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Mining major showing interest in Similkameen property

Westcan’s project near Hedley has attracted the attention of a senior Canadian based gold producer

WestCan Uranium Corp. (Symbol WCU.V), recently announced in a press release that the company’s management “is reacting to the recent surge in the market activity and is actively pursuing potential joint ventures on its holdings in the Hedley Gold Basin of Southern British Columbia, located 230 kilometres east of Vancouver.”

The total land package involved covers approximately 16,000 hectares.

Westcan’s project has attracted the attention of a senior Canadian based gold producer. Westcan was approached by the senior mining company earlier this year, (which cannot be named at this juncture due to confidentiality issues), to review the properties held under option by Westcan.

Two geologists have been sent to  the area to evaluate the historical data which has been assembled over the winter, by Grant Crooker, a Similkameen based geologist who is Westcan’s qualified person for the project, and the vendor of 11,000 of the 16,000 hectares.

The area concerned has been broken down into six target areas; the WP, Chevron, Blitz, Lookout, Paul and Kel, based on geological, geochemical and geophysical parameters. Westcan previously issued a news release on the WP target (see Stockwatch Feb. 8, 2012) and has finished the examination of the second of the six target areas, the Chevron target (see Stockwatch Feb. 23, 2012).

Although to date there have been no discussions as to details of a potential joint venture, interest from the major is continuing.

Work on the properties is currently being carried out by Westcan for assessment purposes, and the Westcan intends to announce details of a financing shortly.

The emphasis will be on the flow through units, as the property is eligible for the “Super Flow Through” tax incentive program.

The Hedley Formation is considered to be the most favourable host rock for gold-skarn type deposits in the Hedley District, and hosts the strata-bound gold-skarn deposits at Nickel Plate Mountain. Gold production at Nickel Plate Mountain commenced in 1904 and continued until 1996 with production of 2,524,313 ounces of gold from the Nickel Plate and Hedley-Mascot mines.

For further information see:

www.westcanuranium.com