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BRIEF-UEX signs LoI on advanced stage Athabasca Uranium Project

Published 2015-10-26, 06:45 a/m
© Reuters.  BRIEF-UEX signs LoI on advanced stage Athabasca Uranium Project
UEX
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Oct 26 (Reuters) - UEX Corp UEX.TO :
* Signs LoI on advanced stage Athabasca Uranium project
* Signed LoI, with JCU (Canada) Exploration Co Limited that will allow company
to earn up to a 70% interest in JCU's Christie Lake Project
* Signing of LoI grants UEX exclusive right to negotiate formal option
agreement with JCU on Christie Lake Project for 90 days
* Says UEX has also agreed to fund $15 million exploration expenditures on the
Christie Lake Project over the same period of time
* UEX will earn an incremental interest in the project for each annual cash
payment and exploration work commitment completed
* Says in return for the exclusivity during the negotiations, UEX will pay
$250,000 to JCU upon signing of the LoI
* Cos have agreed that UEX shall make staged payments totaling $7 million to
JCU between January 1, 2016 and January 1, 2020

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