The project covers 5590 ha, approximately 89km south of the Key Lake Mine, an open pit mine which has produced approximately 200 million pounds of uranium, and is located 520km north of the city of Saskatoon.
Under the terms of the agreement, Glenmark must issue 250,000 shares within five days of receipt of TSX Venture Exchange approval to acquire 100% stake in the KLR project.
The company should also issue a further 500,000 shares within six months of signing of the agreement, pay $340,000 over 36 months and complete $2,500,000 in exploration expenditures over 4 years to complete the acquisition.
Forum Uranium conducted a systematic investigation in 2005-2007 on the project area with a variety programs which included prospecting, an airborne geophysical survey and a small number of diamond drill holes.
The KLR projects comprise two high value targets which include the Molly Trend and Hobo Zone.
The Molly Trend is a series of northeast trending conductors which include the historic Nuclear Lake Radioactive Occurrence, or Wyoming Minerals Radioactive Zone 9, located 1.69km northeast of Nuclear Lake.
Several pegmatite uranium occurrences were identified in the Molly area.
Located on the westernmost perimeter of the project area, some 3km west of the Molly Trend, the Hobo Zone involved drilling of four holes (H-06, H-06, H-07 and H-08) to test its southern part.
