American Uranium Corporation
OTC Bulletin Board : AUUM

American Uranium Corporation

January 14, 2008 09:01 ET

American Uranium Amends Pinetree-Reno Creek JV Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2008) - American Uranium Corporation ("American" or "the Company") (OTCBB:AUUM) announces an amendment securing full 60% rights to its cornerstone Reno Creek property. The Pinetree-Reno Creek JV property holds known historical resources totaling approximately 14M lbs U3O8 and has been demonstrated to be amenable to ISR mining.

AUUM CEO Dr. Bob Rich said, "I'm delighted with this improvement in the JV agreement with Strathmore, and am anxiously anticipating the start of permitting and other development activities at the Reno Creek deposit in early 2008. The removal of this provision is consistent with our strategy of moving this asset into production as soon as possible."

As part of the amendment, American Uranium Corporation agreed to increase its exploration and development expenditures from US $5 million to US $12.375 million to earn an initial 22.5% interest in the project. Strathmore agreed to rescind its 11% buyback provision under the terms specified by the original agreement. All other terms as per the original agreement remain unchanged.

AMERICAN URANIUM CORPORATION (OTCBB:AUUM) is a uranium company focused on exploring and developing uranium properties in the United States. Current properties and potential future acquisitions give American the expectation of medium-term production. American Uranium successfully raised $6 million in August 2007, and there are currently 45,566,829 shares outstanding in the company.

Legal Notice regarding Forward Looking Statements

Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include: that the property has been demonstrated to be amenable to ISR mining; that the start of permitting and other development activities at the Reno Creek deposit will occur in early 2008; that the project will be moving into production as soon as possible; and that we can earn a 60% interest in the project. It is important to note that the Company's actual outcomes may differ materially from those statements contained in this press release. Factors which may delay or prevent these forward-looking statements from being realized include misinterpretation of data, that we may not be able to raise sufficient funds to complete the payment obligations; that weather, environmental issues, permitting problems, logistical problems or hazards may prevent us from exploration or development or from fulfilling our joint venture obligations; that new equipment may not perform as anticipated; that we may not be able to attract or retain key employees or advisors in the current competitive environment; that results that we or others have found in any particular holes are not necessarily indicative of larger areas of our property; we may not be able to reach agreement with Strathmore on aspects of our agreements; and that despite encouraging data there may be no commercially exploitable mineralization on the properties based upon the applicable world mineral prices and the quality or grade of the resource. Readers should refer to the risk disclosures outlined in our periodic reports filed on Edgar with the Securities and Exchange Commission.

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