NORTH VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 15, 2007) Centram Exploration Ltd. ("Centram" or the "Company") (NEX:CNA.H) is pleased to announce that it has entered into a letter agreement with Crossland Uranium Mines Ltd., an Australian company ("Crossland"), regarding a joint venture.
Letter Agreement
Under the terms of the letter agreement, which is dated February 14, 2007, Crossland and the Corporation have established a joint venture effective immediately (the "Joint Venture"). Crossland will contribute three advanced uranium properties to the Joint Venture, and Centram will have the right to earn a 50% interest by spending on these uranium properties a total of Australian $8 million over 4 years, with a minimum commitment of Australian $4 million over 2 years. In order to earn any interest, Centram must expend the full Australian $8 million.
Upon attaining a 50% interest, the parties will share all further expenses 50% each.
A Joint Venture committee will be established with equal representation from both parties. Crossland will be the operator of the Joint Venture.
The obligations of Centram Exploration are conditional upon graduation to Tier 2 on the TSXV, and satisfactory financing by April 30, 2007, which financing is required for both the reactivation and graduation to Tier 2.
About Crossland
Crossland is an exploration company based in Australia currently listed on the NSX. It has interests in a number of exploration properties, Crossland will file an application to list on the ASX, and a prospectus for the issuance of 22,680,000 ordinary shares to raise proceeds of Australian $5,670,000 on February 13, 2007.
After approval, a copy of Crossland's prospectus will be available online at www.crosslanduranium.com.au
Highlights of the Joint Venture
The Crossland - Centram Joint Venture offers the investment community a combination of:
- prospective uranium properties in Australia
- management team with proven experience and success in uranium exploration, development and mining
- positive reputation in the North American and Australian investment communities
- knowledge of global uranium industry.
The Chilling, Charley Creek, and Kalabity projects which are the uranium properties being conveyed to the Joint Venture, all contain known uranium occurrences and have the potential for early discovery. These three projects comprise eight titles covering 2,600 square kilometres.
Relevant Experience
Crossland has an experienced Board and management team, which includes Bob Cleary and Geoff Eupene, two experienced uranium experts in Australia, who have both been closely involved with the definition, development and operation of the Ranger Mine, Australia's largest uranium producing mine.
David Mosher, a director of Centram, led the exploration team that discovered the Jabiluka deposit, Australia's largest uranium ore body.
Director / Consultant Appointments
As part of the reactivation transaction, Centram has agreed, pursuant to the terms of letter agreement, to appoint Geoff Eupene and Peter Walker, current directors of Crossland, to the Board of Centram, and to engage Bob Cleary and Bob Richardson, current directors of Crossland, as consultants to Centram.
These individuals will be invaluable to Centram in pursuing its financing and other activities, and to establish the ongoing co-operation and close engagement between both companies. It is contemplated that stock options will be granted to these individuals in due course pursuant to the Company's Stock Option Plan.
All transactions set out in this press release are subject to, among other matters, regulatory approval, as necessary, due diligence and definitive documentation.
Cautionary Language and Forward Looking Statements
This press release may contain "forward-looking statements", which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure documents filed from time to time with the Canadian securities authorities
Shares Outstanding: 22,460,562
FOR FURTHER INFORMATION PLEASE CONTACT:
Richard Mark
Centram Exploration Ltd.
T. (604) 986-2020
F. (604) 986-2021
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This press release is not for distribution to any U.S. news wire services or for dissemination in the United States of America.
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