VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/27/10 -- US-focussed uranium production company White Canyon Uranium Limited (TSX VENTURE: WU)(ASX: WCU) ("White Canyon" or "the Company") is pleased to announce that the previously advised convertible note funding agreement ("Agreement") for $US 2.5 million with Mrs. Man Ying Lulu Yu, a Hong Kong based investor, has now been approved by the TSX-V.
As previously advised on the 16th July, the terms of the Agreement provide for US$500,000 to be advanced to the Company on a monthly basis up to the full facility of US$2.5 million. The first tranche of US$ 500,000 is now available and will be drawn down immediately.
The Company will use the loan funds to progress its mining operations in Utah. This represents a significant step forward for the Company as it will assist it to continue mining to produce the required tonnage for milling at which time the Company is expected to be elevated to the ranks of producer and marketer of uranium.
About White Canyon Uranium:
White Canyon is a US focused uranium producer holding 100% interest in the advanced Thompson, Daneros, Lark Royal, Geitus, Blue Jay and Marcy Look Projects in south-east Utah, comprising of over 12,000 acres of mining claims and mineral leases. The projects contain historically defined high grade uranium deposits, however the deposits are not JORC or 43-101 compliant.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Professional Public Relations
David Tasker
+61 89388 0944/ +61 433 112 936
david.tasker@ppr.com.au
www.whitecanyonuranium.com
