Energy Fuels’ (NYSEMKT:UUUU,TSX:EFR) wholly-owned subsidiary, Wyoming Gold Mining Company, Inc., entered into a definitive agreement for a strategic joint venture, created to facilitate the future development or sale of the Copper King gold/copper project in the Silver Crown Mining District of southeast Wyoming. Upon completion of the transaction, which is expected to occur on or before July 2, 2014, Energy Fuels will contribute the Project to CK Mining Corp., a newly-formed private company.
As quoted in the press release:
As consideration, the Company will receive a combination of cash and newly issued common stock of CK Mining Corp., representing fifty percent (50%) of its issued and outstanding shares after giving effect to such issuance. The remaining interest in CK Mining Corp. will be held by a private investor group with extensive experience in developing gold projects and building mining companies. Completion of the transaction is subject to regulatory approvals.