On
In addition, CUR and PUR have entered into a purchase agreement (the “Premier Agreement”) with, among others,
Separately, PUR has also staked 368 unpatented mining claims, covering approximately 6,940 acres in key areas of the Uravan Mineral Belt.
To view a summary of today’s news delivered by
Transaction Highlights:
- Stable, Long-term Shareholder Base Ahead of Public Market Listing – Backed by
Sachem Cove Partners , CUR and with additional institutional investor support, PUR is working toward a public listing on the TSXV. Extensive Land Holdings in Two Prominent Uranium-Producing Regions in theU.S. – PUR plans to explore and develop its large land position in the Great Divide Base ofWyoming and the Uravan Mineral Belt ofColorado .- Rich History of Past Production and Historic Uranium Mineral Resources with Strong Discovery Potential –
The Cyclone Project , inWyoming is an In Situ Recovery (“ISR”) project comprised of ~25,500 acres with past work supporting an exploration target with a range of 6.5 million short tons averaging 0.06% U3O8 (7.9 million lbs. U3O8) to 10.5 million short tons averaging 0.06% U3O8 (12.6 million lbs. U3O8).1 See below for additional details.- The
Colorado projects include multiple past producing mines with historic uranium mineral resources and exploration potential.
- Well-Timed Opportunity with Strong Market Fundamentals and Need for
U.S. Domestic Supply – Uranium fundamentals are the strongest in a decade with a large supply deficit as forecasted by industry and financial analysts. Security of supply following the Russian invasion ofUkraine is driving long-term contracting, a key feature leading up to the previous uranium price rally in 2005 to 2007. PUR presents an attractive opportunity to participate in the anticipated resurgence and advancement of theU.S. uranium industry. - Unparalleled Experience in the
U.S. Uranium Sector across the Team, Led by Disciplined Capital Allocators – PUR will be led byTim Rotolo , co-founder ofSachem Cove Partners and Founder ofLloyd Harbor Capital Management, LLC , an SEC Registered Investment Advisor. Together, the PUR board of directors, management and technical team will have deep technical, operational, and permitting expertise in theU.S. with a track record of financing and advancing uranium companies and significant institutional investment experience in the uranium sector. - Initiating Work Programs to Advance Portfolio in 2023 –
- Cyclone Project Exploration – Airborne radiometric survey completed in Q4 2022 in preparation for exploration and permitting activities planned for the remainder of 2023 and subsequent drilling expected in 2024.
- Uravan Mineral Belt Exploration –
- Monogram Mesa – Full data review for “on trend” exploration targets with subsequent drilling.
Atkinson Mesa – Historical data review in preparation for planned drilling program to delineate the extent of mineralization in the central and northern parts of the properties.
- Additionally, PUR intends to look to further increase its land position both in
Wyoming and the Uravan Mineral Belt ofColorado .
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1 The potential quantity and grade of this exploration target is conceptual in nature and based on the geologic interpretation that mineralization is Sandstone Type mineralization, aerial radiometric anomalies, and indications of the presence of oxidation reduction interfaces with mineralization from available drill data. There has been insufficient exploration to define a mineral resource and it is uncertain if a mineral resource will be delineated.
The Arrangement Agreement
Pursuant to the Arrangement Agreement, among other things, CUR has agreed to transfer certain indirect wholly-owned subsidiaries which hold the CUR Assets to PUR in exchange for 7,753,752 PUR Shares. Under the terms of the Arrangement, CUR intends to distribute 50% of the PUR Shares it receives to its shareholders on a pro-rata basis based on the number of CUR Shares held at the effective date of the Arrangement. There will be no change in CUR shareholders’ proportionate ownership in CUR as a result of the Arrangement. In addition, holders of options and warrants of CUR as of the effective date of the Arrangement will have such securities adjusted in accordance with their terms as a result of the Arrangement.
The Arrangement will be effected by way of a court-approved plan of arrangement under the Business Corporations Act (
It is anticipated that the Arrangement and the TSXV Listing will be completed in the third quarter of 2023.
The Premier Agreement
On
About PUR
Proposed Management and Board of Directors
Tim Rotolo , Chief Executive Officer- 15+ years as an investment professional with background in fund management.
- Co-founder of
Sachem Cove Partners and Founder ofLloyd Harbor Capital Management, LLC , an SEC Registered Investment Advisor. - Founder of
North Shore Indices, Inc. , which launched URNM, a uranium mining ETF in 2019 and raised over$1 Billion before selling to NYSE listed, Sprott Asset Management.
Greg Duras , Chief Financial Officer- 25+ years in the resource sector in corporate development, financial management and cost control.
Marty Tunney , Chairman- Mining engineer with significant technical and capital markets experience.
- Current President and Chief Operating Officer of CUR.
Michael Harrison , Director- 25+ years of executive, financial and technical experience in the mining industry.
- Current Managing Partner at Sprott Inc.
Daniel Nauth , Director- Lawyer with a specialty in
U.S. -Canada cross-border capital markets, M&A and corporate and securities transactions and regulatory compliance.
- Lawyer with a specialty in
Ted Wilton - 50+ years as a Senior Geologist in the mining industry, including 25+ in the uranium sector.
- Involved in discovering 8 deposits containing more than 10 million ounces gold in the
U.S. andAustralia .
Mike Neumann - 40+ years in environmental and regulatory affairs, specialized in uranium mine permitting in the
U.S. andKazakhstan . - Gained regulatory approval for expansion of Daneros, compliance for Tony M, and
Rim Mines inUtah .
- 40+ years in environmental and regulatory affairs, specialized in uranium mine permitting in the
Tyler Johnson - 14+ years formerly with
Denison and Energy Fuels Inc. - Geologist specializing in exploration, mine development, and resource estimation on uranium and vanadium projects.
- 14+ years formerly with
The Projects
Figure 1: PUR Project Portfolio located in the States of
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1 Source:
2 Source: www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2021.pdf
The uranium deposits in the basin are hosted in flat-lying sandstones of the Battle Spring Formation, with a widespread alteration of host sandstones and numerous roll-front uranium deposits associated with altered rocks. Exploration potential remains high on the project with drilling required to follow up on historic work and delineate mineralized zones.
Previous exploration on the project includes ~80 holes drilled during 2007-2008, with mineralization showing typical grades and thicknesses to uranium deposits found elsewhere in the
Sufficient historical exploration data is available for the North and East claim blocks to define an exploration target, which shows a range of 6.5 million short tons averaging 0.06% U3O8 (7.9 million lbs. U3O8) to 10.5 million short tons averaging 0.06% U3O8 (12.6 million lbs. U3O8). The potential quantity and grade of this exploration target is conceptual in nature and based on the geologic interpretation that mineralization is roll-front sandstone – type mineralization, and that mineralization is present as indicated by airborne radiometric anomalies, indications of the presence of oxidation reduction interfaces with associated uranium mineralization as depicted in available historic drill data. There has been insufficient exploration to define a mineral resource and it is uncertain if a mineral resource will be delineated. For the definition of the exploration target, the following criteria based on direct knowledge and experience in the area and similar sandstone hosted uranium deposits in the
A detailed review of the historical drill data is planned with permitting underway in preparation for drilling in 2024.
The Uravan Mineral Belt of
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3 Source: Chenoweth, William L., 1981, "The Uranium-Vanadium Deposits of the Uravan Mineral Belt and Adjacent Areas,
4 Source: www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2022.pdf
Monogram Mesa
The Monogram Mesa project covers approximately 7,431 acres and consists of 361 mining claims.
The property includes multiple historic mines on the northeast and the West (
Historic Production1 | |||||
Tons (short) | Grade (%U3O8) | Pounds U3O8 | Grade (%V2O5) | Pounds V2O5 | |
Monogram Mesa Mines | 840,761 | 0.30 | 4,992,179 | 1.19 | 20,001,113 |
- As disclosed in Nelson-Moore, James L,
Donna Bishop Collins , andA. L. Hornbaker , 1978; Radioactive Mineral Occurrences ofColorado , Colorado Geological Survey Bulletin 40, 1,054 pages, 18 figures, 3 tables, 12 plates.
An exploration drilling program to confirm and potentially expand currently known mineralization is planned with the potential to acquire surrounding properties, further consolidating the area.
The Atkinson Mesa project covers 5,863 acres, including 128 unpatented lode mining claims, 4
Historic Production1 | |||||
Tons (short) | Grade (%U3O8) | Pounds U3O8 | Grade (%V2O5) | Pounds V2O5 | |
Complex | 1,230,000 | 0.21 | 5,160,000 | 1.11 | 26,540,000 |
- Goodnight, Craig S.,
William L. Chenoweth , Richard D. Davyaault, andEdward T. Cotter , 2005; Geologic Road Log for Uravan Mineral Belt Field Trip, West-Central Colorado; Rocky Mountain Section ofGeological Society of America , 2005 Annual Meeting.
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5 Source: Goodnight, Craig S.,
The
Both projects include historic production from multiple mines, including the well-known
Historic Production1 | |||||
Tons (short) | Grade (%U3O8) | Pounds U3O8 | Grade (%V2O5) | Pounds V2O5 | |
Slick Rock | 434,300 | 0.34 | 2,953,600 | 1.30 | 11,333,800 |
Outlaw and Calamity Mesas | 423,500 | 0.34 | 2,917,200 | 1.29 | 10,994,500 |
- As disclosed in the above and by Nelson-Moore, James L,
Donna Bishop Collins andA. L. Hornbaker , 1978; Radioactive Mineral Occurrences ofColorado , Colorado Geological Survey Bulletin 40, 1,054 pages, 18 figures, 3 tables, 12 plates.
Technical Disclosure and Qualified Person
The scientific and technical information contained in this news release was reviewed and approved by
The data disclosed in this news release is related to historical drilling results. CUR has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. CUR considers these historical drill results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.
About
Backed by
PUR intends to apply to list its shares on the TSXV, cementing its position as a leading
For more information, please visit www.premierur.com.
About
For More Information, Please Contact:
Chairman and CEO
pwilliams@consolidateduranium.com
Toll-Free: 1-833-572-2333
Twitter: @ConsolidatedUr
www.consolidateduranium.com
Neither
Cautionary Statement Regarding Forward-Looking Information.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the timing and outcome of the Arrangement, the Premier acquisition and the Listing, including required shareholder, regulatory, court and stock exchange approvals; the anticipated timing of the Meeting; the anticipated benefits of the Arrangement; the satisfaction or waiver of the closing conditions set out in the Arrangement Agreement and the Premier Agreement; the exploration activities anticipated for the remainder of 2023 and 2024; the anticipated management team and board of directors of PUR; the final approval of the Arrangement and Listing by the TSXV; anticipated strategic and growth opportunities; expectations regarding the
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: the failure to obtain shareholder, regulatory, court or stock exchange approvals in connection with the Arrangement, the Listing and the Premier acquisition; failure to realize the anticipated benefits of the Arrangement or implement the business plan for PUR; the diversion of management time on transaction-related issues; expectations regarding negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, and risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approval and the risk factors with respect to
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0fd6e6e6-004b-4c8c-9ba2-dbd43db21572
Figure 1
PUR Project Portfolio located in the States of Wyoming and Colorado
2023 GlobeNewswire, Inc., source