ann...uranium exploration , page-3

Heritage Gold to explore for uranium in NT
10:43, Monday, 12 March 2007

Sydney - Monday - March 12: (RWE Australian Business News) -
Heritage Gold NZ Ltd (ASX code: HTM) has signed a binding heads of
agreement (subject to due diligence) in relation to an offer to enter a
joint venture to explore for uranium in the Dunmarra Basin of the NT.
Heritage Gold will pay $10,000 to the licence applicants before
the end of the 30-day due diligence period and will have the right to
earn up to 50 per cent interest in the tenements by the expenditure of
$2 million over three years from granting of the licences.
Heritage may increase its interest to 75 per cent upon the
expenditure of a further $2 million, depending on the election of the
vendors to contribute or dilute.
The tenement numbers are Exploration Licence Application (ELA)
25871 covering 377 sq km, ELA 25872 covering 460 sq km, and ELA 25921
covering 419 sq km. The licence areas are considered prospective for
sandstone-hosted and roll-front uranium mineralisation.
Upon satisfactory completion of the due diligence, Heritage will
issue 2.5 million shares to the vendors immediately, and a further 2.5
million shares on granting of the licences.
The minimum expenditure commitment of the company is $100,000.
A placement of shares is planned to sophisticated and
professional investors to fund the investigation of the uranium
proposal, advance further exploration on Heritage's current projects and
for working capital.
The company is seeking to place up to 20 million shares at 3.5c.
The placement will be managed by Montagu Stockbrokers of Perth
for a fee of 5 per cent of funds raised.