UNOR Inc.
TSX VENTURE : UNI

UNOR Inc.

October 23, 2006 08:35 ET

UNOR Options Cameco Uranium Claims

TORONTO, ONTARIO--(CCNMatthews - Oct. 23, 2006) - UNOR Inc. (TSX VENTURE:UNI) announces that it has entered into an option agreement with Cameco Corporation on 190 uranium mineral claims held by Cameco covering 521,500 acres in western Nunavut (the Property) which adjoin the northwest corner of UNOR's wholly owned Coppermine River claim block. With its western Nunavut uranium exploration focus and expertise, UNOR now has 1,155,000 acres under development within the Hornby Bay Basin area.

The Option Agreement is subject to the following terms and conditions:

- To earn a 60% interest in the Property, UNOR must incur exploration and development expenditures of $3.0 million by March 31, 2010, of which a minimum of $2.0 million must be incurred on or before June 30, 2008.

- UNOR is the operator subject to the guidance of a joint UNOR/Cameco Technical Committee and the Strategic Alliance Agreement between the parties.

- The parties will establish a joint venture on the date UNOR has exercised its earn-in rights of 60%.

- Cameco has the right within 90 days after the joint venture has either operated for two years or incurred $3.0 million of expenditures on the Property to earn back 15% by investing an additional $3.0 million to increase its interest to 55% and reduce UNOR's interest in the Property to 45%.

UNOR Inc., with its head office in Toronto, Ontario, is a uranium, diamonds and gold exploration and development company with its principal mineral properties in western Nunavut. UNOR's shares trade on the TSX Venture Exchange.

Cameco, with its head office in Saskatoon, Saskatchewan, is the world's largest uranium producer. The company's uranium products are used to generate electricity in nuclear energy plants around the world, providing one of the cleanest sources of energy available today. Cameco's shares trade on the Toronto and New York stock exchanges. Cameco holds 19.5% of UNOR's common shares issued.

Shares Outstanding October 23, 2006: 117,471,344

Close October 20, 2006: $0.46

THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS RELEASE.

Contact Information

  • UNOR Inc.
    George Bell
    President & CEO
    (416) 368-0114
    (416) 368-0198 (FAX)
    or
    UNOR Inc.
    Tom Devlin
    Secretary & Controller
    (416) 368-0114
    (416) 368-0198 (FAX)
    Website: www.unorinc.com