Pistol Bay and Rio Tinto Enter Into Agreement for Uranium Properties

Pistol Bay Mining Inc. (TSXV:PST) reported that it has entered into an amending and final agreement with Rio Tinto Canada Uranium Corp. (ASX:RIO) with regard to the C 4, 5 and 6 uranium properties, whereby Rio Tinto will make a final cash payment of $1,000,000 to Pistol Bay.

As quoted in the press release:

The C block of Uranium properties, located in the Athabasca Basin of Saskatchewan, is under option to Rio Tinto, which has earned a 75-per-cent interest to date. Under the 4th amending and final agreement, Rio Tinto will acquire an additional 25% interest in the Property (thereby increasing its aggregate interest to 100%), by making a cash payment of $1,000,000 to Pistol Bay within 14 days from the effective date of this final agreement. As part of this final agreement, no royalty is granted to Pistol Bay with respect to the property under the agreement.

Click here to read the full Pistol Bay Mining Inc. (TSXV:PST) press release.