Star Uranium Corp. (TSXV:SUV) announced that they have entered into an LOI with Great Western Minerals Group Ltd.  (TSXV:GWG,OTCQX:GWMGF) in which Star will have the right and option to acquire up to a 51% participating interest in GWMG’s Hoidas Lake Rare Earth Project.

As quoted in the press release:

Star’s right to acquire the Interest will be segregated into two tranches. Star will have the right to acquire a 25% participating interest in the Hoidas Lake Project by funding and completing a preliminary economic assessment in respect of the Hoidas Lake Project within two years. Upon successfully exercising the first tranche and acquiring a 25% participating interest, Star will have the right to acquire a 26% participating interest in the Hoidas Lake Project by funding and completing a feasibility study in respect of the Hoidas Lake Project within four years of the completion of the preliminary economic assessment.

To view the whole press release, click here.