AGREEMENT FOR NORTHERN URANIUM TO ACQUIRE A MAJORITY INTEREST IN
• Farm-in agreement giving Northern Uranium the exclusive right to earn 60% interest in
• “The Don” prospect (historic drill result of 0.44m of 1.5% U3O8 and 1.7g/t Au) added to Northern Uranium’s Gardiner-Tanami high priority unconformity uranium
exploration target list
• Diamond drilling ongoing on Northern Uranium’s Soma prospect
Northern Uranium Limited (ASX: NTU) has reached an agreement with Manhattan Corporation Limited (ASX:MHC) which will provide Northern Uranium an exclusive right to earn 60% interest in Manhattan’s Gardner Range Project by spending A$1.05m within four years.
Thereafter, subject to elections by
The Gardner Range Project adjoins Northern Uranium’s Gardiner-Tanami Project, which is the focus of the Company’s current diamond drilling program.
The agreement will expand Northern Uranium’s exploration targets to include the historical uranium prospects “The Don” and “Deva” within its current program (see Figure 1).
Recent work on
The agreement acknowledges Northern Uranium’s strategic alliance with French nuclear group
(“Afmex”) will operate the expanded Project.
A work program for the
Under the terms of the agreement with
On Northern Uranium acquiring its 60% Farm-in interest the two companies will enter into a joint venture with
On completion of the Pre Feasibility Study Manhattan has the option to contribute to expenditures in accordance with its then interest or be free carried to completion of a Definitive Feasibility Study to develop a mine and retain a 10% interest. Thereafter
About Northern Uranium
Northern Uranium Limited is primarily a uranium exploration and development company and holds large and prospective projects in
The Company has a strategic alliance with the French nuclear group,
The Gardiner-Tanami project covers an area of approximately 11,000km2 centred on the WANT border 200km southeast of Halls Creek. Northern Uranium and the project operator Afmex have been exploring for unconformity-related uranium deposits in the area since 2007. The Gardiner-Tanami area is compared favourably with the Alligator Rivers region in the NT where the Ranger mine,