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TSX Venture Exchange Approves UCR Option Agreement for New Mexico Property
TSX.V: UCR KIRKLAND LAKE, ON, Oct. 3 /CNW/ - Uranium City Resources Inc. ("UCR"), is pleased to a...
About this update from Strategic Resources Inc.
[{"type":"text","content":"\n\n\n\nTSX.V: UCR\n\n\nKIRKLAND LAKE, ON, Oct. 3 /CNW/ - Uranium City Resources Inc. ("UCR"), is\npleased to announce that the TSX Venture Exchange has now approved the\npreviously announced (see Press Release of September 30, 2008) Option\nAgreement with Running Fox Resources (TSXv:RUN) whereby UCR can earn up to a\n60% interest in 178 lode mining claims (over 3160 acres) located in a well\nknown area of mineralization south and west of Albuquerque, New Mexico.\n\n\nFor UCR to earn a 50% interest, the modified terms of this Agreement as\napproved by the TSX Venture Exchange are as now as follows:\n\n\nYear 1\n\n- UCR to issue 1.5 million common shares to Running Fox Resources\n (TSXv:RUN) upon approval of Agreement\n- UCR to undertake a US$200,000 exploration program\n\nYear 2\n\n- UCR can elect to issue either 1 million common shares at a deemed\n value of $0.15 or make cash payment of $150,000 to Running Fox\n- UCR to undertake a US$200,000 exploration program\n\nYear 3\n\n- UCR can elect to issue either 1 million common shares at a deemed\n value of $0.20 or make cash payment of $200,000 to Running Fox\n- UCR to undertake a US$200,000 exploration program\n\nIn Year 3, UCR can earn an additional 10% interest (taking its total to\n60%) by producing a bankable feasibility study.\n\n\nAbout Uranium City Resources\n\n\nUranium City Resources is a Canadian based junior exploration company\nwith existing projects in the Province of Saskatchewan. UCR has over 100,000\nacres of exploration property in northern Saskatchewan. More information about\nUCR is available on line at www.uraniumcityresources.com\n\n\nForward looking statements:\n\n\nThis news release contains certain forward-looking statements. These\nforward-looking statements are subject to a variety of risks and uncertainties\nbeyond UCR's control or prediction and could cause actual events or results to\ndiffer materially from those anticipated in such forward-looking statements.\nAlthough UCR believes that the assumptions inherent in the forward-looking\nstatements are reasonable, undue reliance should not be placed on these\nforward-looking statements.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this news release.\n\n\n","length":2424,"tagName":"div"}]