Bonaventure Enterprises Inc.

July 11, 2008 11:13 ET

Bonaventure Announces Strategic Joint Venture to Advance Foster Lake Uranium Project in Northern Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2008) - BONAVENTURE ENTERPRISES INC. (TSX VENTURE:BVT)(FRANKFURT:YQG) is pleased to announce that the Company has signed a binding Letter of Agreement (the "Agreement") with Uracan Resources Inc. (TSX VENTURE:URC) ("Uracan"), whereby Uracan can acquire a 75% interest in the Foster Lake Project (the "Property") located within the Wollaston Belt contiguous with the Athabasca Basin. The Foster Lake Project is one of four uranium properties held by the Company in the Athabasca Basin and Wollaston Belt in northern Saskatchewan.

"This Agreement allows Bonaventure to continue its focus on its K9 flagship uranium property while effectively accelerating the exploration efforts on other key projects in the Company's property portfolio. Uracan's management team is a proven discoverer and mine builder, accumulating successes under former Bema Gold, and its current success at their Turgeon Lake North Shore Uranium Property where they discovered a significant Rossing-type mineralized system. The Company's focus in developing near-term resources will be enhanced with Uracan's expertise, commitment and similar focus," said Jean Lafleur, P. Geo., President and CEO of the Company.

Under the terms of the Agreement, Uracan, which is already active on its Pipewrench Lake Project surrounded by the Foster Lake Project, will over a term of five years pay approximately C$870,000 in cash, issue 1,250,000 Uracan shares to the Company, and incur C$5,000,000 in exploration expenditures on the Property. Uracan's Pipewrench Lake Property hosts the Portage Zone discovery (12.7m of 0.142% U3O8 in drilling).

The cash payments, share issuances and cash expenditures can be accelerated at Uracan's option. The exploration programs and budgets will be planned and approved by a Management Committee to be established with equal representations from both companies with Uracan retaining a casting vote. Areas deemed non-prospective by exploration work are to be returned to the Company. Under the terms of the agreement, dilution of either company's interest below 10% would result in an automatic conversion to a 2% Net Smelter Returns Royalty with each party holding a first-right-of-refusal on the other party's interest and royalty. The final agreement is subject to Board and regulatory approvals.

About the Foster Lake Project

The Foster Lake Project is comprised of 115 claims which borders and is contiguous with AREVA's past-producing Key Lake uranium mine, as well as Cameco's MacArthur River uranium deposit, which is located approximately 10 km NE of the western flank of the Property. The Foster Lake Project also surrounds most of JNR Resources Inc.'s Way Lake project, where grab samples assayed 40% and 48% U3O8.

Historical work on Foster Lake has yielded some 70 boulder train samples, with grades ranging from 5.79% to 7.17% U3O8. Two additional 20 kg grab samples from outcrops resulted in 0.10% and 0.27% U3O8.

The Property hosts historical indicated resources of 65,000 tons grading 0.19% U3O8 to a depth of 65 m. The Company is not treating the historical resources as current Mineral Resources as defined by NI 43-101 and the historical estimate should not be relied upon.

The Company believes that the Foster Lake Project hosts unconformity-type, vein-type and disseminated-type U3O8 mineralization that has the potential to host near surface uranium mineralization suitable for open pit mining. Uracan, as operator of the project, plans to implement an aggressive work program to include both an initial airborne geophysical survey to evaluate the known and define new prime targets with follow up ground-based field work to refine these targets.

The information contained in this release was prepared and reviewed by Mr. Jean Lafleur, P. Geo., President & CEO of Bonaventure Enterprises Inc., and a Qualified Person under NI 43-101 standards.

About Bonaventure Enterprises

Bonaventure Enterprises Inc. (TSX VENTURE:BVT)(FRANKFURT:YQG) is a mineral exploration company focused on the acquisition and development of large projects demonstrating the ability to host mineral deposits.

The property portfolio consists of uranium and gold exploration assets. The Company has a 100% interest in the flagship K9 uranium property located in the James Bay region in Quebec, as well as other uranium assets located in the North Shore region of Quebec in addition to a 100% interest in uranium, polymetallic and diamond assets (Mayson Lake, Mallen Lake and Moore Lake) located in the Athabasca Basin in Saskatchewan.

The Company holds highly prospective gold exploration properties in Nevada with the potential to host Carlin-type gold deposits. The Company has an option agreement to acquire up to 60% interest in the New Pass Property located in Austin, Nevada and the Squaw Creek Property located on the northern extension of the Carlin Trend in northern Nevada. The Company also holds a 100% interest in the Goldfields, Cottonwood, Jet and Northern Lights properties located in western and southern Nevada.

On behalf of the Board of Directors

Jean Lafleur, P. Geo., President and CEO, Director

The Company's public documents may be accessed at For further information on the Company, please visit our website at

This news release may contain forward-looking statements reflecting the Company's objectives, estimates, expectations and the impact of acquisitions on the Company's financial performance. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from the Company's projections or expectations.

The TSX Venture Exchange (TSX-V) does not accept responsibility for the adequacy or accuracy of this release.

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