Property Overview

From 2007 to 2010 exploration activity on both the Boomerang and Garry Lake uranium projects in the Thelon Basin have been delayed and considered challenging going forward due to land access restrictions as a result of Aboriginal community and NGO public concerns regarding potential adverse cultural and socioeconomic impacts from uranium exploration and development in the Thelon River Basin region. Given the challenging land access issues in these jurisdictions, in 2010 the Boomerang and Garry Lake projects were on hold pending approval of Land Use Permits (LUP). In December 2010 Uravan entered into a Letter of Intent with Cameco Corporation (Cameco) to exchange all of its interest in the Boomerang property for 100% of certain mineral dispositions in the Athabasca Basin owned by Cameco.

In December 2009 and in August 2010 Uravan acquired a land position in the Athabasca Basin with its Outer Ring and Johannsen Lake uranium projects. These acquisitions represent a first step in obtaining a major position in this uranium endowed district. The terrain being evaluated is the underexplored and further basin ward structural corridors where historical data is scarce or lacking.  A regional basin-wide compilation has been completed, corridors of interest identified and areas for specific land acquisition selected based on the Athabasca Core Review (described below).

In 2010 Uravan focused its exploration activities on its Outer Ring and Johannsen Lake uranium projects in the Athabasca Basin with the objective to establish viable surface geochemical targets for drill testing in early 2011.  The geochemical data from the Outer Ring and Johannsen Lake surface sampling programs capitalized on new technology developed from a pilot study conducted on the Cigar West uranium deposit (Cigar West Study described below)

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.

In February 2011, Uravan and ESO Uranium Corporation (ESO) entered into an Option to Purchase Agreement (the "Option") whereby ESO granted Uravan an exclusive Option to acquire 100% interest in their Mathison Lake mining claims (S-108465 and S-108466) (the "Math Project") in the Athabasca Basin. The MATH project totals 8121 hectares and adjoins Uravan's Outer Ring (OR) project on the north. The Option is exercisable by Uravan over a three (3) year term conditional on: (1) Uravan making a onetime cash payment to ESO amounting to Twenty-five Thousand Dollars ($25,000), (2) Uravan issuing an aggregate of 1,000,000 Uravan Common Shares to ESO, in four tranches of 250,000 Common Shares over three years, and (3) Uravan incurring an aggregate exploration expenditure on the Math project of not less than Two Hundred Thousand Dollars ($200,000).

In 2010 Uravan completed a re-examination of the combined Rottenstone geophysical survey database (VTEM, EM, IP and gravity) using more current interpretive/modeling geophysical techniques. As a result, recent interpretive-modeling of the Rottenstone database (geological, geochemical and geophysical), has establish new Ni-Cu drill targets proximal to the previously minded Rottenstone deposit. These drill targets were established using Resistivity Depth Imaging (RDI).  RDI is a graphic representation of inverted EM (electromagnetic) decay data into conductivity/resistivity depth profiles. These profiles are then displayed in 2-dimensional (2D) cross-sections.  Other geological, geochemical and structural information can then be displayed in cross-section with the RDI profiles.

The coincident display or stacking of other geological data on the RDI 2D profiles has greatly enhanced Uravans ability to vector drilling toward new potential mineralized ultramafic bodies.  Several proposed drill holes specifically target sub vertical conductive geophysical responses (EM conductors). These steeply dipping conductors are generally supported by other favorable geological, structural or geochemical features, and other geophysical anomalies (i.e. IP and gravity).