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VVC Exploration terminates Uranium Prospect Acquisition
VVC Exploration terminates Uranium Prospect Acquisition.
About this update from Vvc Exploration Corporation
[{"type":"text","content":"\n\n\n\nTORONTO, July 13 /CNW Telbec/ - VVC EXPLORATION CORPORATION (VVC: TSX-V)\n(V7S: FSE / BBSE) ("VVC" or the "Company") announces that it has terminated a\npreviously signed Letter of Agreement to acquire five (5) uranium exploration\nproperties (the "Properties") in the Ministikuchum Island area of the James\nBay region of Northern Quebec which was previously announced.\n\n\nIn anticipation of the proposed acquisition, the Company commissioned an\nindependent Qualified Person, Michel Boily, Ph.D., P. Geol, to prepare a\nNational Instrument 43-101 Compliant Technical Report on the Properties, as\nrequired by the TSX Venture Exchange.\n\n\nThe potential of the Properties, as presented by Dr. Boily, is largely\ntheoretical and based on trace element data. Boily had recommended "a vigorous\ngrass root exploration program involving airborne radiometric, magnetometer\nand IMVLF surveys, soil sampling, prospecting with hand held scintillometers,\nand geological mapping" to be carried out this coming summer. This base data\nemployed in arriving at this recommendation were generated during the\nmid-1970's by a consortia which included the Societe de Development de la Baie\nJames (SDSJ), Seru Nucleaire and Eldorado Mining Inc., and were later acquired\nby the Ministere des Richesses Naturelles du Quebec. Each of these entities\nemploy highly trained technical personnel and had the opportunity to analyse\nand utilize the accumulated data before it reached the public domain.\n\n\nIn view of the above facts, the estimated cost of the exploration\nproposed for this summer being almost $1 million, twice the contractual\nobligations for the first year, and the requirement to pay the vendor\n$200,000 and issue two (2) million common shares of the Company and\none (1) million share purchase warrants at $0.45 per share for 2 years, the\nCompany decided to terminate the agreement.\n\n\nThe technical aspects of this news release were reviewed by M.W.\nRennick, P. Eng. (QP).\n\n\nThe Company is continuing its exploration activities and its search for\nnew property acquisitions. The Company is also in excellent financial\nsituation with $3.5 million in cash and liquid assets.\n\n\nAbout VVC:\n\n\n---------\n\n\nVVC Exploration Corporation is a Canadian exploration company with\nprojects in Canada. VVC also...