Uranium Resources Announces Option Agreement to Purchase Lithium Brine Claims Expanding its Columbus Basin Project in Nevada

Uranium Resources (NASDAQ:URRE) has announced that its wholly-owned subsidiary, Lithium Holdings Nevada, entered into an option agreement on March 24, 2017 to purchase a block of mining claims within the Columbus Salt Marsh area in Nevada.
As quoted in the press release:

The claims adjoin a portion of the Company’s current property holdings at its Columbus Basin Project, expanding the project area within the basin to over 14,200 acres.
As consideration for the grant of the option, URI made a one-time cash payment of $75,000 and will pay to the Bureau of Land Management the annual mining claim maintenance fees associated with the claims by August 15, 2017, estimated at $23,560. During the one-year Option Period, URI will have the right to conduct exploration activities on the claims. Under the provisions of the Option Agreement, the Company may acquire, on or before March 24, 2018, an undivided 100% interest in the mineral property claims for the following consideration:

• 200,000 shares of URI common stock at closing, with a registration statement to be filed with the SEC within 90 days of issue;
• A 1 % net smelter return royalty (NSR) payable from any production and sale of lithium derived from the claims.

Chris Jones, URI’s President and CEO said, “We continue to be excited about the potential of the Columbus Basin Project.  This is a considerable addition to our holdings there, and expands our coverage in what we believe to be the deepest and highest potential part of the basin.  We will immediately integrate this ground into our exploration plans for this year.”

Click here to read the full press release.