Jourdan Resources Inc.
TSX VENTURE : JRN

Jourdan Resources Inc.

April 17, 2007 11:21 ET

Jourdan Resources Announces the Acquisition of Four Major Uranium Plays Located in the Wakeham Basin and Otish Montain Areas, Quebec, and the Elliot Lake Area, Ontario...

...and Arranges a Private Placement

VAL D'OR, QUEBEC--(CCNMatthews - April 17, 2007) - Jourdan Resources inc., (the "Corporation" or "JOURDAN") (TSX VENTURE:JRN) is pleased to announce that it signed three letters of agreements regarding the acquisition of a 100% interest in four major uranium properties. The acquisition of a 100% interest in two (2) properties totalling 234 mining claims covering 126 km2 located in the Wakeham sedimentary basin on the St. Lawrence Lower North Shore of the Province of Quebec constitutes a fundamental acquisition for the Corporation as it intends to allocate a large portion of its resources on these two (2) properties. The first property, known as the "Lac Bernard property" is composed of 124 claims, while the second property known as the "Lac Nobel property" is composed of 110 claims. The second acquisition consist of 64 claims located in the Otish Mountain area, Province of Quebec, known as the "Urika property" and finally, the third acquisition consist of 281 units located in the Elliot Lake area, Province of Ontario, known as the "Uront property".

Material terms and conditions of the letters of agreement:

1) Lac Bernard & Lac Nobel properties: Pursuant to the letter agreement between the Corporation and Dresden Capital inc., 3677770 Canada inc and Minorex Specialistes Miniers Inc. (collectively the "sellers"), the Corporation will acquire a 100% interest in these two (2) properties, subject to the following terms and conditions;

- The Corporation shall pay an amount of $210 000 to the sellers no later than two days after having obtained all the required regulatory approvals;

- The Corporation shall issue 1,950,000 treasury common shares to be divided equally among the sellers.

The properties will also be subject to the following royalties in favour of the sellers:

- A two (2) percent royalty on the net smelter returns ("NSR") on all metals except for uranium;

- A three (3) percent royalty from the sale or other disposition of all uranium oxide (commonly called "Yellow Cake").

The Corporation and the sellers are dealing at arms length, and none of the sellers will become an insider or control person of the Corporation as a result of the transaction.

2) Urika property: Pursuant to the letter agreement between the Corporation and Berthe A. Lambert, Jourdan will acquire a 100% interest in the property, subject to the following terms and conditions:

- The Corporation shall pay $40,000 no later than two days after having obtained all the required regulatory approvals, and shall issue 700,000 treasury common shares.

The property will also be subject to a two (2) percent royalty from the sale or other disposition of all uranium oxide (commonly called "Yellow Cake"), of which one (1) percent is redeemable at the option of the Corporation in consideration of $1,000,000. The Corporation shall also have the option to purchase the remaining 1% at a purchase price to be negotiated between the parties.

3) Uront property: Pursuant to the letter agreement between the Corporation and Michel Lavoie, Jourdan will acquire a 100% interest in the property, subject to the following terms and conditions:

- The Corporation shall pay $40,000, no later than two days after having obtained all the required regulatory approvals, and shall issue 700,000 treasury common shares.

The properties will also be subject to a two (2) percent royalty from the sale or other disposition of all uranium oxide (commonly called "Yellow Cake") of which one (1) percent is redeemable at the option of the Corporation in consideration of $1,000,000. The Corporation shall also have the option to purchase the remaining 1% at a purchase price to be negotiated between the parties.

4) The Corporation shall conduct a private placement of units priced at $0.16 per unit for minimum proceeds of $500,000 (3,125,000 units) and maximum proceeds of $650,000 (4,062,000 units). Each unit consists of one common share and one warrant. Each Warrant shall entitle the holder to purchase one common share at a price of $0.32 per share for a period of twelve (12) months following the closing of the offering.

Following the receipt of the required regulatory approvals, the parties will proceed with the execution of formal agreements and the titles of property on the claims will be transferred to the Corporation. No finder's fee will be paid in connection with these transactions.

The Wakeham sedimentary basin

The Wakeham basin covers an area of 150 km by 100 km, directly to the North of the towns of Havre St-Pierre and Natashquan.

The geological context of this basin is similar to that of the Athabaska sedimentary basin in Saskatchewan, the host of the world's largest and richest uranium mines.

The Wakeham and Athabaska basins both consist of sedimentary formations lying on top of Precambrian granitic basement rocks which contain widespread disseminated uranium mineralization. The main difference between the two basins is the degree of metamorphism to which they have been subjected. In the Wakeham basin, the sandstones have been transformed into quartzite beds.

The disseminated uranium mineralization in the granitic formations around the Wakeham basin is so widespread, that extensive exploration programs are now being conducted to develop large and low grade uranium deposits similar to the prolific Rossing deposit of South Africa.

This is an important consideration as the enrichment of uranium in sedimentary basin formations is primarily the result of the washing and leaching of the underlying granitic formations by circulating surface waters as well underground hot waters along faults and fractures.

The Wakeham sedimentary basin is also similar to the Otish Mountains and the Lake Mistassini sedimentary basins, where a sedimentary uranium deposit was discovered last year by Strateco resources and where a sedimentary copper, silver and gold deposit (the ICON deposit) was discovered and mined out in the 1960's and 1970's.

JOURDAN's properties are located in sedimentary formations along the western rim of the Wakeham basin. These are believed to represent the original bottom formations of the basin, where uranium mineralization is most likely to be concentrated and where uranium deposits are likely to be found.

Copper, silver and gold mineralization is known to occur in the sedimentary geological formations on JOURDAN's properties. The presence of this type of mineralisation enhances the overall potential of the properties, both for rich uranium deposits of the Athabaska type, as well as, copper, silver and gold deposits of the ICON type.

The Lac Bernard and Lac Nobel properties

The Lac Bernard property is located directly along the western rim of the Wakeham basin, at about 80 km to the North-East of the town of Havre St-Pierre. Two copper showings occur on this property. They consist of chalcopyrite and bornite in metamorphic sediments (paragneiss) considered as the actual bottom formations of the Wakeham sedimentary basin. The presence of these showings confirms the fact that the process of dissolution, transportation and deposition of the metallic mineralization by the surface and hydrothermal waters has been effective in this part of the basin. Thus, it is then possible that uranium deposits of the Athabaska type, as well as copper deposits of the ICON type could occur and be discovered. It is to be noted that when the geological mapping was done is this area, the geologists were not focusing on the uranium mineralization and they had no scintillometers or Geiger counters to assist them.

The Lac Nobel property is located about 20 km east of the Lac Bernard concession. The underlying formations consist mainly of quartzite and paragneiss, again considered as the actual bottom of the sedimentary basin. Two copper and silver showings occur on this concession. The host rock is a silicified skarn related to a nearby granite intrusion which has been totally claimed by Exploration Azimut Inc. and optioned by Kennecott Copper. The granite intrusion contains widespread disseminated uranium mineralization and these companies are investigating the possibilities to develop a large tonnage, low grade uranium deposit along the Rossing model in South Africa.

Previous work done in the area:

As mentioned earlier, the geological mapping of this area was done without focusing on the uranium mineralization. Chalcopyrite and bornite mineralization has been noted but pitchblende mineralization which is black and less noticeable could have been overlooked.

In Saskatchewan, the granitic formation surrounding and underlying the Athabaska basin are considered as pre-enriched in uranium and this is considered as a pre-requisite for the occurrence of rich sedimentary uranium deposits at the bottom of the basin.

The granitic formations surrounding and underlying the Wakeham basin can also be considered as pre-enriched in uranium and this is supported by the various large exploration programs which are being currently conducted around the Wakeham basin, particularly on its East side, mainly by Uracan, as well as in several granitic intrusions, within the basin, mainly by Uracan and Kennecott Copper, to develop large tonnage and low grade uranium deposits along the Rossing model.

Anticipated work program:

The Corporation intends to carry out as soon as possible this summer an airborne geophysical survey (radiometric, electromagnetic and magnetic) over its properties. This will be followed-up by ground geophysical surveys, geological mapping and prospecting.

The Corporation has mandated an independent Qualified Person to prepare a Technical Report on the properties in compliance with National Instrument 43-101.

Ureka property

Jourdan has also acquired a significant land position in the Otish Mountains area. The property is comprised of 64 claims covering an area of approximately 3,390 hectares located about 8 km to the west of the Strateco discovery. Uranium exploration in the Otish Mountain area was initiated by Uranerz in the early eighties but ceased after the decline of Uranium prices. The area is considered under explored and highly prospective for new discoveries, not only for Uranium but for gold and base metals. Jourdan is planning an aggressive exploration program consisting of helicopter-borne geophysical surveys and follow-up mapping prospecting and sampling of selected targets.

Uront property

A further important uranium prospect has been purchased by Jourdan in the heart of the Elliott Lake Uranium mining camp. Elliot Lake was, until the early nineties, considered to be the Uranium Capital of the world. Jourdan's 3,152 hectare property is located immediately to the east of the International Montoro and Pele Mountain properties. A primarily ground-based survey of the property is planned for the coming summer, in addition to the uranium potential of the property; Jourdan will be paying particular attention to the hitherto neglected gold and base metals potential of the area typical of conglomerate rock environments. e.g.Wittwatersrand, S. Africa.

Other

In other news, the Corporation announces that it has signed a purchase agreement with 9154-7836 Quebec Inc to acquire a 100% interest in the Iles Deschenes, Westminer et Lac des Vents properties composed of a total of 53 claims, located in the vicinity of Chibougamau, Province of Quebec. With these latest acquisitions, the Corporation has reinforced and enhanced its existing land positions in this area. In order to acquire a 100% interest in these properties, the Corporation shall pay $17,500 and issue 575,000 treasury common shares, subject to regulatory approval.

Mr. Stuart Lee (Geologist), board member of JOURDAN has reviewed and approved the technical information contained in this press release. Robert Gagnon P.Geo., qualified person under NI 43-101, has also reviewed and approved the technical information contained in this press release.

This press release contains certain "forward-looking statements," as identified in the Corporation's periodic filings with Canadian Securities Regulators that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information presented in this release.

Contact Information

  • Jourdan Resources Inc.
    Michel Cote
    President
    514-866-6001 Ext: 266
    514-866-6193 (FAX)
    or
    Jourdan Resources Inc.
    Stuart Lee
    514-290-4004