URANIUM JOINT VENTURE Wasabi Energy Ltd advises that it has expanded its uranium exploration portfolio and is preparing to upgrade this aspect of the company’s diversified energy business. Wasabi, through subsidiary Rum Jungle Uranium Pty Ltd, has entered into an agreement with Crescent Gold Ltd to earn up to a 90% interest in highly prospective exploration licences (ELs) at Rum Jungle (EL 24866 and 24898) and near Tennant Creek (EL 24834 and 24385) in the Northern Territory. The agreement rounds out Wasabi’s uranium exploration portfolio which already includes tenements over the Woolner Dome, on interpreted extensions of the Giant’s Reef Fault about 75km east of Darwin, and 1300 square kilometres of ELs near the Paddy’s Jump Up uranium deposit, east of Alice Springs. The agreement on the Rum Jungle tenements, which are also located near the Giant’s Reef Fault, and the Tennant Creek tenements give Rum Jungle Uranium the right to earn a 25% stake by spending $200,000 before the end of 2007 rising to 50% by spending a further $400,000 by the end of 2008. Crescent will have the right to contribute to exploration at this stage but should it elect not to, Rum Jungle Uranium will have the right to spend a further $500,000 to increase its stake to 75% by the end of 2008. At this point, Crescent can elect to contribute to the exploration program or reduce to a 10% carried interest.
WAS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
