In December 2009 and in August 2010 Uravan acquired a land position in the Athabasca Basin with its Outer Ring and Johannsson Lake uranium projects. These acquisitions represent a first step in obtaining a major position in this uranium endowed district. The terrain being evaluated is the underexplored and further basin ward structural corridors where historical data is scarce or lacking. A regional basin-wide compilation has been completed, corridors of interest identified and areas for specific land acquisition selected based on the Athabasca Core Review. The Johannsson Lake claims have since been evaluated and allowed to lapse.
On March 25, 2011 a definitive exchange agreement (Purchase and Sale Agreement) between Cameco Corporation ("Cameco") and Uravan was signed. Uravan exchange its 49% joint venture interest in the Boomerang uranium project in the southwest Thelon Basin for Cameco's 100% interest in the various mineral dispositions making up the Halliday Lake, Poplar Point, Stewardson Lake and Thluicho Lake uranium projects in the Athabasca Basin, Saskatchewan. The Poplar Point and Thluicho claims have since been evaluated and allowed to lapse.