News UMN/NWT JV completedNorthwestern and UraMin complete Joint Venture
TORONTO, July 26 /CNW/ - Northwestern Mineral Ventures Inc. (TSX-V: NWT;
OTCBB: NWTMF) and UraMin Inc. (TSX: UMN; AIM: UMN) have completed their
previously announced Joint Venture Agreement to form a new corporation, which
has been named Niger Uranium Limited (the "Project Company"). Northwestern and
UraMin are contributing, subject to the approval of the Government of Niger, a
total of eight uranium concessions to Niger Uranium SA (the "Niger Company"),
which is a company that is in the process of becoming wholly owned by the
Project Company.
Marek J. Kreczmer, Northwestern's President and CEO, has been appointed
Managing Director and Chief Executive Officer of the Project Company. UraMin's
CEO Ian Stalker has been appointed Executive Deputy Chairman of the Project
Company, while Neil Herbert, UraMin's Finance Director, has been named
non-executive director. Mr. Kreczmer and Mr. Stalker have also been appointed
to the Board of Directors of the Project Company. Mr. James Mellon, a fund
manager and principal shareholder of businesses managing in excess of
$5 billion, has been appointed director and non-executive Chairman of the
Project Company. Mr. Wayne Beach and Mr. John Lynch have been appointed as
non-executive directors, each of whom was a nominee of Northwestern. Mr. Beach
is a co-founder and partner in Beach, Hepburn LLP, a Toronto-based law firm
specializing in securities law for the mining and energy sectors. Mr. Lynch is
a businessman and a current director of Northwestern Mineral Ventures.
Pursuant to the Asset Purchase Agreement governing this arrangement,
Northwestern has received a 50% equity stake consisting of 31,955,000 shares
in the Project Company and a cash payment of C$4,800,000. Northwestern also
receives a 3% net smelter royalty on the production of uranium and any other
ores and/or minerals produced from its Irhazer and In Gall concessions, which
are the two properties being contributed by Northwestern to the Niger
Company's portfolio. UraMin is contributing the balance of six uranium
properties to the Niger Company as well as a cash payment of US$15,000,000 and
holds a 50% equity stake consisting of 31,955,000 shares in the Project
Company. UraMin also receives a 3% net smelter royalty on the production of
uranium and any other ores and/or minerals produced from the six properties it
is contributing to the joint venture.
For further details on the Joint Venture as well as its property
interests, please refer to the press releases of Northwestern dated July 18,
2007, June 27, 2007 and June 4, 2007, each available on SEDAR at
www.sedar.com.
Due to other work commitments, Mr. Neil Herbert will not serve as CFO of
the Project Company as was stated in press releases issued by Northwestern and
UraMin on June 4, 2007.
Joint Venture Property Portfolio
Northwestern and UraMin are contributing to the Joint Venture Company a
total of eight uranium properties - known as Irhazer, In Gall, Kamas 1 to 4,
and Dabala 3 and 4 - covering a total of 1,673,644 acres (6,773 square
kilometers).
Irhazer and In Gall have returned uranium values ranging from 0.22%
U(3)O(8) to 1.0% U(3)O(8) from five surface rock samples collected from
outcrops, as reported in a Northwestern Mineral Ventures press release on May
29, 2007, available on SEDAR at www.sedar.com. These samples were submitted
for re-analysis after they exceeded the detection limits of uranium tests
routinely used to analyze samples from Niger. Producing mines and deposits in
Niger typically grade from 0.1% to 0.42% U(3)O(8), with the highest grades
being mined at greater depths.
Kamas 1 to 4 and Dabala 3 and 4 are adjacent and situated along the
proven Arlit fault, north of a successful uranium-producing mine.
ABOUT NORTHWESTERN:
Northwestern Mineral Ventures (www.northwestmineral.com) is an
international resource exploration company with an experienced management
team. The company is focused on properties in Niger and Canada with potential
uranium targets. Northwestern also has a precious and base metal property in
Mexico. Northwestern is listed on the NASD Bulletin Board under the symbol
"NWTMF" and the TSX Venture Exchange under the symbol "NWT."
Mr. G M Greenway, Pr.Sci.Nat (SACNASP), MSAIMM, MGSSA, is the qualified
person responsible for the current exploration program in Niger and has
verified the data reported above. Mr. Greenway is a consultant to UraMin and
Northwestern, and has sufficient experience relevant to the style of
mineralization and type of deposits under consideration and to the activity
which he is undertaking to qualify as a Qualified Person for the purposes of
the geological section in this report. Mr. Greenway has no interest in any of
Northwestern, UraMin or the Niger Company and has consented to the inclusion
in this report of his name in the form and context in which it appears.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
This news release includes certain "forward-looking statements" within
the meaning of the United States Private Securities Litigation Reform Act of
1995. Without limitation, statements regarding potential mineralization and
resources, exploration results, and future plans and objectives of each of
Northwestern, UraMin and the Niger Company (collectively, the "Companies") are
forward looking statements that involve various degrees of risk. The following
are important factors that could cause the Companies' actual results to differ
materially from those expressed or implied by such forward looking statements:
changes in the worldwide price of mineral commodities, general market
conditions, risks inherent in mineral exploration, risks associated with
development, construction and mining operations, the uncertainty of future
profitability and the uncertainty of access to additional capital.
Potential quantity and grade is conceptual in nature, there has been
insufficient exploration to define a mineral resource on any of the properties
referenced in this press release and it is uncertain if further exploration
will result in any such targets being delineated as a mineral resource. The
technical information which forms the basis for the disclosure regarding the
Irhazer and In Gall properties contained herein was prepared by Graham
Greenway, an independent consultant, who is a qualified person within the
meaning of National Instrument 43-101 of the Canadian Securities
Administrators.
Additional information about Northwestern's Niger properties is contained
in press releases dated July 18, 2007, June 27, 2007, June 4, 2007, May 29,
2007, April 30, 2007, March 15, 2007, March 1, 2007, December 14, 2006,
October 25, 2006, September 29, 2006, September 22, 2006, June 15, 2006,
May 23, 2006, May 2, 2006, March 27, 2006 and March 8, 2006.
For further information: Northwestern Mineral Ventures: Marek J.
Kreczmer, M.Sc., P.Eng., President and CEO, Northwestern Mineral Ventures,
(866) 437-9551, info@northwestmineral.com; UraMin Inc: South Africa: Ian
Stalker, Neil Herbert, Tel: +27 11 783 5056; Toronto: Steve Vaughan, Tel:
(416) 643-6924; Canaccord Adams Limited (Nominated Adviser), Robin Birchall,
Tel: +44 20 7050 6500