Skyharbour to Purchase Remaining Interest in Mann Lake

Skyharbour Resources (TSXV:SYH) announced that it has signed a definitive agreement to purchase the remaining 40 percent interest in the Mann Lake uranium project from Aben Resources.
As quoted in the press release:

The 3,473 hectare property is strategically located on the east side of the Athabasca Basin approx. 25 km southwest of Cameco’s McArthur River Mine and 15 km northeast and along strike of Cameco’s Millennium uranium deposit. For the 40% interest in the property, Skyharbour will issue 1 million common shares to Aben as payment and will end up owning an undivided 100% interest in the project. Aben will retain a 2.5% net smelter royalty (NSR) in the Mann Lake property with Skyharbour having the right to purchase 1.5% of the NSR for $1.5 million.

Jordan Trimble, president and CEO of Skyharbour, commented:

Skyharbour’s management believes this is an accretive deal for the Company’s shareholders as we further enhance our portfolio of Athabasca uranium projects with drill ready properties in the Basin’s most prolific areas. The Mann Lake Uranium Project boasts highly prospective geology and geochemistry, and robust discovery potential as identified by the historic work consisting of over $3.5 million in exploration expenditures, with additional work recommended on a number of untested drill targets. Of particular note is the property’s strategic location southwest of the McArthur River Mine and adjacent to Cameco’s Mann Lake Joint Venture with AREVA and Denison.

Click here to read the full Skyharbour Resources (TSXV:SYH) press release.