LAS VEGAS (Business Wire EON/PRWEB ) 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.

Post Comment:
Trackback URL: http://www.prweb.com/pingpr.php/SW5zZS1Qcm9mLU1hZ24tTG92ZS1TdW1tLVplcm8=

tecton corporation athabasca uranium deposits prolific basin acquire properties package

Bookmark -  Del.icio.us | Furl It | Technorati | Ask | MyWeb | Propeller | Live Bookmarks | Newsvine | TailRank | Reddit | Slashdot | Digg | Stumbleupon | Google Bookmarks | Sphere | Blink It | Spurl