Colorado Uranium / Vanadium Project Option Agreement

2006-11-01

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Jourdan Resources Inc. TSX-V - JRN

VAL-D'OR, QC, Nov. 1 /CNW Telbec/ - Jourdan Resources Inc. ("Jourdan") is pleased to announce the signing of an option agreement (the "Agreement") with Anglo-Canadian Uranium Corp. ("Anglo-Canadian") for the acquisition of a 50% interest in 4 mining claims known as the Spider Rock Uranium / Vanadium Project (the "Project") located in the Delores and San Miguel Counties of the State of Colorado (USA). The Project consists of 80 acres of uranium / vanadium lands, with historical exploration completed by Western Nuclear from 1976 to 1984. During this exploration program uranium/vanadium mineralization occurred in 28 drill holes, with further exploration halted when the uranium market deteriorated in the early to mid 1980's. Preliminary calculations from this data resulted in a historical resource of 185,000 pounds of uranium oxide (averaging 0.20% over 1.83 meters), and a historical resource of 2,000,000 pounds of vanadium oxide (averaging 1.47% over 2.74 meters). Spot prices for uranium and vanadium are currently trading at $60 and $10 per pound respectively. To quote Michel L. CFotDe, President of Jourdan: "We are very pleased with this agreement as we feel that the Project holds tremendous potential for discoveries. Jourdan intends to undertake an aggressive exploration program on the Project in order to update the historical data available and define high-priority exploration targets."

Terms of the agreement

Pursuant to the terms of the Letter Agreement, Jourdan can acquire an undivided 50 % interest in the Project by making a cash payment of $200,000 and issuing a total of 1,000,000 common shares to Anglo-Canadian on the execution of a formal agreement, following which Jourdan will vest with an undivided 20% interest in the Project. Furthermore, Jourdan has agreed to incur exploration expenditures totaling $2,000,000 on the Project over a period of 3 years, of which $250,000 is to be incurred in the first year, $500,000 in the second year and $1,250,000 in the final year of the option. In addition to the hold periods prescribed by applicable securities legislation and the policies of the TSX Venture Exchange, 700,000 common shares shall be subject to additional voluntary hold periods expanding over a period of two (2) years. Once Jourdan will have acquired its undivided 50% interest, the parties will form a joint-venture on the Project. Jourdan will issue 135,000 common shares as a finder's fee to an introducing party. The securities issued pursuant to this transaction will be subject to a four month hold period imposed by applicable securities legislation and the policies of the TSX Venture Exchange. The transaction is subject to (i) satisfactory due diligence by Jourdan including confirmation by Anglo-Canadian of titles of property, (ii) final board approval, (iii) regulatory approval and (iv) execution of a formal agreement within a delay of 60 days following the execution of the Letter Agreement. The technical portion of this release has been approved by Stuart Lee, P.Geo., a qualified person under NI 43-101. With regard to the historical resource estimates referred to in this news release and details regarding the location of these historical resources, Jourdan considers them to be relevant but not to NI 43-101 standards.

About Jourdan Resources Inc.

Jourdan is an aggressive uranium and gold exploration company with several properties located in Canada and now in the United States. The Company's current projects include uranium projects located in Colorado and Quebec, and gold and base metals projects in Quebec. The Company's focus is to acquire uranium and gold deposits in strategic locations through acquisition and option arrangements, and further develop these projects with experienced management teams.

The TSX Venture Exchange neither approved nor disapproved this press release and does not accept responsibility for the adequacy or accuracy of this release. %SEDAR: 00003207E