Forum Uranium Corp. (TSXV:FDC) has signed a binding Letter of Intent with Uracan Resources Ltd. (TSXV:URC) under the terms of which Uracan may earn up to a 70 percent interest in Forum’s Clearwater Project in northern Saskatchewan. Currently, Forum wholly owns the Clearwater Project.
As quoted in the press release:
Uracan will fund all exploration work until the earn-in option has been completed, after which further work will be funded by the Joint Venture partners. Forum will be the Project operator until Uracan earns its 51% interest, after which Uracan may elect to become the operator. The LOI is subject to TSX approval and a due diligence period to be waived by Uracan prior to July 31, 2014.