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Madison Metals Signs Option Agreement for Kenora Uranium Project in Canada
TORONTO, May 17, 2023 (GLOBE NEWSWIRE) -- Madison Metals Inc. (the “Company” or “Madison”) (CSE: GREN) (OTCQB: MMTLF) is pleased to announce that the Company ha
About this update from Critical One Energy Inc.
[{"type":"text","content":" TORONTO, May 17, 2023 (GLOBE NEWSWIRE) -- Madison Metals Inc. (the “Company” or “Madison”) (CSE: GREN) (OTCQB: MMTLF) is pleased to announce that the Company has signed, on May 16, 2023, a binding joint venture agreement for its Richard Lake Property in Kenora, Ontario, Canada with Great Northern Energy Metals Inc. (“GNEM”), a well-capitalized private British Columbia-registered company. “We look forward to supporting Great Northern Energy Metals in their efforts to explore and develop our Kenora uranium project while freeing up Madison’s resources to focus on advancing our expansive uranium resources in Namibia,” says Duane Parnham, Executive Chairman and CEO of Madison. Under the terms of the agreement, GNEM will pay Madison C$50,000 on signing and incur C$900,000 in exploration over three years (C$300,000 per year) to earn a 60% interest. Upon completing the earn-in, Madison will retain a 40% free-carry interest in the project. Madison currently has approximately 23.5 million shares outstanding, C$1,000,000 in its treasury and no debt. About Madison Metals Inc. Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. Using cutting-edge technologies and modern strategies, Madison Metals Inc. is positioned to move advanced uranium assets to market quickly. With over 50 years of mining experience, including 22 years in Namibia, its management team has geological and financial expertise and a track record of creating shareholder value. Additional information about Madison Metals Inc. can be found at madisonmetals.ca and on the Company’s SEDAR profile at www.sedar.com. For further information, please contact: Duane ParnhamExecutive Chairman & CEOMadison Metals Inc.+1 (416) [email protected] Media inquiries:Adam BelloManager, Media & Analyst RelationsPrimoris Group Inc.+1 (416) [email protected] Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. Forward-looking Statements This release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding th...