www.strathmoreminerals.com
Strathmore is one of the largest holders of in-ground uranium resources in the United States. The Company's goal is to become a leading uranium producer in the United States. Its advanced projects are located in the two largest historical uranium producing regions: the Grants Mineral District in New Mexico and the Gas Hills Uranium District in Wyoming.
Strathmore Minerals to sell Juniper Ridge to Crosshair Exploration in cash and share deal
Vancouver-based Strathmore Minerals (TSX-V: STM) has agreed to sell its Juniper Ridge uranium property in south-central Wyoming to Crosshair Exploration & Mining in a staged cash and share deal.
The Juniper Ridge property, also known as Red Creek, comprises 197 claims and one state minerals lease totaling 4,710 acres.
Under the terms of the deal, Crosshair has paid a US$25,000 non-refundable deposit for the property and is obliged to pay an additional US$175,000 within two days of TSX approval, expected around November 15th.
Further payments, comprised of both cash and shares, will be made to Strathmore yearly, based on the amount of measured, indicated and inferred resources as determined by a NI 43-101 compliant report, and eventually per pound of proven and probable uranium reserves.
Strathmore will also retain a 2% gross revenue royalty on the property, with Crosshair having the option to repurchase this royalty at any time during the first three years after commercial production at the site begins.
Juniper Ridge, which was originally discovered by Urangesellschaft U.S.A. in the 1970s, has a historical resource estimate of 5.9 million tons, grading 0.063% uranium for a total of 7.4 million lbs and 5.2 million tons grading 0.067% uranium for a total of 6.97 million lbs.
The transaction is still subject to regulatory approval.
