UPDATE 1-Uravan, Cameco to exchange stakes in uranium projects

* Uravan to get full stakes in Athabasca projects

* Cameco gets full ownership in Boomerang project

Dec 29 (BestGrowthStock) – Canadian mineral explorer Uravan
Minerals Inc (UVN.V: ) said it intends to exchange its minority
interest in a uranium project in Northwest Territories for
Cameco Corp’s (CCO.TO: ) interests in several projects in the
Athabasca basin in Saskatchewan.

Uranium miner Cameco, which currently holds 51 percent in
the Boomerang project in southwest Thelon Basin, Northwest
Territories, will get full ownership of the project.

In return, Uravan will get ownership of Halliday Lake,
Popular Point, Stewardson Lake and Thluicho Lake uranium
projects in Saskatchewan.

The company said it intends to start drilling by the end of
next summer if tests for uranium mineralization yield positive
results.

Uravan, which will now have an increased presence in the
highly valued Athabasca basin, also said it expects to acquire
more land in the area in the near future.

Shares of Calgary, Alberta-based Uravan, which have risen
29 percent in the last month, were trading up nearly 10 percent
at 39.5 Canadian cents on Wednesday afternoon on the Toronto
Venture Exchange.

Cameco’s shares were up less than a percent at C$40.35 on
the Toronto Stock Exchange.
(Reporting by Abhiram Nandakumar in Bangalore; Editing by
Unnikrishnan Nair)

UPDATE 1-Uravan, Cameco to exchange stakes in uranium projects