Uranium One has now become operator of Mantra’s Mkuju River Project in Tanzania pursuant to agreements entered into with ARMZ.
The Mkuju River Project is to be completed in accordance with a revised feasibility study which is scheduled for completion in the first quarter of 2012.
In accordance with a loan agreement between Uranium One and Mantra on 6 June, 2011, Uranium One will provide a loan to fund the development of the Mkuju River Project and other Mantra exploration activities for which the credit facility will be guaranteed by ARMZ.
Prior to completion of the revised feasibility study, work at Mkuju River will be funded from Mantra’s existing cash balance and from cash flow from Uranium One’s Kazakhstan operations.
Uranium One has a globally diversified portfolio of assets located in Kazakhstan, the United States and Australia.
