KIRKLAND LAKE, ON, Sept. 17 /CNW/ - RJK Explorations Ltd. (RJX.A: TSXV) ("RJK") wishes to announce that Green Bull Energy Inc. ("GBE"), (a private company formerly known as Atomic Uranium Inc.) has updated the status of its 3 year option agreement to earn a 60% interest in RJK's On Strike North and On Strike South uranium claim groups in the east Bancroft area of Southeastern Ontario.
GBE has recently entered into a Qualifying Transaction agreement with TAC Capital Corp. (TAC.P: TSXV), a capital pool listed on the TSX Venture Exchange. GBE also advises RJK that it has spent $125,000 to date on exploration over the claim groups with the intention of conducting more extensive exploration in the 2008-2009 season to fulfill its second year spending commitments. Their exploration included helicopter-borne radiometric surveys of both the North and South On Strike groups which revealed many uranium showings and radiometric anomalies. RJK also understands that Frontenac Ventures Corporation, a private company holding a substantial uranium claim group bracketed on both sides by the On Strike North and South claim groups, has now spent almost $5 million over the last two years on a very aggressive exploration program.
At the request of GBE, RJK has agreed to adjust the On Strike property option agreements to read:
For the On Strike North Claim Group - GBE made an initial $25,000 cash payment, will incur up to $905,000 in expenditures and issue up to 400,000 shares of Green Bull over a 42 month period. 1. 100,000 shares and expenditures totaling $75,000 on the property from June 16, 2007 to August 31, 2008 2. 150,000 shares and expenditures totaling $230,000 on the property from June 16, 2008 to August 31, 2009 3. 150,000 shares and expenditures totaling $600,000 on the property from June 16, 2009 to August 31, 2010 RJK Explorations Ltd. will retain a 1% net smelter royalty return subject to a buy-back by Green Bull of up to 0.5% with payments to $600,000. For the On Strike South Claim Group - Green Bull made an initial $15,000 cash payment, will incur up to $400,000 in expenditures, and issue up to 225,000 shares of Green Bull over a three year period. 1. Year One - 75,000 shares and expenditures totaling $30,000 on the property from October 11, 2007 to October 11, 2008 2. Year Two - 75,000 shares and expenditures totaling $100,000 on the property from October 11, 2008 to October 11, 2009 3. Year Three - 75,000 shares and expenditures totaling $270,000 on the property from October 11, 2009 to October 11, 2010 RJK Explorations Ltd. will retain a 1.5% net smelter royalty return subject to a buy-back by Green Bull of up to 1.0% with payments to $1,000,000.
Forward Looking Statements: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond RJK's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although RJK believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this release.
Web Site: http://www.rjkexplorations.com