Anglo-Canadian Uranium Corp.

Anglo-Canadian Uranium Corp.

November 01, 2006 09:00 ET

Anglo Canadian Uranium Corp.: Colorado Uranium / Vanadium Project Option Agreement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 1, 2006) - Anglo Canadian Uranium Corp. (TSX VENTURE:URA) (the "Company") is pleased to announce the signing of an option agreement with Jourdan Resources Inc. (TSX VENTURE:JRN) for the sale of a 50% interest in the Spider Rock Project located in the Delores and San Miguel Counties of Colorado. This agreement allows for Jourdan to acquire an undivided 50% interest in the 4 mining claims in exchange for a cash payment of CDN $200,000 plus 1,000,000 common shares of Jourdan, and incur exploration expenditures of CDN $2,000,000 over a period of three years. The Company will be initiating and paying for a NI 43-101 report for this project from the initial $200,000 cash commitment. The Spider Rock Project consists of 80 acres of uranium / vanadium lands, with historical exploration completed by Western Nuclear from 1976 to 1984. During this exploration program uranium/vanadium mineralization occurred in 28 drill holes, with further exploration halted when the uranium market deteriorated in the early to mid 1980's. Preliminary calculations from this data resulted in a historical resource of 185,000 pounds of uranium oxide (averaging 0.20% over 1.83 meters), and a historical resource of 2,000,000 pounds of vanadium oxide (averaging 1.47% over 2.74 meters). Spot prices for uranium and vanadium are currently trading at $60 and $10 per pound respectively. Anglo Canadian management continues its strategy of defining and acquiring historical producing properties and projects with potential uranium / vanadium deposits, and views the agreement with Jourdan as positive in maximizing the number of work programs that can be facilitated. In addition to Jourdan carrying out an exploration program for this project, the Company has a working relationship with Rimrock Exploration and Development Inc. to provide exploration and development programs on this property and additional projects located in the Four Corners region of the United States.

President Len Harris states;" Anglo Canadian is excited to be working with Jourdan Resources, we look forward to the continued development of this project with the ultimate goal of placing the Spider Rock claims into production. This agreement will allow Anglo Canadian and Jourdan to maximize shareholder value through the development of uranium / vanadium projects of merit in the Four Corners region of the United States."


Pursuant to the terms of the Letter Agreement, Jourdan can acquire an undivided 50 % interest in the Project by making a cash payment of $200,000 and issuing a total of 1,000,000 common shares to Anglo-Canadian on the execution of a formal agreement, following which Jourdan will vest with an undivided 20% interest in the Project. Furthermore, Jourdan has agreed to incur exploration expenditures totaling $2,000,000 on the Project over a period of 3 years, of which $250,000 will be spent in the first year, $500,000 will be spent in the second year and $1.25 million in the final year of the option. In addition to the hold periods prescribed by applicable securities legislation and the policies of the TSX Venture Exchange, 700,000 common shares shall be subject to additional voluntary hold periods expanding over a period of two (2) years. In addition to this agreement, a finder's fee shall be paid to an introducing party.

The transaction is subject to (i) satisfactory due diligence by Jourdan including confirmation by Anglo-Canadian of titles of property, (ii) final board approval for both parties, (iii) regulatory approval and (iv) execution of a formal agreement within a delay of 60 days following the execution of the Letter Agreement.

The technical portion of this release has been approved by James A.Turner. P.Geo., a qualified person under NI 43-101. With regard to the historical resource estimates referred to in this news release and details regarding the location of these historical resources, the Company considers them to be relevant but not to NI 43-101 standards.

About Anglo-Canadian Uranium Corp.

Anglo-Canadian is an aggressive uranium and gold exploration company with several properties located in Canada and the United States. The Company's current projects include uranium projects located in Colorado, Utah, New Mexico and Quebec, and gold and base metals projects in British Columbia. The Company's focus is to acquire uranium and gold deposits in strategic locations through acquisition and option arrangements, and further develop these projects with experienced management teams.

For more information on the Company and its projects, please visit the website at


Len J. Harris, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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