Nuinsco, Clark Extend Uranium Joint Venture

Nuinsco Resources Limited (TSX:NWI) announced Dr. Lloyd Clark and the company have agreed to extend a joint venture uranium project in Canada.

As quoted in the press release:

Under the terms of the original agreement between Dr. Clark and Trend Mining Company (“Trend”) dated September 2, 2004, a cash payment of $935,000 was due to Dr. Clark on September 2, 2012. Nuinsco subsequently assumed responsibility for the original agreement when the Company entered into an option/joint venture agreement with Trend. The agreement with Dr. Clark has been extended for one year in exchange for a payment consisting of cash and common shares of Nuinsco totalling $75,000 and allows for an option to extend the agreement further. In reaching the agreement with Dr. Clark, Nuinsco will be well placed to direct more funds to exploring and advancing this excellent project that has been evaluated as a leader in the race to find the next uranium “Super Deposit” in the Athabasca Basin by the Northern Prospector magazine.

Nuinsco’s President Paul Jones said:

The extension is warranted because of the continued excellent results that indicate that the rocks underlying the property have been subjected to a uranium mineralizing event capable of causing the formation of uranium bearing zones.

Click here to read the Nuinsco Resources Limited (TSX:NWI) press release.