Athabasca Uranium Inc Signs Agreement to Option Fisher River Property

Athabasca Uranium Inc. (TSXV:UAX) announced that they have optioned the Fisher River Property in northeast Saskatchewan.

As quoted in the press release:

The Company will pay an initial $10,000 and issue 3,000,000 common shares to the Vendor on regulatory approval.  To exercise the option to purchase 100% of Fisher River, the Company must make an additional cash payment of$500,000 on or before the fourth anniversary of the Agreement.  A 1% net smelter return royalty has been granted to the Vendor, of which one-half may be purchased by the Company for $1,000,000.  The Agreement is subject to regulatory approval.

Athabasca Uranium’s CEO, Gil Schneider, said:

Given the rarity of quality ground remaining in the Basin, the Company was very eager to acquire this premium property. Fisher River lies strategically between two of the Company’s primary exploration sites and its investigation can be easily facilitated as part of any work at Keefe or McCarthy Lakes. With this acquisition, Athabasca now controls over 70,000 hectares of premium, shallow target claims in the most prolific uranium-producing region in the world.

To view the whole press release, click here.