VANCOUVER – Athabasca Uranium Inc. has agreed to purchase an option to five claims in the McGregor Lake property located on the edge of Saskatchewan’s uranium-rich Athabasca basin.
The Vancouver-based uranium exploration and development company will pay an "arm’s-length vendor" $1.2 million in cash and common shares over 42 months and spend $3 million on exploration within four years.
The seller has also been granted a one per cent net smelter return which may be purchased by Athabasca Uranium for $1.5 million.
The agreement, involving the 18,699-hectare property on the eastern edge of the world’s most productive uranium-producing region, is subject regulatory approval.
Athabasca Uranium CEO Gil Schneider said McGregor Lake is a great addition to its portfolio of properties.
He said the company could not forego the opportunity because its proximity to Moore Lake would be beneficial. JNR Resources and Denison Mines have an advanced mining project there.
Athabasca Uranium will develop an exploration program for McGregor Lake as soon as possible and will announce the plans as they become available.
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