EMC 5.00% 10.5¢ everest metals corporation ltd

Ann: Everest Metals to Cornerstone Uranium IPO, page-12

  1. 10,559 Posts.
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    The below from this announcement is what may attract interest from a uranium ETF like the URA ETF and ATOM, an Australian based ETF
    They look for JORC resources, even if such a resource is from many decades ago, like in the case of the ASN Yellow Cat resource.
    I think that the market has greatly underestimated the value and significance of the Mukinbudin project current JORC 2004 resource.

    The Mukinbudin Project is located in the Archaean age Yilgarn Craton of Western Australia.
    The uranium mineralisation has been classified as roll-front mineralisation
    In 2011, Mindax reported an inferred JORC 2004 resource of 6.2Mt @ 237ppm U for (3.25Mibs U3O8) over two areas of Jindarra and Yandegin by using a 100ppm (0.01%) U3O8 cut off, as the first uranium resource estimated on a prospect in the Wheatbelt of Western Australia7.

    The Mukinbudin Project has the potential for several multi-million-pound uranium deposits that could support a long life mining and processing operation

    Material Terms of the Acquisition EMC has executed a Binding Head of Agreement (Agreement) to acquire a 100% legal and beneficial interest in the Mukinbudin project tenements from Crucible. An initial consideration, includes a non-refundable cash deposit of AUD$50,000 The deferred consideration, comprises: A. Cash payment of AUD$100,000; and B. 3,500,000 Shares in the Listing Entity (with a total value of $700,000 at a deemed issue price of 20 cents per Share) The deferred consideration is payable upon the successful listing of Cobold on the ASX, at which point, Cobold will assume the deferred consideration obligations relating to the Mukinbudin project.
 
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