Global Uranium Enters Agreement to Acquire Five Uranium Projects, Wyoming
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Global Uranium has entered into an asset purchase agreement with Foster Wilson where Global Uranium has been granted the right to acquire a 100 percent interest in certain Federal unpatented lode mineral claims and Wyoming State mineral leases located in Wyoming.
“Securing these five projects in the uranium-rich region of Wyoming marks a significant milestone for our company, unlocking tremendous potential and reaffirming our commitment to sustainable energy development and identifying key uranium prospects in North America,” said John Kim, chief Executive of Global Uranium.
The properties are comprised of 122 unpatented lode mineral claims totaling 2,440 acres and five Wyoming state leases for an additional 2,600 acres for a total of 5,040 acres.
Of the 5,040 acre land package, 2,360 acres are within the Gas Hills Uranium District. The Gas Hills Uranium District is Wyoming’s leading uranium mining area.
Current estimates indicate that the Gas Hills Uranium District still holds more than 50 million pounds of recoverable uranium concentrate, classified as either reserves or indicated/inferred resources, according to various resource evaluation methods.
The company also now controls 1,880 acres in the Great Divide Basin Uranium District. Within the District is Ur-Energy’s (URE) producing Lost Creek ISR uranium processing plant and the 18,000,000 pound U3O8 Lost Creek deposit. Other deposits in the vicinity include Premier American Uranium’s Cyclone deposit, Ur-Energy’s Lost Soldier deposit, and Uranium Energy’s Jab, Antelope, Bison Basin, and West Alkali Creek uranium deposits.
Additionally the company now controls 800 acres in the Copper Mountain Uranium District which hosts several known uranium deposits and historic uranium mines, including the Arrowhead Mine.
The vendor, Foster Wilson, is a director of the company. As a result, the entering into of the purchase agreement and certain of the transactions contemplated are considered to be a “related party transaction” within the meaning of Multilateral Instrument 61-101 — Protection of Minority Security Holders in Related Party Transaction.
Global Uranium focuses on exploring and developing uranium assets primarily in North America. The company currently holds seven key uranium projects: the Wing Lake Property in the Mudjatik Domain of Northern Saskatchewan, Canada; the Northwest Athabasca joint venture with Forum Energy Metals and NexGen Energy in the Northwest Athabasca region of Saskatchewan, Canada; and the Great Divide Basin District Projects, the Gas Hills District Projects, and the Copper Mountain District Projects in Wyoming,
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