UMN to spend $5.7 million in WRI JVThis excerpt is from a recent report on UMN ..from MINESITE (exact date unknown)
...it states that UMN is now investing approx $5.7 Million over two years to the JV in order to secure a 50% interest...that is quite an increase from previous figures.
...MaxT
'In addition the Company has secured two Joint Venture earn-in agreements in the primary Canadian exploration regions of the Athabaska and Labrador Central Belt. In a JV with Red Dragon Resources (TSX:DRA), at the Rea property in South-West Athabaska, UraMin is expending a total of US$6.7m over three years to earn up to 50% of a highly prospective tenement covering 460,000 hectares surrounding Cogema's Maybelle River discovery. The second JV is with Waseco Resources Inc (TSX: WRI) and relates to five blocks in the Wabush area, Labrador, in Northern Quebec. UraMin will carry out follow-up exploration, investing some C$5.7m to earn a 50% interest in two years, attaining 70% of the project if it elects to thereafter by financing a Feasibility Study. In addition UraMin has a portfolio of exploration stage properties in Africa and it continues to evaluate further property acquisitions.'