Boomerang Project

In December 2010, Uravan signed a non-binding Letter of Intent (LOI) with Cameco Corporation ("Cameco") to exchange its 49% joint venture interest in the Boomerang uranium project in the southwest Thelon Basin for Cameco’s 100% interest in the various mineral dispositions making up the Halliday Lake, Poplar Point, Stewardson Lake and Thluicho Lake uranium projects in the Athabasca Basin, Saskatchewan.  On March 25, 2011 a definitive exchange agreement (Purchase and Sale Agreement) between Cameco and Uravan was signed.