Clean Commodities Signs Agreement with Azincourt Uranium to Option 70% of the East Preston Uranium Project for $3.5 Million

Clean Commodities (TSXV:CLE) has announced in conjunction with Preston Uranium project partner Skyharbour Resources (TSXV:SYH) that it has executed an option agreement with Azincourt Uranium (TSXV:AAZ), which will provide Azincourt with an earn-in option to acquire 70 percent interest in a portion of the Preston Uranium property.
As quoted in the press release:

Under the Agreement, Azincourt will issue 4,500,000 listed common shares (being 2,250,000 common shares to each of Clean Commodities and Skyharbour) and contribute further cash and exploration consideration totaling up to $3,500,000 in exchange for 70% of the applicable property area. Of the $3,500,000 in project consideration, $1,000,000 will be in cash payments and $2,500,000 will be in exploration expenditures, both over a 36-month period.
Ryan Kalt, Chief Executive of the Corporation stated, “Clean Commodities continues to deliver significant value for our shareholders through our Preston Uranium Property in the Athabasca Basin. We are excited to have the opportunity to work with Azincourt, which is led by a dynamic management and technical team. This new agreement nicely complements our recent option agreement signed with industry-leader AREVA and together the two option agreements structure up to $9,800,000 in total exploration expenditures over a multi-year period, as well as up to $1,700,000 in total cash payments and the issuance of 4,500,000 shares of Azincourt split between Clean Commodities and Skyharbour in return for 70% interests in the respective project areas. The Preston Uranium Project is a strategic, district-scale property with robust exploration potential and is located proximate to high-grade uranium discoveries in the Patterson Lake area including NexGen Energy’s Arrow deposit and Fission Uranium’s Triple R deposit.”
Highlights of the Azincourt Option Agreement:

• Azincourt may earn a 70% interest in East Preston totaling 25,329 hectares, which represents the eastern portion of the larger 121,148 hectare Preston Uranium Project through the upfront issuance of 4,500,000 shares as well as $3,500,000 of total project consideration over three years, including up to $2,500,000 of exploration work programs and up to $1,000,000 of cash payments to Clean Commodities and Skyharbour (split equally).

Click here to read the full press release.

Source: globenewswire.com