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Anglo-Bomarc Mines Ltd. (TSXV:ANB) announced that they have relinquished their 10 percent working interest in the Hughes Lake Uranium project.
Anglo-Bomarc Mines Ltd. (TSXV:ANB) announced that they have relinquished their 10 percent working interest in the Hughes Lake Uranium project.
As quoted in the press release:
On April 1, 2013 the company gave notice to First Idaho Resources Inc. of its intention not to participate in any current or future work program or programs on the Hercules property or provide any additional expenditures of its proportionate share. Pursuant to the terms and conditions of the 1983 joint venture agreement between Anglo-Bomarc US, a wholly owned subsidiary of Anglo-Bomarc Mines Ltd. and First Idaho Resources Inc. the two parties have elected to convert Anglo US’s 50% working interest to a 20% net profit interest. Anglo will therefore no longer be responsible for any current or future expenditures related to work programs undertaken on the Hercules property. The new agreement is effective as of April 15, 2013.
To view the whole press release, click here.
