April 05, 2007 08:00 ET

Lexam & Golden Valley Acquire Uranium Properties; Now Hold 170,000 Acres in Prospective Otish & Mistassini Basin!


TORONTO, ONTARIO--(CCNMatthews - April 5, 2007) - LEXAM EXPLORATIONS INC. (TSX VENTURE:LEX) with its joint venture partner, Golden Valley Mines (TSX VENTURE:GZZ), is pleased to announce that it has acquired additional uranium properties and now holds approximately 170,000 acres in Quebec's Otish and Mistassini Basins. The Lexam-Golden Valley joint venture is now believed to be the largest land holder in the region!

These properties were acquired for their potential to host 1) fault controlled uranium mineralization similar to that discovered by Strateco Resources in the Otish Basin and 2) high-grade uranium deposits similar to those currently mined in the Athabasca Basin, Saskatchewan, the world's largest producing uranium area. The Lexam-Golden Valley properties are focused on the edge of the basin where similar emplacement within the Athabasca Basin has produced the most successful uranium discoveries.

Lexam and Golden Valley are also awaiting final government confirmation on more than 66,000 acres in the Otish and Mistassini Basins. Actively exploring in the area are Strateco Resources, one of the uranium sectors more exciting exploration companies, and Cameco, the world's largest uranium producer.

Michael P. Rosatelli, P. Geo. is a "Qualified Person" as defined in National
Instrument 43-101 and is responsible for the technical information presented in this news release.

About Lexam

Lexam Explorations is a North American based energy exploration company. Lexam's shares are publicly traded on the TSX-Venture Exchange under the symbol LEX. The company is advancing the Baca Oil & Gas Project located in south-central Colorado, USA, which is 75% owned by Lexam and 25% by ConocoPhillips and has an option to earn 50% interest in Golden Valley Mines Otish Basin uranium project located in Quebec, Canada.

About Golden Valley Mines

The Company typically tests initial grassroots targets while owning a 100% interest in its properties and then seeks partners to continue exploration funding. This allows the Company to continue its generative programs and systematic exploration efforts at other majority owned grass-roots projects. As at the date hereof, the Company holds majority property interests in 129 projects consisting of 3,834 mining titles (212,187 hectares; 530,000 acres) in Ontario, Quebec, and Saskatchewan.

Contact Information

  • Lexam Explorations Inc.
    Ana E. Aguirre
    Manager, Investor Relations
    (647) 258-0395 or Toll Free: 1-866-441-0690
    (647) 258-0408 (FAX)
    Email: info@lexamexplorations.com
    Website: www.lexamexplorations.com
    Corporate Head Office
    Lexam Explorations Inc.
    99 George Street, 3rd Floor
    Toronto, ON M5A 2N4