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Algold Resources to acquire First Uranium
Algold Resources TSXV:ALG proposes to rescue First Uranium TSXV:FIU.H from the NEX board doldrums in a friendly acquisition announced October 29. Subject to approvals First Uranium shareholders will receive 0.0729849 of an Algold share for each First Uranium unit, an offer valued at about $0.011 per unit based on Algold’s October 25 closing price. Along with each Algold share, First Uranium shareholders will get one-half warrant, with each full warrant exercisable at $0.20 for 18 months. The deal would give First Uranium shareholders about 52% of Algold, which would get First Uranium assets worth about $3.1 million.
First Uranium’s board supports the deal, as do AngloGold Ashanti NYE:AU, Franco-Nevada TSX:FNV and Village Main Reef Ltd, which together own or exercise direction over approximately 33% of First Uranium.
Algold has a gold-silver-copper property in Quebec, as well as gold properties in Mauritania and Burkina Faso.
Strateco resumes legal action against Quebec
After previously having agreed to stay the proceedings, Strateco Resources TSX:RSC intends to resume legal action against the Quebec government. The dispute results from Quebec’s moratorium on uranium mining and the minister of sustainable development’s refusal to issue the company an exploration licence.
On October 29 Strateco said it will “first aim to challenge the minister’s motion of July 15, 2013, to dismiss the mandamus proceedings. Strateco will then continue with its action to obtain an order for the issuance of the certificate of authorization for the Matoush project, as mentioned in its amended petition for mandamus.”
Ashburton gets new president and directors
Appointments announced by Ashburton Ventures TSXV:ABR on October 29 include president/director Kyler Hardy, who has over 11 years of industry experience building companies from start-ups to advanced operations. Director Bill Harris, founder of Northern Freegold Resources TSXV:NFR, has a lengthy background of acquisition, exploration management, permitting and mining. Director Stephen Pearce is a corporate and securities lawyer who acts as an adviser and director of private and public companies.
Anthem Resources barges into Boss/Beruschi battle of the B claims
A $30-million government payout hangs in limbo as the battle of the B claims rages on. Two rival slates presented by bitter enemies Boss Power TSXV:BPU and Morning Star Resources vie for the November 14 election to Boss’ board. The winners will decide how much the B claims are worth. Boss must acquire the claims and turn them over to the province of British Columbia to receive a $30-million settlement that followed B.C.’s sudden ban on uranium exploration in 2009. Morning Star president Anthony Beruschi actually owns the claims, a detail apparently overlooked when Boss agreed to the settlement terms.
In last week’s episode a third company, Anthem Resources TSXV:AYN, entered the fray on Boss’ behalf, amid a flurry of angry denunciations from all sides. Boss’ side of the story can be read here, Anthem’s here. Morning Star, unlisted and seemingly without a website, launched its broadsides from here, here and here.
On October 28 Jet Metal TSX:JET, formerly Crosshair Energy, announced its new OTCQB ticker: JETMF. Four days later the company said it pulled out of the Moran Lake co-ownership agreement involving a Newfoundland property. Jet Metal holds interests in a Labrador uranium-vanadium resource and a Wyoming uranium resource.
On October 29 Ur-Energy TSX:URE reported filing its Q3 results on sedar.com. The previous week the company announced a US$34-million Wyoming state loan secured by Ur-Energy’s Lost Creek in-situ recovery mine, which began production in August.
One of three workers injured in an October 2 electrical accident at the Langer Heinrich mine in Namibia has died, Paladin Energy TSX:PDN reported on October 30. The company has an investigation into the accident underway. Another worker has recovered completely while the third remains in hospital but is expected to make a full recovery.
Aldrin Resource TSXV:ALN announced the appointment of Edward Marlow as director on October 30. Among other positions Marlow served on the advisory board for Hathor Exploration, which was bought by Rio Tinto NYE:RIO for $654 million, and as a director of ESO Uranium, now Alpha Minerals. Aldrin also announced an increase in its private placement from $1 million to $1.5 million for Triple M exploration and general working capital. In early October the company acquired the Virgin property around the Basin’s south-central edge.
On October 30 Makena Resources TSXV:MKN announced closing the first tranche of a private placement, flogging 5.09 million units at $0.12 for $611,000. The previous week Makena announced a separate offer of up to one million units at $0.18. The company optioned a 50% interest in the PLS-region Patterson claims last August.
Continental Precious Minerals TSX:CZQ announced on October 30 a confidential settlement with Bennett Jones LLP in which a $1.5-million trust indenture is being terminated. The money has been returned to Continental. Litigation between the company and its former CEO/director, Edward Godin, continues. Continental explores for uranium and other minerals in Sweden.
Also on October 30 Golden Bridge Mining TSXV:GBM announced a private placement of 1.43 million flow-through shares at $0.35 for up to $500,000, as well as unsecured convertible debentures up to $500,000. The debentures will bear 8% interest, mature after three years and be convertible to shares at $0.35. The previous week Golden Bridge said it staked 3,657 hectares in the PLS region.
On October 31 Energy Fuels TSX:EFR announced shareholders and directors agreed to a 1:50 reverse split, which the company represents as an important step in listing on a U.S. exchange. Energy Fuels expects to see TSX trading of the post-consolidation shares on November 5. The company, which supplies about 25% of American uranium production, acquired Strathmore Minerals in September.
In another share consolidation announced October 31, Lions Gate Metals TSXV:LGM shareholders approved a 1:4 reverse split. In September the company announced an agreement to assign its Whitford Lake property to Canadian Uranium Corp, which intends to seek a CNSX listing.
Having fallen below the big board’s minimum market cap, CanAlaska Uranium TSX:CVV gets de-listed from the TSX on December 2 close, the company stated November 1. With interests in 18 uranium projects, eight of which have 43-101 reports, CanAlaska plans to apply for a TSXV listing. The most recent 43-101, also announced November 1, was for the Cree East project on the eastern Basin, which is funded by a Korean consortium. Since August CanAlaska has optioned interests in two of its properties to other companies.
On November 1 Brades Resource TSXV:BRA announced Carl von Einsiedel replaced Brian Biles as CEO/director. Von Einsiedel has worked as a consulting geologist and independent contractor since the early 1980s and has over 20 years of project management experience involving uranium, precious metals and base metals. Brades entered the uranium space with the Lorne Lake acquisition in July and an October letter of intent to earn into Fission’s Clearwater West project.
AREVA and Mongolia team up on uranium joint venture
French nuclear energy giant AREVA and the state of Mongolia will form a JV to develop uranium projects, the company announced October 26. AREVA will hold a 66% interest, with 34% to be held by Mon-Atom, the Mongolian state-owned nuclear company. Mitsubishi Corp has also agreed to take an undisclosed equity interest.
AREVA has been working in Mongolia since 1997, having so far discovered two uranium deposits. The signing ceremony took place during a visit by French Minister of Foreign Affairs Laurent Fabius. One day later Canadian Governor General David Johnston met with Mongolian Prime Minister Norovyn Altankhuyag.
“Mining is a mainstay of the Mongolian economy,” stated the World Nuclear News on October 28. The journal added that “Canadian, Chinese and Japanese companies are also involved in uranium exploration and development activities in Mongolia.” Denison has produced 43-101 resource estimates through its Gurvan Saihan JV with the Mongolian government.
See previous uranium news updates:
- to October 25
- to October 18
- to October 11
- to October 4
- to September 27
- to September 20
- to September 13
- to September 6
Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Lakeland Resources.
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