Owner
Post by Franko10 ™ on Dec 19, 2005 9:21:14 GMT -5
Magnum Acquires Significant Land Position in Athabasca Basin
09:00 EST Monday, December 19, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 19, 2005) - Magnum Uranium Corp. ("the Company") (TSX VENTURE:MM) is pleased to announce that it has agreed to acquire a 100% interest in mineral claims covering 416,000 acres in Saskatchewan's Athabasca Basin (the "Agreement"). The claims, located in the northeastern portion of the Athabasca Basin, are adjacent to claims controlled by, among others, Cogema, Pitchstone Exploration Ltd., Purepoint Uranium Group, and International Uranium Corporation. The eastern Athabasca Basin hosts the world's largest and highest grade uranium deposits, including McArthur River, having a resource of 400 million pounds grading 24.7% and Cigar Lake, having a resource of 170 million pounds grading 19.0%.
"The acquisition of this property portfolio offers significant exposure to the world's most prolific uranium region. Coupled with our existing uranium assets, Magnum now has an attractive blend of advanced stage uranium assets in the United States and grass roots exploration assets in Canada," states Craig Lindsay, Magnum's President & CEO.
Magnum plans to implement a work program on the property in 2006 that will include an initial airborne MEGATEM survey to define conductors for drill testing and ground-based geophysical surveying and mapping.
The terms of the Agreement call for the payment of $500,000 (of which approximately $400,000 represents a recovery to the vendor of claim staking costs), the issuance of 1,000,000 common shares and 500,000 common share purchase warrants priced at $1.00 and having a two year term and a 3.0% net smelter royalty in favour of the vendors. Magnum has the option to repurchase 1.5% of the net smelter royalty for $1,000,000 at any time prior to production. The Agreement is subject to TSX Venture Exchange approval.
Magnum also announces the proposed grant of 1,100,000 options to certain officers, directors and consultants of the Company. The options are to be exercisable at $.75 for a period of five years from the date of the grant.
The Company
Magnum is a Vancouver-based minerals exploration company focused on the acquisition and development of uranium assets in North America. The Company's primary exploration assets are located in the Western United States (comprising six properties in Idaho, Utah, and Washington) and Canada (comprising 416,000 acres in the Athabasca Basin).
ON BEHALF OF THE BOARD
Craig T. Lindsay, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Magnum Uranium Corp.
Craig T. Lindsay
President & CEO
(604) 683-2507
(604) 683-2506 (FAX)
www.magnumuranium.com
The TSX Venture Exchange has neither approved or dissaproved of the contents herein.
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09:00 EST Monday, December 19, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 19, 2005) - Magnum Uranium Corp. ("the Company") (TSX VENTURE:MM) is pleased to announce that it has agreed to acquire a 100% interest in mineral claims covering 416,000 acres in Saskatchewan's Athabasca Basin (the "Agreement"). The claims, located in the northeastern portion of the Athabasca Basin, are adjacent to claims controlled by, among others, Cogema, Pitchstone Exploration Ltd., Purepoint Uranium Group, and International Uranium Corporation. The eastern Athabasca Basin hosts the world's largest and highest grade uranium deposits, including McArthur River, having a resource of 400 million pounds grading 24.7% and Cigar Lake, having a resource of 170 million pounds grading 19.0%.
"The acquisition of this property portfolio offers significant exposure to the world's most prolific uranium region. Coupled with our existing uranium assets, Magnum now has an attractive blend of advanced stage uranium assets in the United States and grass roots exploration assets in Canada," states Craig Lindsay, Magnum's President & CEO.
Magnum plans to implement a work program on the property in 2006 that will include an initial airborne MEGATEM survey to define conductors for drill testing and ground-based geophysical surveying and mapping.
The terms of the Agreement call for the payment of $500,000 (of which approximately $400,000 represents a recovery to the vendor of claim staking costs), the issuance of 1,000,000 common shares and 500,000 common share purchase warrants priced at $1.00 and having a two year term and a 3.0% net smelter royalty in favour of the vendors. Magnum has the option to repurchase 1.5% of the net smelter royalty for $1,000,000 at any time prior to production. The Agreement is subject to TSX Venture Exchange approval.
Magnum also announces the proposed grant of 1,100,000 options to certain officers, directors and consultants of the Company. The options are to be exercisable at $.75 for a period of five years from the date of the grant.
The Company
Magnum is a Vancouver-based minerals exploration company focused on the acquisition and development of uranium assets in North America. The Company's primary exploration assets are located in the Western United States (comprising six properties in Idaho, Utah, and Washington) and Canada (comprising 416,000 acres in the Athabasca Basin).
ON BEHALF OF THE BOARD
Craig T. Lindsay, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Magnum Uranium Corp.
Craig T. Lindsay
President & CEO
(604) 683-2507
(604) 683-2506 (FAX)
www.magnumuranium.com
The TSX Venture Exchange has neither approved or dissaproved of the contents herein.
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