Tecton Corporation Acquires Large Land Package in Prolific Athabasca
LAS VEGAS (Business Wire EON) April 2, 2008 --
Tecton Corporation (OTCBB:TTNC) is a US-based uranium exploration
company with a Swiss management team focused on the acquisition and
development of a portfolio of high quality uranium properties in the USA
and Canada.
Tecton Corporation is pleased to announce it has entered into an option
agreement to acquire a large package of land in prolific Athabasca,
located in Saskatchewan, Canada. This option is to acquire 100% interest
in 633,192 acres and the corresponding permits in an area which is
adjacent or close to the world’s most prolific
uranium regions. Under the terms of the agreement, Tecton Corporation
already has the option to acquire up to 70% of the properties by
spending $3 million on exploration over the next year.
The Athabasca Basin has been identified as the "global hotspot" for
high-grade unconformity-related uranium deposits accounting for more
than 32% of the global uranium supply. The region is host to the largest
high grade uranium deposits in the world. The extremely high-grade
nature of the deposits and the low discovery costs make it the most
prospective exploration region in the world.
Since 1968, there have been 18 deposits totalling over 1.4 billion
pounds of uranium discovered in the region. The Athabasca Basin occupies
an area of approximately 100,000 sq km in northern Saskatchewan.
Canadian production is expected to increase further as more new mines
come into production.
The Eastern Athabasca Basin is home to the largest and richest uranium
deposits in the world. These include the operating McArthur River Mine
with reserves of 436 million pounds of U3O8 with an average grade of
approximately 25% and the Cigar Lake Mine with reserves and resources of
350 million pounds with an average grade of approximately 19%.
About Tecton Corporation
Tecton Corporation is a uranium exploration company trading on the OTCBB
under the symbol TTNC. Tecton Corporation has a Swiss and Canadian
management team focused on the acquisition and development of
high-quality uranium properties. Tecton’s
corporate strategy is to acquire advanced-stage uranium properties that
are either past producers, have been the subject of prior work programs,
and/or contain historic resources. Additionally, Tecton intends to
acquire selective early-stage properties should they possess significant
geologic merit.
Tecton’s corporate offices are Zurich,
Switzerland. Mineralogics, of Tucson, Arizona manages Tecton’s
geological duties. North American corporate communications
representatives are located in California, in the United States.
The statements contained herein which are not historical are forward-
looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed in
the forward- looking statements, including, but not limited to, certain
delays beyond the company's control with respect to commencement of
drilling operations, concentration in mineral deposits, delays in
testing and evaluation of ore samples, and other risks detailed from
time to time in the Company's filings with the Securities and Exchange
Commission.
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