Ultra Resources Corp Acquires 75% Interest in Three Slovakian REE Projects

Ultra Resources Corp (TSXV:ULT) announced that they have acquired a 75 percent option in three rare earth element (REE) projects with exploration permits in Slovakia.

As quoted in the press release:

To acquire a 75% interest Ultra will pay $300,000 over four years and fund the first $2,000,000 in exploration and development. The first $80,000 in payments are binding with the balance and exploration being optional. Ultra is the operator, will hold title to the exploration permits and be responsible for managing the permits and all associated costs and applications. The projects are subject to a 2% NSR royalty reserved in favour of the vendor, Xyquest Mining Corp. a private B.C. company. The acquisition is subject to acceptance for filing by the TSX Venture Exchange.

To view the whole press release, click here.