TSX.V: UVR
REGINA, June 2 /CNW/ - Strategic Resources Inc. ("UVR" or "the Corporation"), is pleased to announce it has entered into an Option Agreement with Uranium Energy Corp (NYSE-Amex: UEC) under which Strategic Resources can earn up to a 60% interest in 20 lode mining claims (~413 acres) located in Catron County, New Mexico. These claims are situated in an area of high-grade uranium mineralization reportedly drilled by Kerr-McGee in the 1970's. Under this Option Agreement, Strategic Resources can also earn up to a 60% interest in 1120 acres of state land leases located in eastern Apache County, Arizona. This land package is situated five miles west of the New Mexico state line and ten miles from Springerville, Arizona and covers an area of relatively shallow, high grade uranium mineralization drilled by Occidental Minerals in the 1970's.
For Strategic Resources to earn an initial 50% interest in these projects, the terms of the Option Agreement (subject to TSX Venture Exchange approval) are as follows:
Upon receipt of Exchange approval and formal execution of the Option Agreement, Strategic Resources will make a cash payment to Uranium Energy Corp (UEC) of US$7,500 and issue 500,000 shares to Uranium Energy Corp.
Year 1 Strategic will issue 500,000 shares to UEC and undertake a $US 25,000 exploration and development work commitment Year 2 Strategic will issue 500,000 shares to UEC and undertake a $US 200,000 exploration and development work commitment Year 3 Strategic will issue 500,000 shares to UEC and undertake a $US 200,000 exploration and development work commitment Year 4 Strategic will issue 500,000 shares to UEC and undertake a $US 200,000 exploration and development work commitment Year 5 Strategic will undertake a $US 200,000 exploration and development work commitment
Upon completing the above share issuances and work commitments, Strategic will then be eligible to earn an additional 10% interest (taking its total interest up to 60%) by issuing an additional 1,000,000 common shares to UEC.
Both of these project areas strongly compliment Strategic's ongoing Baca and White Mesa projects located in Catron County, New Mexico.
About Strategic Resources
Strategic Resources is a Canadian based junior exploration company with an exploration project in Catron County, New Mexico and an options on a project in northern Saskatchewan, Canada. More information about the company is available on line at www.strategicresourcesinc.ca.
Disclaimer: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward looking statements:
This news release may contain certain forward-looking inferences or statements. These forward-looking inferences or statements are subject to a variety of risks and uncertainties beyond the Corporation's control or prediction and could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although the Corporation believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements.