- Madison Metals (CSE:GREN) signed a binding joint venture agreement for its Richard Lake uranium property in Kenora, Ontario
- The Toronto-based miner signed the deal with Great Northern Energy Metals Inc. (GNEM), a private British Columbia-registered company
- GNEM will pay Madison C$50,000 on signing and incur C$900,000 in exploration over three years (C$300,000 per year) to earn a 60 per cent interest
- Madison Metals Inc. (GREN) opened trading at $0.38 per share
Madison Metals (CSE:GREN) signed a binding joint venture agreement for its Richard Lake uranium property in Kenora, Ontario.
The Toronto-based miner signed the deal with Great Northern Energy Metals Inc. (GNEM), a private British Columbia-registered company.
Under the agreement, GNEM will pay Madison C$50,000 on signing and incur C$900,000 in exploration over three years (C$300,000 per year) to earn a 60 per cent interest. Upon completing the earn-in, Madison will retain a 40 per cent free-carry interest in the project.
Madison currently has approximately 23.5 million shares outstanding, C$1,000,000 in its treasury and no debt. The company’s Executive Chairman and CEO, Duane Parnham commented on the news.
“We look forward to supporting Great Northern Energy Metals in their efforts to explore and develop our Kenora uranium project while freeing up Madison’s resources to focus on advancing our expansive uranium resources in Namibia.”
Madison Metals Inc. is an upstream mining and exploration company focused on uranium production in Namibia and Canada.
Madison Metals Inc. (GREN) opened trading at $0.38 per share.
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