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"This agreement strengthens our efforts to identify new uranium reserves for the future. Cameco gains the right to participate in the exploration of new regions and adds the expertise of a solid technical team to our knowledge base."

Cameco President & CEO on UNOR investment

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Mineral Properties

The Timmins and Dryden areas, northern Ontario - Gold Properties

The Company finalized an option agreement with Laurion Gold Inc. in April 2005 whereby UNOR has granted Laurion the option to acquire a 50% interest in UNOR's East Clavos gold project near Timmins, Ontario in consideration for Laurion making certain payments, deliveries and expenditures. Laurion will be able to earn the interest by incurring work expenditures of $1.0 million on the East Clavos property over a four year period and by issuing 480,000 Laurion common shares and making cash payments totaling $100,000 to UNOR over a three year period.

The Company holds a 100% interest in the following gold claims in the Timmins area of Ontario, Canada:

East Clavos

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20 claims 45 kms ENE of Timmins.

Ogden

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Mining Lease 106262 on 106.121 hectares 5 kms south of Timmins. Includes surface rights.

Wilkie

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Mining Lease 106588 on 194.249 hectares 50 kms ENE of Timmins. Includes surface rights.

Stock

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Mining Lease 107313 on 322.837 hectares 50 kms ENE of Timmins.

Clergue

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Mining Lease 106430 on 16.187 hectares 50 kms ENE of Timmins.

Walker

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Mining Lease 106752 on 64.952 hectares 50 kms ENE of Timmins.

Also, the Company holds a 100% interest in claim no. PA 1162829 on 32 hectares In the Dryden area of northern Ontario.

The Princeton/Similkameen area, British Columbia - Copper Royalties & Properties

The Company holds a 100% interest in 4 Crown grants covering approximately 3,500 hectares in the Princeton area of British Columbia, Canada and a 5% net smelter royalty interest on certain copper claims being developed by Copper Mountain Mining Corporation.

 

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