Business
Strategic Resources Takes on Additional Projects
TSX.V: UVR REGINA, June 2 /CNW/ - Strategic Resources Inc. ("UVR" or "the Corporation"), is pleas...
About this update from Strategic Resources Inc.
[{"type":"text","content":"\n\n\n\nTSX.V: UVR\n\n\nREGINA, June 2 /CNW/ - Strategic Resources Inc. ("UVR" or "the\nCorporation"), is pleased to announce it has entered into an Option Agreement\nwith Uranium Energy Corp (NYSE-Amex: UEC) under which Strategic Resources can\nearn up to a 60% interest in 20 lode mining claims (~413 acres) located in\nCatron County, New Mexico. These claims are situated in an area of high-grade\nuranium mineralization reportedly drilled by Kerr-McGee in the 1970's. Under\nthis Option Agreement, Strategic Resources can also earn up to a 60% interest\nin 1120 acres of state land leases located in eastern Apache County, Arizona.\nThis land package is situated five miles west of the New Mexico state line and\nten miles from Springerville, Arizona and covers an area of relatively\nshallow, high grade uranium mineralization drilled by Occidental Minerals in\nthe 1970's.\n\n\nFor Strategic Resources to earn an initial 50% interest in these\nprojects, the terms of the Option Agreement (subject to TSX Venture Exchange\napproval) are as follows:\n\n\nUpon receipt of Exchange approval and formal execution of the Option\nAgreement, Strategic Resources will make a cash payment to Uranium Energy Corp\n(UEC) of US$7,500 and issue 500,000 shares to Uranium Energy Corp.\n\n\nYear 1\n\nStrategic will issue 500,000 shares to UEC and undertake a $US 25,000\nexploration and development work commitment\n\nYear 2\n\nStrategic will issue 500,000 shares to UEC and undertake a $US 200,000\nexploration and development work commitment\n\nYear 3\n\nStrategic will issue 500,000 shares to UEC and undertake a $US 200,000\nexploration and development work commitment\n\nYear 4\n\nStrategic will issue 500,000 shares to UEC and undertake a $US 200,000\nexploration and development work commitment\n\nYear 5\n\nStrategic will undertake a $US 200,000 exploration and development work\ncommitment\n\n\nUpon completing the above share issuances and work commitments, Strategic\nwill then be eligible to earn an additional 10% interest (taking its total\ninterest up to 60%) by issuing an additional 1,000,000 common shares to UEC.\n\n\nBoth of these project areas strongly compliment Strategic's ongoing Baca\nand White Mesa projects located in Catron County, New Mexico.\n\n\nAbout Strategic Resources\n\n\nStrategic Resources is a Canadian based junior exp...