JOHANNESBURG (http://www.cementprocesscrusher.com) – Australian uranium hopeful Black Range Minerals would acquire a 49% stake in the Hansen uranium deposit in Colorado from NZ Minerals.
This comes after Canada-based Uranium One defaulted on its option to buy a 39,2% stake in the uranium project from NZ Minerals.
In January, Black Range and Uranium One entered in an agreement to jointly develop their adjoining uranium projects in the Tallahassee Creek district of Colorado. The two companies planned to work together to secure a 51% stake interest in the Hansen project.
However, Black Range said that this deal had now been terminated, and that it was unrestricted to aggressively pursue the acquisition of the remaining 51% interest.
The Hansen uranium deposit is located immediately south of, and adjacent to Black Range’s Taylor Ranch uranium project, and was the most advanced uranium deposit within the Tallassee Creek district.
“The acquisition of 49% of the Hansen uranium deposit is a very important step in the company’s process of consolidating the ownership of mineral deposits within the Tallahassee Creek district. This district hosts one of the largest resources of uranium within the US,” Black Range stated.
It was estimated that the Tallahassee district hosted more than 100-million pounds of uranium dioxide, making it one of the largest uranium provinces in the US.
“This is a significant asset in a country that is heavily dependent on nuclear power for its energy needs, with more than 20% of the US’ power derived from nuclear generation,” Black Range stated.
The company further noted that substantial operational benefits could be obtained by consolidating ownership in the district.
Under the agreement, Black Range would issue NZ Minerals with $1-million worth of shares within ten working days. If the company was successful in either purchasing the outstanding 51% interest in the deposit, which was recently declared for sale, or in securing a joint-venture agreement, Black Range would issue NZ Minerals with a further $1-million worth of shares as well as pay a $1-million cash consideration.
Before Black Range reaches commercial scale production, it would have to issue NZ Minerals with a further $2-million worth of shares, as well as paying the company an additional cash consideration of $2-million. NZ Minerals would also retain a 1,47% royalty interest in production from the Hansen deposit.
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