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High Plains Uranium and Atna change Sand Creek JV deal to give High Plains a larger stake

Published: 20:18 02 Jun 2009 BST

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Atna Resources Ltd (TSX: ATN) announced a change in the joint venture agreement with Uranium One Inc (TSX: UUU) unit High Plains Uranium Inc covering the Sand Creek uranium project in Wyoming which will allow High Plains to increase its stake to 51 percent from the current 30 percent.

Under the supplemental agreement, High Plains will assume the role of project manager and has to spend up to US$1.6 million before December 31 2012 to earn the right to increase its stake in Sand Creek. Atna's equity position may decrease from 70 percent to 49 percent, should High Plains meet this commitment.

If High Plains terminates its accelerated earn-in right, it will be credited for expenditures made and their equity in the project will increase accordingly. If it does not earn up to a 50 percent position, then Atna will assume the role of operator in the project, the company said.

At termination or completion of the supplemental agreement, the existing exploration, development and mine operating agreement will remain effective and the partners' operating interests will be set in proportion to the amount of their respective
expenditures.

High Plains has submitted a work plan and budget for 2009 detailing CDN$320,000 in expenditures. These expenditures cover the cost of property maintenance for the remainder of 2009, permitting activities and a 20,000 foot drilling program with associated analytical testwork.

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