Owner
Post by Franko10 ™ on Sept 11, 2004 13:05:17 GMT -5
News Release
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February 20, 2004 -- JNR Resources Inc. (TSX.V: JNN) would like to announce that the Company and Kennecott Canada Exploration Inc. (KCEI) have agreed to certain amendments to the Athabasca Projects Reorganization Agreement.
This Agreement specified the terms under which the Company could acquire KCEI's interest in several uranium properties in the Athabasca Basin of Northern Saskatchewan, including the highly prospective Moore Lake uranium project.
The most significant amendment is a buydown provision to the 2.5% net smelter return royalty that KCEI holds on all of the properties. KCEI has agreed to allow the Royalty Payor to reduce the NSR by 50% to 1.25%; by payment of $1,000,000.
The Company is pleased with these changes and with the enhanced opportunity that they present to move forward with exploration and if warranted, development of the properties.
ON BEHALF OF THE BOARD
Rick Kusmirski,
President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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February 20, 2004 -- JNR Resources Inc. (TSX.V: JNN) would like to announce that the Company and Kennecott Canada Exploration Inc. (KCEI) have agreed to certain amendments to the Athabasca Projects Reorganization Agreement.
This Agreement specified the terms under which the Company could acquire KCEI's interest in several uranium properties in the Athabasca Basin of Northern Saskatchewan, including the highly prospective Moore Lake uranium project.
The most significant amendment is a buydown provision to the 2.5% net smelter return royalty that KCEI holds on all of the properties. KCEI has agreed to allow the Royalty Payor to reduce the NSR by 50% to 1.25%; by payment of $1,000,000.
The Company is pleased with these changes and with the enhanced opportunity that they present to move forward with exploration and if warranted, development of the properties.
ON BEHALF OF THE BOARD
Rick Kusmirski,
President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
