PROPERTY OVERVIEW

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2007 Overview

Boomerang Property Summary and Exploration Update

Based on the positive 2006 drill results, Cameco has allocated $4.0 million in 2007 to fund a more aggressive reconnaissance exploration drill program across the northern part of the Boomerang Property. It is estimated this accelerated drilling expenditure will provide Uravan’s exploration team the funds to complete 20 to 25 diamond drill holes along the continuous and highly prospective F- and G- G extension and H-series conductive trends. This widely-spaced (>2000 metre) reconnaissance drill program will attempt to assess the uranium-bearing potential along the entire interpreted length of these conductive trends. For complete update click here.

Garry Lake Property Summary

Uravan has contracted two airborne geophysical surveys to be conducted over the Garry Lake uranium property in 2007. In May 2007 Aeroquest Limited (“Aeroquest”) will conduct 7,325 line-kilometers of helicopter borne high-resolution electromagnetic (EM) survey using Aeroquest’s proprietary Aerotem III system plus high-resolution magnetometer geophysical survey. In June 2007, Terraquest Ltd (“Terraquest”) will conduct an 8,129 line-kilometer fixed-wing Radiometric and Horizontal Gradiometer survey. Both geophysical surveys will be flown on 400 meter line spacing and conducted over the entire Garry Lake uranium property. For complete update click here.

Rottenstone Ni-Cu-PGM Property

In 2007 Uravan plans to pursue a mapping and sampling field program focused on investigating several areas within the anomalous geochemical corridor discussed above. Following positive results on this activity, additional airborne geophysical surveys will be conducted plus other new soil sampling techniques designed to image buried deposits.

2006 Overview

Property Summary and Exploration Update
The Corporation’s mineral exploration and property acquisition activity has been directed toward the geological reconnaissance and interpretation of historical data for the evaluation of new areas for possible acquisition, primarily for uranium with lesser focus on nickel-copper-platinum group element (Ni-Cu-PGM) occurrences. In 2006 the Corporation, acting as operator for Cameco, has focused on evaluating, interpreting and organizing exploration data collected in 2005 and 2006 on the Boomerang Uranium Project and planning and implementing a reconnaissance drill program in 2006. In 2006, as a result of an extensive historical data compilation and evaluation phase, the Corporation carried out an aggressive claim staking program in the northern Thelon Basin, Nunavut resulting in the acquisition of its Garry Lake Uranium Project. In 2006 the Corporation was not active on its Rottenstone Ni-Cu-PGM property or un-staked areas.