Anglo-Canadian News
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 6, 2006) - Anglo-Canadian Uranium Corp. is pleased to announce the acquisition of four (4) Uranium/Vanadium claims known as the "Spider Rock Claims", located in the Dolores and San Miguel Counties of Colorado. The Spider Rock Claims comprise eighty (80) acres and further compliment the Company's existing portfolio of uranium properties in Utah, USA and Quebec, Canada. The Company intends to conduct additional exploration and drilling programs to update and confirm earlier reported uranium/vanadium mineralization results within the Spider Rock Claims.
In addition to this acquisition, the Company is pleased to announce the appointment of Mr. Roger Laine, Ph.D., P.Geo. to the board of directors. Mr. Laine brings over 14 years of uranium exploration and development experience to the Company, previously working with Amok Ltd., a subsidiary of Cogema. Mr. Laine was instrumental in the development of the Cluff Lake uranium project in the Athabasca Sandstone region of Northern Saskatchewan, and oversaw a number of uranium and gold projects in the Americas, West and Central Africa, and Europe. Mr. Laine is a primary component in the Company's ongoing exploration and development of its uranium and gold properties.
Spider Rock Uranium/Vanadium Claims
From 1976 to 1984, Western Nuclear Inc. conducted several exploration and drilling programs on the Spider Rock Claims including a total of 46 drill holes of which eighteen (18) were abandoned and 28 confirmed uranium/vanadium mineralization. Further exploration and drilling on the properties was halted shortly after the deterioration of the North American uranium market.
Additional details of this acquisition will be announced once the Company receives approval of the agreement from the TSX Venture Exchange.
If you remember, Len told me that he was negotiating to buy several uranium claims in the US, so this news release gives me more confidence in him that when he says he's going to do something, he will.
Plus, the appointment of another experienced Geologist is never a bad thing!
I am holding URA as a very speculative holding but I see a lot of potential in them. They have many properties now and they should be spinning off their gold properties into a new company. Len said that URA shareholders will get some shares in the spinoff company.
If you want an example of what can happen to a company's share price after a spinoff of some assets, look no further than Fronteer Development Group.
They recently spun off their uranium assets into Aurora Energy on March 22 at $3.60. Aurora is now trading at $4.60.
Fronteer was $4.46 that day. They are now trading at $6.75. That is 51% higher!
Spinning off assets is a great way to maximize shareholder value as the Fronteer CEO put it:
"Aurora's IPO is specifically designed to maximize the value of our Labrador uranium project," says Fronteer President & CEO, Dr. Mark O'Dea. "By taking Aurora public, we are creating a pure uranium vehicle whose assets can now be judged independently, and valued in the context of other pure uranium companies. Fronteer will remain the single largest shareholder of Aurora following the IPO, and as such, this transaction is anticipated to be highly beneficial to Fronteer shareholders."
Fronteer was a company I was looking at closely earlier this year, but I decided it wasn't good enough for me due to not enough insider holdings. However, they have performed well since then.
Hopefully, Anglo-Canadian does just as well or better with their spinoff.