Africa-Press – Namibia. CANADIAN-owned Monterey Mineral chief executive officer Jason Bagg has expressed satisfaction over the due diligence done in acquiring several uranium assets in Namibia.
“As is custom in Namibia, we welcome the opportunity to explore with our 15% Namibian partners,” Bagg said yesterday.
The company will acquire an 85% interest in seven prospecting licences (the Estate Uranium Properties) totalling 93 514 hectares located in Namibia’s Erongo region.
Some of the properties are near to significant Namibian uranium assets such as the Husab Mine, the Rössing Mine, the Langer Heinrich Mine, as well as the Etango and Marencia deposits.
One of the Estate Uranium Properties, consisting of 4 690 hectares, is located between Forsys Metal Corporation’s (FSY) Valencia and Namibplaas uranium deposits, known as the Norasa Project.
As outlined in the letter of intent, Monterey will pay US$175 000 (approximately N$2,7 million) cash and eight million common shares of the company as consideration to the vendors for the acquisition of the Estate Uranium Properties.
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