Business
Atna Resources Provides Update on Exploration and Venture Projects
Atna Resources Provides Update on Exploration and Venture Projects
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\nJan. 28, 2010 (Canada NewsWire Group) -- GOLDEN, Colo., Jan. 28 /CNW/ --Atna Resources Ltd. (\"Atna\" or the \"Company\") (TSX: ATN) is pleased to provide an update on the status of its joint venture and optioned exploration projects.Pinson Project, NevadaAtna has acquired a 30 percent interest in a five percent (net 1.5 percent) net smelter return royalty pertaining to approximately four sections of land within the area of interest of the Pinson Mine Project. This interest was acquired from Barrick Turquoise Ridge Inc., a subsidiary of Barrick Gold. One of these sections contains gold resources previously announced by Atna. The Pinson project is a joint venture between Pinson Mining Company (\"PMC\"), a subsidiary of Barrick Gold, with PMC owning a 70 percent interest, and Atna who owns a 30 percent interest. PMC is the operator of the venture. Barrick acquired the royalty in its merger of Placer Dome in 2006 and this royalty interest was covered under the area of mutual interest clause within the Pinson Mining Venture Agreement.The 2010 budget for the Pinson project includes ongoing underground pumping and maintenance operations. PMC is considering its strategic options for its interest in the Pinson project.Adelaide and Tuscarora Gold Projects, NevadaIn February 2008, Atna signed an Option Agreement with Golden Predator Royalty & Development Corporation (\"GP\") on Atna's Adelaide and Tuscarora properties, located in Humboldt and Elko counties, Nevada. Under this Agreement, GP assumed the various obligations of Atna at the properties under an underlying Mineral Lease, Sublease and Agreement with various subsidiaries of Newmont Gold. GP is entitled to earn up to a 100 percent interest in the projects from Atna subject to spending requirements, certain progress payments, a pre-production payment, and royalties in production following development. Atna will receive 294,644 shares of GP as its year end 2009 option payment on these properties.In August 2009, GP completed an NI 43-101 compliant technical report on the Adelaide project. The technical report summarized all past exploration, including successful exploration results from the company's 2008-2009 drilling program, where several +1.0 ounce/ton gold intercepts were intersected. Potential for high grade, bonanza vein-style system was demonstrated in the drilling. A ...