Skyharbour Announces Binding Term Sheet to Option up to 70% of a Portion of the Preston Uranium Project for up to $8 Million in Project Consideration
(Thomson Reuters ONE) -
VANCOUVER, British Columbia, Dec. 15, 2016 (GLOBE NEWSWIRE) -- Skyharbour
Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1N) (the "Company"), in
conjunction with Preston Uranium Project partner Clean Commodities Corp. ("Clean
Commodities") (TSX-V:CLE), is pleased to announce the signing of a binding term
sheet (the "Term Sheet") with a uranium company (the "Partner") which provides
that the parties will work to negotiate a definitive option agreement that, if
entered into by March 15(th), 2017, would provide the Partner an option to
acquire up to a 70% working interest in a portion of the Preston Uranium Project
(the "Preston Segment"). In consideration for the 70% interest, the Partner
would be required to spend up to CAD $8 million consisting of cash payments to
the Company and Clean Commodities and accelerating exploration programs.
Preston Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/SYH_Patterson_Lake_Area_Promo_20161212_
blue_hi_res.pdf
Skyharbour's President and CEO, Jordan Trimble commented: "We are very pleased
and excited to have the potential opportunity to work with a new partner to
further advance the central portion of the Preston Uranium Project. The Preston
Project is a strategic, district-scale property with robust exploration upside
potential throughout and is located near recent high grade discoveries in the
Patterson Lake area including NexGen's Arrow deposit, Fission's Triple R
deposit, and the Spitfire discovery. The signing of this Term Sheet is a
significant milestone for Skyharbour as the Company continues to value-add its
project base in the Athabasca Basin through focused mineral exploration as well
as the prospect generator model and associated strategic partnerships."
Highlights of the Binding Term Sheet:
* Outlines the general terms of a potential Definitive Agreement whereby the
Partner may earn up to a 70% interest in the Preston Segment totaling
52,428 hectares of the total 121,148 hectare Preston Project through $8
million of total project consideration over six years, including up to
$7,300,000 of exploration work programs and $700,000 of cash payments.
* If carried to completion, a three-way joint venture would form allocated as
to 70% Partner and 30% to be jointly split between Skyharbour and Clean
Commodities.
* Skyharbour and Clean Commodities would continue to retain ownership (50% /
50%) of the balance of the Preston Uranium Project consisting of a further
68,720 hectares of minerals claims contiguous to the Preston Segment
optioned to the Partner.
* The Preston Uranium Project is one of the largest tenure positions in the
Patterson Lake region and currently consists of 121,148 hectares
strategically located near NexGen Energy Ltd.'s high-grade Arrow deposit
hosted on its Rook-1 property and Fission Uranium Corp.'s Triple R deposit
located within their PLS Project area.
Preston Uranium Property Map and Regional Exploration Corridors:
http://skyharbourltd.com/_resources/SYH_Regional_Corridors.jpg
The significant potential of the Western Athabasca Basin has been highlighted by
recent discoveries in the area by NexGen Energy Ltd. (Arrow), Fission Uranium
Corp. (Triple R) and a joint-venture consisting of Cameco Corporation, AREVA
Resources Canada Inc. and Purepoint Uranium Group Inc. (Spitfire). Through its
involvement in the Western Athabasca Syndicate and the Preston Uranium Project,
the Company has been involved in a large regional exploration program in the
relatively under-explored southwestern side of the Athabasca Basin since 2013.
In excess of $4.7 million in expenditures on the Preston Uranium Project have
been incurred to-date including ground gravity, airborne and ground EM and
magnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping
surveys, as well as two exploratory drill programs. Fifteen high-priority drill
target areas associated with six prospective exploration corridors have been
successfully delineated through this methodical, multi-phased exploration
initiative which has culminated in an extensive, proprietary geological database
for the project area.
The Term Sheet was signed by all parties on December 14(th), 2016 and represents
an arm's length transaction with no finder's fees being paid.
Qualified Person:
The technical information in this news release has been prepared in accordance
with the Canadian regulatory requirements set out in National Instrument 43-101
and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour's Head
Technical Advisor and a Director, as well as a Qualified Person.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium and thorium exploration
projects in Canada's Athabasca Basin and is well-positioned to benefit from
improving uranium market fundamentals with five drill-ready projects. In July
2016, Skyharbour acquired an option from Denison Mines to acquire 100% of the
Moore Lake Uranium Project which is located 20 kilometres east of Denison's
Wheeler River project and 39 kilometres south of Cameco's McArthur River mine.
Moore Lake is an advanced stage uranium exploration property with over $30
million in historical exploration, 370 diamond drill holes, and a high-grade
uranium zone known as the Maverick Zone with drill results including 4.03% eU3O8
over 10 metres at a vertical depth of 265 metres. The Company owns a 100%
interest in the Falcon Point (formerly Way Lake) Uranium Project on the eastern
perimeter of the Basin which hosts an NI 43-101 inferred resource totaling 7.0
million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. The
project also hosts a high-grade surface showing with up to 68% U3O8 in grab
samples from a massive pitchblende vein, the source of which has yet to be
discovered. Skyharbour also has a 50% interest in the large, geologically
prospective Preston Uranium Project proximal to Fission Uranium's Triple R
deposit as well as NexGen Energy's Arrow deposit. The Company's 100% owned Mann
Lake Uranium project on the east side of the Basin is strategically located
adjacent to the Mann Lake Joint Venture operated by Cameco, where high-grade
uranium mineralization was recently discovered. Skyharbour's goal is to maximize
shareholder value through new mineral discoveries, committed long-term
partnerships, and the advancement of exploration projects in geopolitically
favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
http://skyharbourltd.com/_resources/SYH_Landpackage_2014.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V:SYH) visit the Company's
website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
"Jordan Trimble"
Jordan Trimble
President and CEO
For further information contact myself or:
Nick Findler
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3850
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info(at)skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-
looking statements". All statements in this release, other than statements of
historical facts, that address events or developments that management of the
Company expects, are forward-looking statements. Although management believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance, and actual results or developments may differ materially from those
in the forward-looking statements. The Company undertakes no obligation to
update these forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause actual
results to differ materially from those in forward-looking statements, include
market prices, exploration and development successes, continued availability of
capital and financing, and general economic, market or business conditions.
Please see the public filings of the Company at www.sedar.com for further
information.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Skyharbour Resources Ltd via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 15.12.2016 - 19:44 Uhr
Sprache: Deutsch
News-ID 513264
Anzahl Zeichen: 9954
contact information:
Town:
Vancouver
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 384 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Skyharbour Announces Binding Term Sheet to Option up to 70% of a Portion of the Preston Uranium Project for up to $8 Million in Project Consideration"
steht unter der journalistisch-redaktionellen Verantwortung von
Skyharbour Resources Ltd (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
