Business
UCR Acquires Uranium Interests in the State of New Mexico - (xx) Amended Version of the News Release Issued Earlier Today (xx)
In the press release issued earlier today, statements were made about historical ore bodies. UCR ...
About this update from Strategic Resources Inc.
[{"type":"text","content":"\n\n\n\nIn the press release issued earlier today, statements were made about\nhistorical ore bodies. UCR retracts these references and cautions\ninvestors not to rely on these statements. These references are\nhistorical in nature and are not 43-101 compliant.\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. Of this group, Gulf Minerals enjoyed the most success,\nbut ceased exploration efforts when the price of Uranium collapsed in the\nearly 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\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\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-around 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 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 co...