Cauldron Energy Gains Exploration License Approval

Cauldron Energy (ASX:CXU) has been given the go-ahead by the Western Australia Minister for Mines and Petroleum to move ahead with its applications for three uranium exploration licences. The exploration licences are intended to extend the Yanrey project.

According to the press release:

The Minister determined there were sufficient grounds to allow the applications and did not accept the Mining Warden’s February 2014 recommendation for refusal.

Cauldron is well funded to undertake the proposed exploration with $3 million in cash at bank and a further $7.47 million in funding due from various investors under placement agreements.

Exploration licence applications 08/2385, 08/2386 and 08/2387 on and adjacent to pastoral leases on the Minderoo pastoral station will extend the Yanrey project.

Tony Sage, executive chairman of Cauldron, said:

This decision is not only great news for Cauldron’s investors but also for all those junior explorers who are struggling in the current environment.

Click here to read the Cauldron Energy (ASX:CXU) press release