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Magnum Uranium Completes 80% Earn-in on San Rafael Joint Venture
VANCOUVER, Feb. 12 /CNW/ - Magnum Uranium Corp. ("Magnum" or the "Company") is pleased to announc...
About this update from Maximus Metals, Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Feb. 12 /CNW/ - Magnum Uranium Corp. ("Magnum" or the\n"Company") is pleased to announce that it has completed, ahead of schedule,\nthe terms of its Joint Venture agreement with Energy Metals Corporation (a\nsubsidiary of Uranium One Inc.) on the 6,000 acre San Rafael property located\nin the San Rafael District of Emery County, Utah, and the 360 acre Wild Buck\nproperty located in Converse County, Wyoming. The terms of the Joint Venture\nwere announced in a press release dated December 5, 2006. As a result, Magnum\nnow owns an undivided 80% interest in these two mineral properties.\n\n\nUnder a Primary Option, Magnum earned an initial undivided 65% interest\nin the properties by completing US$1.0 million in work expenditures and\nissuing 600,000 Magnum common shares. Magnum's aggressive 2007 Phase I and II\ndrill programs at San Rafael enabled the Company to secure its 65% interest\napproximately 3 years ahead of schedule. Magnum subsequently exercised a\nSecondary Option to earn an additional 15% interest in the Joint Venture by\nissuing an additional 250,000 common shares.\n\n\nThe San Rafael Property contains several historic drill-defined deposits\nas previously announced and has commissioned Laurence Pancoast, P.Geo., to\ncomplete NI 43-101 resource reports that will be released over the next few\nmonths. Additionally, Magnum is in the process of permitting an aggressive\n2008-2009 drilling program with the Utah Department of Oil, Gas and Mining and\nwith the Bureau of Land Management. The Company is currently in the process of\nconducting a Cultural Resource Evaluation in conjunction with this permitting.\nDetails of the drilling program will be released as they become available.\n\n\nON BEHALF OF THE BOARD\n\n\n"Craig T. Lindsay"\n\n\nPresident & CEO\n\n\nTHE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE\n\n\nCONTENTS HEREIN\n\n\nThis new release does not constitute an offer to sell or a solicitation\nof any offer to sell any securities in the United States. The securities have\nnot been and will not be registered under the United States Securities Act of\n1933, as amended (the "U.S. Securities Act). Or any state securities laws and\nmay not be offered or sold within the United States or to U.S. Persons unless\nregistered under the U.S. Securitie...