Business
NWT Uranium updates shareholders on letter agreement for a business combination with Nu-Mex
TORONTO, Dec. 13 /CNW/ - NWT Uranium Corp. (TSX-V: NWT; OTCBB: NWURF) is pleased to provide its s...
About this update from Captor Capital Corp
[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 13 /CNW/ - NWT Uranium Corp. (TSX-V: NWT; OTCBB: NWURF) is\npleased to provide its shareholders with additional details regarding its\npreviously announced letter agreement with Nu-Mex Uranium Corp. (OTCBB: NUMX).\n\n\nAs described in a press release issued on November 19, 2007, NWT Uranium,\nwith uranium properties in northern Quebec, and Nu-Mex with uranium properties\nin New Mexico, have signed a letter agreement pursuant to which Nu-Mex has\nagreed to acquire the issued and outstanding shares of NWT.\n\n\n"We believe that this transaction will be of great benefit to NWT Uranium\nand its shareholders," said Marek J. Kreczmer, President and CEO of NWT\nUranium. "Nu-Mex has the ability to earn a majority interest in two highly\nprospective uranium properties and it was these potential assets that drew us\nto the combination.\n\n\nNose Rock and Dalton Pass\n\n\nNu-Mex currently has the option to acquire a 65% interest in each of two\nhighly prospective uranium properties, called Nose Rock and Dalton Pass, in\nNew Mexico from Strathmore Minerals Corp.\n\n\nSignificant work has been done by previous operators on both properties.\nNo qualified person has done sufficient recent work to classify the historical\nestimates under National Instrument ("NI") 43-101.\n\n\nLocated within New Mexico's Grants Mineral Belt, Nose Rock covers 5,000\nacres (2,023 hectares). In February, 1977, a feasibility study was completed\nbased on more than 470 holes drilled by Phillips (now Conoco-Phillips), which\nowned and explored the property in the late 1970s and early 1980s. The study\nwas produced by Morrison Knutson, renowned for its work on the Alaska\nPipeline, Hoover Dam and Oakland Bay Bridge. There is also a partially\ndeveloped shaft on the property, which will aid in exploration and development\nwork.\n\n\nAlso located in New Mexico, the Dalton Pass property covers a total area\nof 640 acres. A previous operator, Pathfinder Mining Company (a subsidiary of\nnuclear giant Areva), drilled over 130 holes.\n\n\nNWT Uranium's properties, which will be held by the combined company,\ninclude North Rae and Daniel Lake, exploration-stage properties in Quebec\nwhere the original results suggest a large potential resource. NWT's Picachos\nproperty in Mexico is a highly prospective silver-gold project where\n...