Belmont Resources CEO George Sookochoff joined Steve Darling from Proactive to share news the company has entered into a binding term sheet agreement to sell off their Crackingstone Uranium Project in the Athabasca Basin of Northern Saskatchewan to XS Resources Pty Ltd.
Sookochoff telling Proactive, XS Resources will make cash payments totalling $100,000 to Belmont and spend 2.5 million in exploration expenditures over a two-year earn-in period to earn up to an 80% interest in the Crackingstone property.