Redport Ltd(ASX:RPT) signed an agreement with View Resources...

Redport Ltd
(ASX:RPT) signed an agreement with View Resources (ASX:VRE) to acquire
approximately 160 square kilometres of highly prospective land
surrounding its Lake Maitland uranium project in Western Australia.
The Lake Maitland project has an in situ metal value of more than
$900 million and is one of Australia's largest unmined uranium deposits.
The View tenements, which are located to the west and south of
Redport's existing Lake Maitland uranium deposit, triple Redport's total
exploration area in the Lake Maitland region.
The newly acquired ground has potential to hold further uranium
mineralisation as drilling by various mining and oil companies in the
1970s intersected carnotite to the west and south.
Under the terms of the agreement, Redport Exploration will
acquire the mining tenements M53/571 through to M53/587 (inclusive),
E53/1210, E53/1211 and P37/6943 for a total consideration of $275,000
cash and 2.2 million fully paid ordinary shares in Redport, subject to
any existing encumbrances and interests.
View will retain the right to toll treat any gold derived from
the area at its Bronzewing plant on commercial terms.
If Redport identifies a JORC compliant uranium resource of 2,500
tonnes or more within the acquired tenements, it has agreed to issue View
an additional 1.1 million fully paid ordinary shares in Redport.
The agreement is subject to a 14-day due diligence period.