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Monterey Minerals Announces Transformative Letter of Intent to Acquire Seven Namibian Uranium Prospecting Licenses
TORONTO, ON / ACCESSWIRE / January 18, 2022 / Monterey Minerals Inc. (the "Company" or "Monterey") (CSE:MREY)(FSE:2DK) is pleased to announce that it has signed
About this update from Puranium Energy Ltd
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / January 18, 2022 / Monterey Minerals Inc. (the \"Company\" or \"Monterey\") (CSE:MREY)(FSE:2DK) is pleased to announce that it has signed a letter of intent (the \"LOI\") to purchase a uranium exploration land package consisting of seven properties from a group of private prospectors in Namibia (the \"Vendors\"). Monterey will acquire an 85% interest in seven prospecting licenses (the \"Estate Uranium Properties\") totalling 93,514 hectares located in the Erongo Province, Namibia. A number of the properties are proximal to significant Namibian uranium assets such as the Husab Mine, the Rössing Mine, the Langer Heinrich Mine as well as the Etango and Marencia deposits. One of the Estate Uranium Properties, consisting of 4,690 hectares, is located between Forsys Metal Corp.'s (FSY) Valencia and Namibplaas uranium deposits, known as the Norasa Project. \"We are excited to complete due diligence and move this proposed transaction forward given the proximity to a number of well-known uranium projects in the world's 4th ranked uranium producing country. As is custom in Namibia, we welcome the opportunity to explore with our 15% Namibian partners,\" commented newly appointed President and CEO, Jason Bagg. As outlined in the LOI, Monterey will pay US$175,000 cash and 8,000,000 common shares of the Company as consideration to the Vendors for the acquisition of the Estate Uranium Properties. Qualified Person Bruce Durham, P.Geo, is a Qualified Person, as that term is defined by Canadian regulatory guidelines under NI 43-101, and has read and approved the technical information contained in this press release. On behalf of the Board, Jason Bagg, President & CEO, Director About Monterey Minerals Inc. The Company owns the Cobalt Mountain poly-metallic project near the town of Smithers in British Columbia. The Company also has an option to purchase a 100% interest in 35 mineral claims in Ontario. For more information, please contact investor relations at [email protected]. Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-lookin...