Business
Tigris Uranium and Wolfpack Gold Announce Reverse Takeover Transaction
TSX.V: TU  www.tigrisuranium.com VANCOUVER, Dec. 7, 2012 /CNW/ - Tigris Uranium ...
About this update from Encore Energy Corp.
[{"type":"text","content":"\n\n\n\n\n\nTSX.V: TU www.tigrisuranium.com\n\n\nVANCOUVER, Dec. 7, 2012 /CNW/ - Tigris Uranium Corp. (TSX.V: TU) (\"Tigris\"), and Wolfpack Gold Corp. (\"Wolfpack\") are pleased to announce that Tigris has determined to diversify its\n business focus, while maintaining its exposure and commitment to the\n long term viability of the uranium market. To this end, Tigris has made\n an investment in NexGen Energy Ltd. (\"NexGen\") and  has entered into a non-binding letter of intent, dated effective\n November 30, 2012 (the \"LOI\"), with Wolfpack, whereby Tigris has agreed to acquire all of the\n issued and outstanding shares of Wolfpack (the \"Transaction\").\n\n\nThe Transaction will constitute a Reverse Takeover (as defined in the\n policies of the TSX Venture Exchange (the \"TSXV\")) of Tigris by Wolfpack.  Upon completion of the Transaction, it is\n expected that the combined entity will continue to be classified as a\n mining issuer on the TSXV.\n\n\nUranium Activities and Sector Outlook\n\n\nTigris remains committed to the positive long term opportunities within\n the uranium sector but is keenly aware of the short and potentially\n medium term issues facing the nuclear industry.  Currently the uranium\n sector has been experiencing steadily declining prices, posing\n substantial short term challenges.  Various sources suggest no\n significant supply-demand imbalances on the horizon, which would, if\n present, lead to higher prices.  The singular bright spot for investors\n in the uranium sector of late has been confined to the relative select\n group of companies making significant discoveries of high grade uranium\n primarily in the Athabasca Basin of Canada.  The prospects for lower\n grade in-situ projects has been dimmed by the continuing low prices for\n uranium as well as the limited access to capital caused by global\n economic uncertainties.\n\n\nTigris owns a package of quality assets highlighted by the Crownpoint\n and Hosta Butte uranium projects located in McKinley County, New Mexico\n which contain indicated mineral resources totalling 26.6 million pounds\n of U3O8 at an average grade of 0.105% e U3O8 and inferred mineral resources totalling 6.1 million pounds of U3O8 at an average grade of 0.110% e U3O8 (see Tigris' news releases dated May 29, 2012 and June 7, 2012)\n Althoug...