December 29, 2010 / 7:52 PM / 8 years ago

UPDATE 1-Uravan, Cameco to exchange stakes in uranium projects

* Uravan to get full stakes in Athabasca projects

* Cameco gets full ownership in Boomerang project

Dec 29 (Reuters) - Canadian mineral explorer Uravan Minerals Inc (UVN.V) said it intends to exchange its minority interest in a uranium project in Northwest Territories for Cameco Corp’s (CCO.TO) interests in several projects in the Athabasca basin in Saskatchewan.

Uranium miner Cameco, which currently holds 51 percent in the Boomerang project in southwest Thelon Basin, Northwest Territories, will get full ownership of the project.

In return, Uravan will get ownership of Halliday Lake, Popular Point, Stewardson Lake and Thluicho Lake uranium projects in Saskatchewan.

The company said it intends to start drilling by the end of next summer if tests for uranium mineralization yield positive results.

Uravan, which will now have an increased presence in the highly valued Athabasca basin, also said it expects to acquire more land in the area in the near future.

Shares of Calgary, Alberta-based Uravan, which have risen 29 percent in the last month, were trading up nearly 10 percent at 39.5 Canadian cents on Wednesday afternoon on the Toronto Venture Exchange.

Cameco’s shares were up less than a percent at C$40.35 on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Unnikrishnan Nair)

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