Business
Abitex signs letter of agreement to acquire an interest in a uranium deposit in Quebec
VAL-D'OR, QC, June 10 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company"; "ABITEX")...
About this update from Vision Lithium, Inc.
[{"type":"text","content":"\n\n\n\nVAL-D'OR, QC, June 10 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE)\n(the "Company"; "ABITEX") is very pleased to announce the signing of a Letter\nof Agreement with AREVA Resources Canada ("AREVA"), a wholly owned subsidiary\nof AREVA and SOQUEM INC. ("SOQUEM"), a wholly owned subsidiary of Societe\ngenerale de financement du Quebec (SGF). The Letter of Agreement specifies the\nterms by which AREVA and SOQUEM grant ABITEX an option to acquire a 50%\ninterest in the "L" uranium property located in the Otish Mountains area of\nQuebec. AREVA and SOQUEM are equal owners of the property which hosts the "L"\nuranium deposit discovered and defined by AREVA almost 25 years ago and which\nhosts a historical resource of over 5,900,000 pounds U3O8. The agreement is\nsubject to the approval of regulatory authorities.\n\n\nIn order to acquire a 50% interest in the "L" property, ABITEX must:\n\n- Issue 2 000 000 common shares of ABITEX to both AREVA and SOQUEM upon\n signing of the agreement and its approval by regulatory authorities.\n\n- Complete minimum exploration expenditures of CA$ 20,000,000 and submit\n a pre-feasibility study no later than December 31, 2011.\n\nABITEX will also grant AREVA and SOQUEM the right to participate in future\nequity financings of the Company in order to individually retain a 5% interest\nin the Company's shareholdings. ABITEX will also issue 800 000 common shares\nof the Company to both AREVA and SOQUEM in the event a previously announced\nproposed acquisition of Central Uranium Corporation is completed (April 9,\n2008 Press Release).\nABITEX will be the Operator during the Option period. AREVA and SOQUEM\nwill each retain a 25% interest in the property in the event ABITEX acquires a\n50% interest. Thereafter, all three parties will participate on a pro-rata\nbasis to expenditures on the property according to a joint venture agreement\nof which ABITEX will be the Operator. In the event a deposit is brought into\nproduction on the property, ABITEX has agreed to sell its entire share of\nuranium production to AREVA which has in return agreed to acquire the entire\nproduction.\nThe "L" property is located in the central eastern area of the Otish\nMountains region, approximately 350 km north-east of Chibougamau, Quebec....