Business
UCR Acquires Uranium Interests in the State of New Mexico
TSX.V: UCR KIRKLAND LAKE, ON, Sept. 30 /CNW/ - Uranium City Resources Inc. ("UCR"), is pleased to...
About this update from Strategic Resources Inc.
[{"type":"text","content":"\n\n\n\nTSX.V: UCR\n\n\nKIRKLAND LAKE, ON, Sept. 30 /CNW/ - Uranium City Resources Inc. ("UCR"),\nis pleased to announce that it has entered into an Option Agreement with\nRunning Fox Resources (TSXv:RUN) whereby UCR can earn up to a 60% interest in\n178 lode mining claims (over 3160 acres) located in a well known area of\nmineralization south and west of Albuquerque, New Mexico.\n\n\nIn the late 1970s, this area was the subject of serious exploration\nefforts by Gulf Mineral Resources, Pioneer Nuclear, Occidental Petroleum and\nEnergy Reserves Group. A 2007 report prepared for Running Fox Resources by L.\nHalterman (Professional Geologist) notes that "Gulf Minerals drilled out a\nnumber of small to medium sized ore bodies totaling several million pounds of\nUranium." His report also notes that "Gulf ceased exploration of this area\n....when the price of Uranium collapsed in the early 1980s."\n\n\nFor UCR to earn a 50% interest, the terms of this Agreement (subject to\nTSX Venture Exchange Approval) are as follows:\n\n\nYear 1\n\nUCR to grant 1.5 million common shares to Running Fox Resources\n(TSXv:RUN) upon approval of Agreement\nUCR to undertake a US$200,000 exploration program\n\nYear 2\n\nUCR can elect to grant either 1 million common shares or make cash\npayment of $150,000 to Running Fox\nUCR to undertake a US$200,000 exploration program\n\nYear 3\n\nUCR can elect to grant either 1 million common shares or make cash\npayment of $200,000 to Running Fox\nUCR 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\nThis Option Agreement sets in motion a comprehensive strategic plan by\nUCR to expand its uranium exploration focus beyond the Province of\nSaskatchewan in Canada into a mining and exploration friendly jurisdiction\nwhich enjoys a year-round exploration season.\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\n100,000 acres of exploration property in northern Saskatchewan. More\ninformation about UCR is available on line at www.uraniumcityresources.com.\n\n\nForward looking statements:\n\n\nThis news release contains certain forward-looking ...