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Moab Minerals Limited (ASX: MOM) (Moab or the Company) is pleased to announce that it has entered into a binding share sale agreement for the acquisition of 81.85% of the shares in Australian proprietary company Linx Resources Pty Ltd (Linx), 80% owner of certain mineral licenses comprising the Manyoni Uranium Project and the Octavo Uranium Project, both located in Tanzania.
HIGHLIGHTS:
- Moab is set to acquire 81.85% ownership of Linx Resources Pty Ltd, which boasts a diverse portfolio of advanced, large-scale uranium projects in Tanzania.
- The Asset portfolio includes the Manyoni and Octavo Uranium Projects, covering a total of 216 km2.
- Strategically located just 5km north of Manyoni town, the Manyoni Uranium Project enjoys convenient access to modern railway and sealed highway infrastructure as well as readily available power and water resources.
- The Octavo uranium project is adjacent to Rosatom’s world class Nyota Uranium Deposit (formerly ASX listed Mantra Resources Ltd; A$1.02bn takeover in 2011).
- Moab is committed to expediting exploration and development efforts across the Manyoni and Octavo projects.
- With approximately $3.2 million in cash and equivalents, Moab is well equipped to fund exploration and development initiatives.
Moab Managing Director, Malcolm Day commented “we are very pleased to announce the acquisition of such high potential uranium projects. The fact that Uranex Ltd previously explored the Manyoni Uranium Project and announced a JORC 2004 Mineral Resource Estimate of 20.5 m/lbs at 147pmm in 20101 is a great start for the Company. Post completion of the transaction our priority will be to convert the historic resource to a JORC 2012 compliant Mineral Resource Estimate. With the current spot price of uranium at a 17 year high of circa US$92/lb, it’s an exciting commodity to be exploring for”.
The Manyoni and Octavo Uranium Projects
The Manyoni Uranium Project tenements are located in the Republic of Tanzania (pop. 65 million), approximately 100km northwest of the capital city of Dodoma (pop. 765,000). The location of the uranium project at Manyoni is shown in Figure 2 and the location of the Octavo uranium project is shown in Figure 3.
Figure 1. Location of Manyoni and Octavo Uranium Projects
Figure 2. Location of Manyoni Tenements
Figure 3. Location of Octavo Tenement
Tenement Information
The Manyoni and Octavo tenements are Prospecting Licences that are granted for an initial period of 4 years, renewable for further periods of 3 years and then 2 years.
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