ADAM has thisWorld Mining News - Item [84163]: News Release
Uranium Hunter moves forward on second Uganda uranium property
Uranium Hunter Corporation (OTC BB:URHN.OB - News) ("Uranium Hunter" or the "Company") is pleased to announce that it has entered into another letter of intent with NPK Resources Ltd. to earn a 75% interest in the Nkoko Uranium property which contains approximately 463 square kilometers located in Kibaale district, Uganda ("the property").
Uranium Hunter President & CEO Adam Cegielski commented, "The Nkoko property will complement our earlier acquisition, as it is just east of the Kagadi property and will bring our total land holding in Uganda to approximately 820 sq km. With our recently announced financing, the company is ready to push forward on an aggressive exploration program in both Tanzania and Uganda. Uranium Hunter's JV partners have over 30 years experience in Uganda, which provides a significant advantage to securing highly prospective exploration projects."
The Ugandan government, World Bank, African Development Fund and the Nordic Development Fund has all co-sponsored a US $42 million dollar high valued mineral centered aerial survey which began in January 2007. Results are expected shortly, and will aid in early exploration work on the properties.
Under the terms of the letter of intent the company may earn a 75% interest in the property by making a cash payment of $11,000.00 within 5 days of signing a definitive agreement. Uranium Hunter must also make all property payments and taxes to keep the property in good standing. The company will also be responsible for funding all exploration costs until it has earned its 75% interest after which time the costs shall be shared proportionally. At NPK's option, the company may earn up to a 100% interest in the property upon issuing NPK restricted shares subject to valuations of the property the terms and mechanisms of which will be contained in the definitive agreement.
The Company is presently conducting due diligence on both the Nkoko and Kagadi properties, now collectively known as Uranium Hunter's "Kibaale Project." The company expects a definitive agreement to be signed on or before May 30, 2007.
About The Company:
Uranium Hunter (OTC BB:URHN.OB - News) is a natural resource corporation devoted to the exploration and development of deposits of Uranium and Gold in East Africa. The company website can be found at www.UraniumHunterCorp.com.
Uranium Hunter has entered into a Definitive Agreement with Trimark Explorations, Ltd ("Trimark"), on behalf of its wholly owned subsidiary Gambaro Resources, to earn up to a 100% interest in the Uranium-Au property located in Njombe and Songea Districts, Tanzania. Uranium Hunter has optioned 170 km 2 property in southern Tanzania covering sediments of the Karoo sequence which share common features with rocks of the Colorado Plateau in the western US that have been prolific producers of Uranium.
Topics: Project Countries: Uganda
Industries: Uranium Mining
Reference: Company news item Contact E-mail Address: N/A
Date Posted: 25.May.2007 14:00:00 [GMT+2:00] Expiry Date: 20.May.2017