- Consolidated Uranium Inc. (CUR) entered a definitive sale and purchase agreement to acquire a 100 per cent interest in the Milo Uranium, Copper, Gold, Rare Earth Project
- CUR will acquire the project upon the payment of $500,000 in cash, payable within five days of signing the agreement
- Additionally, the issuance of 750,000 common shares in the capital of Consolidated Uranium at a price of $2.85 per CUR share will be based on the seven-day volume-weight average price of the shares before the signing
- The Project consists of an Exploration Permit for Minerals (EPM) which consists of 20 sub blocks or approximately 34 square kilometres
- Consolidated Uranium Inc. (CUR) is down 0.685 per cent and. Is trading at $2.90 at 2:47 p.m. ET
Consolidated Uranium Inc. (CUR) entered a definitive sale and purchase agreement to acquire a 100 per cent interest in the Milo Project.
It was done in partnership with Consolidated Uranium’s subsidiary CUR Australia Pty Ltd and signed with Isa Brightlands Pty Ltd., the subsidiary of GBM Resources.
CUR will acquire the project upon the payment of $500,000 in cash, payable within five days of signing the agreement.
Additionally, the issuance of 750,000 common shares in the capital of Consolidated Uranium at a price of $2.85 per share.
Any CUR shares issued in connection with the GBM Transaction are subject to the approval of the TSXV and four-month hold period.
The project consists of an Exploration Permit for Minerals (EPM) which consists of 20 sub-blocks or approximately 34 square kilometres.
The Milo project is located within The Mount Isa Inlier approximately 40 kilometres west of Cloncurry in Northwestern Queensland.
Exploration potential at Milo looks to be positive.
Much of the previous work at Milo including the bulk of drilling has been directed at The Milo Gossan.
A similar gossan occurs immediately to the west and is over 1 kilometre long. It has a similar Radiometric signature to Milo.
A further large untested radiometric anomaly occurs approximately 1 kilometre to the North which has the largest radiometric anomaly on the tenement.
Previous work has focused on the rare earth potential of the project rather than the Uranium potential.
Consolidated Uranium Inc. (CUR) is down 0.685 per cent and. Is trading at $2.90 at 2:47 p.m. ET.