Business
Uranium One Becomes Operator at Mkuju River Project in Tanzania
Jun. 7, 2011 (Canada NewsWire Group) -- TORONTO, ON and JOHANNESBURG, South Africa, June 7, 2...
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n Jun. 7, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTORONTO, ON and JOHANNESBURG, South Africa, June 7, 2011 /CNW/ - Uranium\n One Inc. ("Uranium One") announced that its 51% shareholder, JSC\n Atomredmetzoloto, has today completed the acquisition of Mantra\n Resources Ltd. ("Mantra").  Uranium One also announced that it has now\n become operator of Mantra's Mkuju River Project in Tanzania pursuant to\n agreements entered into with ARMZ in connection with today's closing.\n\n\nOperating Agreement\n\n\nUranium One will manage the development of the Mkuju River Project and\n other Mantra exploration activities pursuant to an operating agreement\n entered into on June 6, 2011 between Uranium One, ARMZ and Mantra.\n\n\nDevelopment of the Mkuju River Project is to be completed in accordance\n with a revised feasibility study scheduled for completion in Q1 2012\n and work programs approved by Uranium One and ARMZ.\n\n\nLoan Agreement\n\n\nIn accordance with a loan agreement between Uranium One and Mantra dated\n June 6, 2011, Uranium One has also agreed to provide a credit facility\n to fund the development of the Mkuju River Project and other Mantra\n exploration activities. The credit facility will be guaranteed by ARMZ.\n\n\nPrior to completion of the revised feasibility study, work at Mkuju\n River will be funded from Mantra's existing cash balance and from cash\n flow from Uranium One's Kazakhstan operations.\n\n\nMkuju River Project \n\n\nThe...