Calypso Signs Letter of Intent With Cameco

Calypso reports it has signed a non-binding Letter of Intent with Cameco Corporation to enter into a joint venture agreement to explore and develop the majority of Calypso’s uranium projects, Argentina.

Under the terms of the LOI, Calypso has agreed to grant Cameco the option to acquire a 51% interest in EMI in consideration of Cameco investing C$10,000,000 in exploration and development expenses on Calypso’s Argentine uranium properties over a maximum four year period. The LOI provides that the first $2,500,000 of the option will be a firm commitment and the balance will be at Cameco’s discretion.

Stephen Barley, President of Calypso says:

“Calypso is extremely pleased to have Cameco as a potential partner and to be able to add Cameco’s expertise and strength to the already solid efforts of our Energia Mineral team in Argentina.” “EMI controls a large area of excellent prospects and the synergies generated by our joint participation will allow us to better advance the development of these projects over the long term. As exploration operator, Energia Mineral brings its local capacity and experience to carry out the project exploration phase. For projects that show potential to move beyond the exploration stage, Cameco’s industry experience and leadership will provide solid backing for the development and production phases.”

For complete news release, click here.