Crosshair Energy Corp. (TSX: T.CXX, Stock Forum) said it has terminated an October 29, 2010 purchase and sale agreement between the company and Strathmore Resoruces (US) Ltd. and Strathmore Minerals Corp. (TSX: T.STM, Stock Forum) regarding the sale, by Strathmore, of 100% of the Juniper Ridge property.
“In light of Crosshair’s new opportunity in Argentina, we have elected to terminate the 2010 purchase and sale of the Juniper Ridge property in southern Wyoming in order to allocate our resources towards this immense prospect,’’ said Crosshair President and Chief Executive Officer Mark Ludwig in a press release.
“The Argentinian properties represent an opportunity to create long-term shareholder value on terms that can be much better managed in the current market environment than those associated with Juniper Ridge,’’ he said.
Trading at 20 cents on Friday, Strathmore has a market cap of $24.7 million or 123.7 million shares outstanding. The 52-week range is 60 cents and 18.5 cents.
Crosshair was unchanged at 12.5 cents on Friday, leaving the company with a market cap of $8.2 million, based on 65.7 million shares outstanding. The 52-week range is 69 cents and 10.5 cents.