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Post by Franko10 ™ on Jan 31, 2005 12:14:36 GMT -5
Uranerz Exploration - Fort a la Corne Joint Venture to Proceed with 1997 Program
SASKATOON, SASKATCHEWAN--(BUSINESS WIRE)--June 3, 1997--Uranerz The Fort a la Corne Joint Venture today announced that it will be proceeding with Phase I of the planned 1997 exploration program.
Phase I will consist of a 2 hole Small Diameter Drill Hole program testing the previously undrilled kimberlite targets 605 and 612, and a Large Diameter Drill Hole program testing targets 150, 220 and 176. This large diameter drill hole program has the objective of maximizing the tonnage of kimberlite recovered from each of the top priority targets for macrodiamond testing. The resulting bulk samples will be tested at Anglo American's laboratory facilities in South Africa.
$800,000 has been budgeted by the Joint Venture for Phase I of the planned 1997 program. It is anticipated that the planned field program and associated analytical work will be completed by late fall. The Joint Venture also plans a Phase II, $1.2 million program, contingent on the results of the Phase I program.
As previously reported, Uranerz has elected not to participate in the funding of the Phase I, $800,000 program. Cameco, Monopros and Kensington have elected to assume pro rata the non-sharing cost of Uranerz beyond fulfilment of Kensington's earn-in obligation to the Joint Venture. As a consequence, Uranerz's participating interest in the Fort a la Corne Joint Venture will dilute to 10 percent, and the interest of each of Cameco, Monopros and Kensington will increase to 30 percent.
The Fort a la Corne Joint Venture consists of Uranerz Exploration and Mining Limited (operator), one of the world's largest uranium producers; Cameco Corporation, the world's largest publicly traded uranium producer and a growing gold producer; Monopros Limited, the Canadian subsidiary of De Beers Consolidated Diamond Mines Limited, the world's largest diamond producer; and Kensington Resources Ltd., a Canadian junior exploration company.
CONTACT: Uranerz Exploration and Mining Limited
Al Shpyth, 306/668-1743, 306/668-3577 (FAX)
COPYRIGHT 1997 Business Wire
COPYRIGHT 2004 Gale Group
SASKATOON, SASKATCHEWAN--(BUSINESS WIRE)--June 3, 1997--Uranerz The Fort a la Corne Joint Venture today announced that it will be proceeding with Phase I of the planned 1997 exploration program.
Phase I will consist of a 2 hole Small Diameter Drill Hole program testing the previously undrilled kimberlite targets 605 and 612, and a Large Diameter Drill Hole program testing targets 150, 220 and 176. This large diameter drill hole program has the objective of maximizing the tonnage of kimberlite recovered from each of the top priority targets for macrodiamond testing. The resulting bulk samples will be tested at Anglo American's laboratory facilities in South Africa.
$800,000 has been budgeted by the Joint Venture for Phase I of the planned 1997 program. It is anticipated that the planned field program and associated analytical work will be completed by late fall. The Joint Venture also plans a Phase II, $1.2 million program, contingent on the results of the Phase I program.
As previously reported, Uranerz has elected not to participate in the funding of the Phase I, $800,000 program. Cameco, Monopros and Kensington have elected to assume pro rata the non-sharing cost of Uranerz beyond fulfilment of Kensington's earn-in obligation to the Joint Venture. As a consequence, Uranerz's participating interest in the Fort a la Corne Joint Venture will dilute to 10 percent, and the interest of each of Cameco, Monopros and Kensington will increase to 30 percent.
The Fort a la Corne Joint Venture consists of Uranerz Exploration and Mining Limited (operator), one of the world's largest uranium producers; Cameco Corporation, the world's largest publicly traded uranium producer and a growing gold producer; Monopros Limited, the Canadian subsidiary of De Beers Consolidated Diamond Mines Limited, the world's largest diamond producer; and Kensington Resources Ltd., a Canadian junior exploration company.
CONTACT: Uranerz Exploration and Mining Limited
Al Shpyth, 306/668-1743, 306/668-3577 (FAX)
COPYRIGHT 1997 Business Wire
COPYRIGHT 2004 Gale Group
