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Clean Commodities Corp. Executes Option Agreement with AREVA Resources Canada to Option up to 70% of a Portion of the Preston Uranium Project for $8 Million in Project Consideration
VANCOUVER, BC--(Marketwired - March 09, 2017) - Clean Commodities Corp. (TSX VENTURE: CLE) ("Clean Commodities" or the "Corporation") in conjunction with Presto
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[{"type":"text","content":"VANCOUVER, BC--(Marketwired - March 09, 2017) - Clean Commodities Corp. (TSX VENTURE: CLE) (\"Clean Commodities\" or the \"Corporation\") in conjunction with Preston Uranium Project partner Skyharbour Resources Ltd. (\"Skyharbour\") (TSX VENTURE: SYH), is pleased to announce the execution of an Option Agreement (the \"Agreement\") with AREVA Resources Canada Inc. (\"AREVA\") which provides AREVA an earn-in option to acquire up to a 70% working interest in a portion of the Preston Uranium Project (the \"Preston Segment\") (see also news release dated December 15, 2016). Under the Agreement, AREVA will contribute cash and exploration program consideration totaling up to CAD $8,000,000 in exchange for up to 70% of the applicable project area over six (6) years with a first option where AREVA may acquire an initial 51% working interest in the Preston Segment for a period of three (3) years by funding exploration expenditures in the total amount of $2,800,000 and making cash payments totaling $200,000 to Clean Commodities and Skyharbour. Preston Uranium Project Claims Map: Clean Commodities CEO, Ryan Kalt commented: \"The signing of this Option Agreement with industry-leader AREVA is a significant milestone for Clean Commodities. We are thrilled to have the opportunity to work with a new strategic partner to further advance the central portion of the Preston Uranium Project with up to $7.3 million in exploration funded by AREVA in addition to the cash payments. AREVA has a very knowledgeable geological team with a long and productive history in the Athabasca Basin so we are keen to see the commencement of exploration programs at Preston this year. The Preston Uranium Project is a strategic, district-scale property with robust exploration upside potential throughout and is located near recent high-grade discoveries in the Patterson Lake area including NexGen Energy's Arrow deposit, Fission Uranium's Triple R deposit, and the Spitfire discovery.\" Highlights of the Option Agreement: AREVA may earn up to a 70% interest in the Preston Segment totaling 49,635 hectares of the total 121,148 hectare Preston Project through $8,000,000 of total project consideration over six (6) years, including up to $7,300,000 of exploration work programs and $700,000 of cash payments. If carried to completion, a tripartite joint venture would be formed bein...