and issuing a total of 1,000,000 common shares to Anglo-Canadian on the
execution of a formal agreement, following which Jourdan will vest with an
undivided 20% interest in the Project. Furthermore, Jourdan has agreed to
incur exploration expenditures totaling $2,000,000 on the Project over a
period of 3 years, of which $250,000 is to be incurred in the first year,
$500,000 in the second year and $1,250,000 in the final year of the option. In
addition to the hold periods prescribed by applicable securities legislation
and the policies of the TSX Venture Exchange, 700,000 common shares shall be
subject to additional voluntary hold periods expanding over a period of two
(2) years. Once Jourdan will have acquired its undivided 50% interest, the
parties will form a joint-venture on the Project. Jourdan will issue 135,000
common shares as a finder's fee to an introducing party. The securities issued
pursuant to this transaction will be subject to a four month hold period
imposed by applicable securities legislation and the policies of the TSX
Venture Exchange.
The transaction is subject to (i) satisfactory due diligence by Jourdan
including confirmation by Anglo-Canadian of titles of property, (ii) final
board approval, (iii) regulatory approval and (iv) execution of a formal
agreement within a delay of 60 days following the execution of the Letter
Agreement.
The technical portion of this release has been approved by Stuart Lee,
P.Geo., a qualified person under NI 43-101. With regard to the historical
resource estimates referred to in this news release and details regarding the
location of these historical resources, Jourdan considers them to be relevant
but not to NI 43-101 standards.
About Jourdan Resources Inc.
Jourdan is an aggressive uranium and gold exploration company with
several properties located in Canada and now in the United States. The
Company's current projects include uranium projects located in Colorado and
Quebec, and gold and base metals projects in Quebec. The Company's focus is to
acquire uranium and gold deposits in strategic locations through acquisition
and option arrangements, and further develop these projects with experienced
management teams.
The TSX Venture Exchange neither approved nor disapproved this press
release and does not accept responsibility for the adequacy or accuracy
of this release.
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