Uranium Resources (NASDAQ:URRE) has announced that it has closed a previously announced transaction to acquire placer mining claims in Utah comprising of the Sal Rica lithium brine project from Mesa Exploration (TSXV:MSA).
As quoted in the press release:
As previously announced, pursuant to the terms of the agreement between URI and Mesa Exploration, URI acquired a 100 percent interest in the Sal Rica project, subject to a 2 percent net smelter return royalty (NSR), for the following consideration:
- $50,000 cash paid to Mesa on October 19, 2016;
- 100,000 URI restricted shares issued on October 19, 2016, with a registration statement to be filed with the SEC by November 16, 2016;
- An additional 100,000 restricted shares to be issued on October 19, 2017, with a registration statement to be filed with the SEC by November 16, 2017.
Christopher M. Jones, President and Chief Executive Officer of URI, said “Continuing our expansion into the lithium brine exploration business strengthens our portfolio of high-value projects. Diversifying our mineral project pipeline, while maintaining our uranium business portfolio in readiness for the predicted price rise, allows investors increased opportunities to benefit from clean energy development. We remain optimistic about this new chapter for URI.”
About the Sal Rica Project:
The Sal Rica project is comprised of approximately 9,800 acres (3,960 hectares) of placer mining claims covering a prospective target for lithium-enriched brines in the Pilot Valley region of northwestern Utah. The target area is situated within a region of known brine-hosted lithium mineralization and is approximately 25 miles (40 kilometers) north of the town of Wendover, Utah in Box Elder County.
Click here to read the full press release.