re: announcement Slowly but surely accumulating more and more U....
10:05, Monday, 14 November 2005
Sydney - Monday - November 14: (RWE Australian Business News) -
Redport Ltd (ASX code: RPT) today announced the acquisition of a 100 per
cent interest in the Lake Maitland Uranium Project and Mundong Well
Uranium Prospect.
Lake Maitland is an advanced-stage uranium project containing a
Resource of more than 17 million pounds (7800 tonnes) of U308 located in
the Bronzewing-Wiluna gold mining belt of Western Australia.
"The Lake Maitland acquisition greatly increases Redport's
uranium resource base and with the uranium price hitting a 25-year high,
it significantly enhances our leverage in the uranium sector," executive
director Mr Malcolm Mason said.
The company previously held 30 per cent with a right to earn up
to an 80 per cent interest in the Lake Maitland and Mundong Well uranium
projects pursuant to joint venture arrangements with Fox Resources Ltd
(ASX code: FXR).
Redport has acquired all of Fox's interests in the Lake Maitland
and Mundong Well uranium projects for a cash consideration of $750,000.
Redport now owns both uranium projects outright.
The parties have also agreed to finalise the acquisition of
tenements in the Yandal and Ashburton region as announced on April 26
with an amount of $140,000 payable to Fox at completion.
RPT
redport limited
