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NexGen’s flagship Radio property sits adjacent to Roughrider, which hosts 17.2 million pounds U3O8 indicated and 40.7 million pounds inferred. With a drilling permit now approved, NexGen plans a 4,400-metre program beginning in late June on an interpreted structural extension of Roughrider.
NexGen may earn an initial 70% interest in Radio, then the additional 30% subject to a 2% NSR. The company’s portfolio also includes a 100% interest in Rook 1, adjacent to the northeast of PLS.
Canadian International Minerals holds annual meeting
In AGM results announced May 23, Canadian International Minerals TSXV:CIN shareholders elected directors Michael Schuss, Tor Bruland, Garth Evans, J. Casey Forward and Christopher Verrico. Voters also appointed Mackay LLP as auditor, approved a 2013 option plan and repriced existing options held by insiders.
Among other properties, Canadian International Minerals holds a 100% interest in a 25,225-hectare package and a 50% interest in another 34,762 hectares, all in the PLS district.
New bylaw for Nuinsco
Nuinsco Resources TSX:NWI adopted an advance notice bylaw, the company reported on May 23. Effective immediately, the bylaw sets a deadline for nominations to the board and defines the information that must accompany nominations.
Nuinsco’s portfolio includes the Diabase Peninsula project on the Basin’s southern rim.
Beyond the Basin
Energy Fuels to acquire Strathmore Minerals
In M&A activity beyond the Basin, Energy Fuels TSX:EFR and Strathmore Minerals TSX:STM announced a letter of intent on May 24 to create one of the largest uranium companies operating in the U.S. Energy Fuels forecasts 1.175 million pounds uranium this year from two mines, about 25% of total American production. The company also has five mines on standby, 18 development projects and White Mesa, the only conventional uranium mill operating in the U.S.
Strathmore’s holdings, also in the western U.S., include two core projects: Gas Hills, in which Korea Electric Power Company has a 40% earn-in, and Roca Honda, a JV in which Sumitomo Corp holds 40%. Both Strathmore and Energy Fuels see a number of synergies.
Although Roca Honda’s 2012 PEA factored in the cost of building a mill, the companies say output could be shipped to White Mesa instead. Strathmore has claims adjacent to Energy Fuels’ Sheep Mountain project, which achieved pre-feasibility in April 2012. Strathmore’s Gas Hills is 45 kilometres north, while the company’s Juniper Ridge project is 147 kilometres south of Sheep Mountain.
The companies share a KEPCO link as well. The utility holds 9.1% of Energy Fuels and 11.7% of Strathmore. A KEPCO affiliate is projected to be Energy Fuels’ biggest customer this year. KEPCO backs the proposed transaction.
The deal would swap 1.47 Energy Fuels shares for each Strathmore share, giving the latter shareholders 21% of Energy Fuels stock. The offer represents a 31% premium over the 20-day volume-weighted averages as of May 22. Energy Fuels will also buy Strathmore’s 5% gross production royalty on the Reno Creek uranium project for $1.5 million and another $1.5 million in cash or shares. An affiliate of Bayswater Uranium TSXV:BYU released a pre-feas for the project in March.
Strathmore was founded in 1996 by Dev Randhawa. In 2007 he spun out Fission Energy, which was picked up by Denison in April. Out of Fission Energy, Randhawa spun out Fission Uranium which retained the 50% share in Fission/Alpha’s Patterson Lake South.
U3O8 completes Calypso acquisition
The Energy Fuels/Strathmore LOI follows the acquisition of Calypso Uranium TSXV:CLP by U3O8 Corp TSX:UWE, which was completed on May 14. “With the Calypso properties, U3O8 Corp consolidates its strategic holdings adjoining Argentina’s two largest known uranium deposits and sets up a strong pipeline of projects for exploration after Laguna Salada,” according to a joint statement. The latter project is slated for a PEA later this year. Last December U3O8 released a PEA for its flagship Berlin deposit in Colombia. The company also has a uranium property in Guyana.
Terror attacks in Niger
Terrorists in Niger killed at least 24 soldiers and one civilian in May 23 attacks on a military barracks and a uranium mine. AREVA confirmed that one of its employees has died and 14 have been injured. The terrorists are believed to be an Islamist group that was pushed out of Mali by a French-led offensive earlier this year.
AREVA’s two Niger operations produce 7.5% of global uranium supply, according to the World Nuclear Association, making Niger the world’s fourth-largest uranium producer.
See previous uranium news updates from the Athabasca Basin:
Read about uranium supply, demand and prices here.
Visit these uranium explorers at the World Resource Investment Conference 2013 in Vancouver, May 26 and 27:
- Blue Sky Uranium TSXV:BSK booth 710/712
- Fission Uranium TSXV:FCU booth 516
- Lakeland Resources TSXV:LK booth 1008
- Skyharbour Resources TSXV:SYH booth 708
- UEX Corp TSX:UEX booth 729
Disclaimer: Skyharbour Resources is a client of OnPage Media Corp, the publisher of ResourceClips. Neither OnPage Media nor its owner hold a stock position or options in Skyharbour Resources.
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