Energy Fuels Inc.(EFR.TO: Quote) announced the execution of a Letter Agreement under which the company has agreed in principal to purchase the interests of Aldershot Resources Ltd. in the Sage Plain Project Area for US$750,000 in cash, forgiven debt, and 3.52 million shares of Energy Fuels common stock.
The company and Aldershot hold a number of properties in the Sage Plain Project area in a 50/50 joint venture called Colorado Plateau Partners LLC or "CPP". Through CPP, Energy Fuels and Aldershot hold the Calliham Lease, the Crain Lease, four Utah State Leases, and 94 unpatented mining claims on BLM land.
After the acquisition, Energy Fuels will own 100% of the Sage Plain Project, which is located about 15 miles northeast of Monticello, Utah. Permitting on the Sage Plain Project has been initiated, and the Company anticipates receiving approvals for the project within the next 12-18 months. As has been previously reported, the Sage Plain Project as a whole contains 642,971 tons of measured and indicated resource at grades of 0.22% uranium (eU3O8) and 1.39% vanadium (V2O5), or 2.83 million lbs. uranium and 17.83 million lbs. vanadium.
Energy Fuels stated that it will also acquire Aldershot's interest in a number of additional uranium properties in Arizona which are held by Arizona Strip Partners LLC, a second joint venture with Aldershot.
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by RTT Staff Writer
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