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Colorado Uranium / Vanadium Project Option Agreement
Colorado Uranium / Vanadium Project Option Agreement.
About this update from Consolidated Lithium Metals Inc
[{"type":"text","content":"\n\n\n\n\nJourdan Resources Inc.\nTSX-V - JRN\n\nVAL-D'OR, QC, Nov. 1 /CNW Telbec/ - Jourdan Resources Inc. (\"Jourdan\") is\npleased to announce the signing of an option agreement (the \"Agreement\") with\nAnglo-Canadian Uranium Corp. (\"Anglo-Canadian\") for the acquisition of a 50%\ninterest in 4 mining claims known as the Spider Rock Uranium / Vanadium\nProject (the \"Project\") located in the Delores and San Miguel Counties of the\nState of Colorado (USA).\nThe Project consists of 80 acres of uranium / vanadium lands, with\nhistorical exploration completed by Western Nuclear from 1976 to 1984. During\nthis exploration program uranium/vanadium mineralization occurred in 28 drill\nholes, with further exploration halted when the uranium market deteriorated in\nthe early to mid 1980's. Preliminary calculations from this data resulted in a\nhistorical resource of 185,000 pounds of uranium oxide (averaging 0.20% over\n1.83 meters), and a historical resource of 2,000,000 pounds of vanadium oxide\n(averaging 1.47% over 2.74 meters). Spot prices for uranium and vanadium are\ncurrently trading at $60 and $10 per pound respectively.\nTo quote Michel L. CFotDe, President of Jourdan: \"We are very pleased with\nthis agreement as we feel that the Project holds tremendous potential for\ndiscoveries. Jourdan intends to undertake an aggressive exploration program on\nthe Project in order to update the historical data available and define\nhigh-priority exploration targets.\"\n\nTerms of the agreement\n\nPursuant to the terms of the Letter Agreement, Jourdan can acquire an\nundivided 50 % interest in the Project by making a cash payment of $200,000\nand issuing a total of 1,000,000 common shares to Anglo-Canadian on the\nexecution of a formal agreement, following which Jourdan will vest with an\nundivided 20% interest in the Project. Furthermore, Jourdan has agreed to\nincur exploration expenditures totaling $2,000,000 on the Project over a\nperiod of 3 years, of which $250,000 is to be incurred in the first year,\n$500,000 in the second year and $1,250,000 in the final year of the option. In\naddition to the hold periods prescribed by applicable securities legislation\nand the policies of the TSX Venture Exchange, 700,000 common shares shall be\nsubject to additional voluntary hold periods expanding over a period of two\n(2) years. Once Jou...