11.12.2007 11:00:00
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Endeavor Uranium Completes Acquisition of 10 Mining Claims
Endeavor Uranium (OTCBB:EDVU) today provided details surrounding the
acquisition of mining rights to ten unpatented claims in Colorado. These
properties include the Old Mines claim, Salt Wash (consisting of three
deposits) and the Chinle properties with six deposits. Terms of the deal
include the issuance of 10,000,000 shares of Endeavor common stock and
cash payments in excess of $1 million, according to the Company’s
8-K dated November 29th, 2007. Shares related to this transaction have
already been distributed, and result in approximately 65 million shares
outstanding.
The Old Mine (OM) uranium property is located in Paradox Valley in
southwest Colorado. The property is comprised of 238 unpatented lode
mining claims that cover an area of approximately 4,760 acres. OM lies
within the western part of the Uravan Mineral Belt in Colorado and
includes about 4,000 meters of outcrop strike length along the highly
productive Salt Wash. Previous mining and exploration drilling suggest
that the mineralization continues for an additional 60 to 900 meters.
The Salt Wash uranium properties, located in southwestern Colorado near
the Utah border, hold excellent potential for the discovery and
development of uranium deposits. The Salt Wash area is comprised of
three separate deposits, the Little Gypsum Valley, the Morningstar and
the Martin Mesa properties. Total uranium production in the vicinity of
Little Gypsum alone is in excess of 1250 tons, with each ton roughly
equivalent to 80,000 barrels of oil.
Lastly, the claims that make up the Chinle North and Chinle South
Properties are in the vicinity of the historic uranium mining
communities of Moab and Monticello, Utah. The Chinle properties are made
up of six separate deposits which contain uranium mineralization in
outcroppings. Uranium deposits in the vicinity of the properties are
primarily replacement-type ones and mostly found in channel sandstone.
The area extending from Naturita, Colorado to Moab, Utah has produced
between a few tons to many thousands of tons of ore.
"These ten properties hold enormous potential,
and we are extremely excited about finalizing their acquisition," said
Endeavor Interim CEO Marvin Mitchell. "This is a highly significant
event for Endeavor and will allow us to pursue our longer-term goal of
sourcing and developing uranium properties. In fact, we continue to
actively pursue new projects both here and abroad.” About Endeavor: Endeavor Uranium was established to acquire and
develop quality uranium projects both in the United States and abroad.
The focus of the company is to seek out and selectively acquire the most
favorable deposits and advanced stage, drill-ready uranium projects.
Additional information can be found at www.endeavoruranium.com.
Safe Harbor Statement: A number of statements contained in this
press release are forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Act of 1995.
These forward-looking statements involve a number of risks and
uncertainties, including the successful consummation of the transaction,
the successful completion and integration of prospective acquisitions,
exploration activities, industry production, commodity demand and
pricing, currency exchange rates, and, but not limited to, general
economic factors. The actual results Endeavor may achieve could differ
materially from any forward-looking statements due to such risks and
uncertainties. Endeavor encourages the public to read the information
provided here in conjunction with its most recent filings which may be
viewed at www.sec.gov.
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