Mkuju Resources in joint venture with Korea Resources Corporation (KORES) will develop the site.
As per the agreement, KORES will invest $3.5m to secure a 50% interest in the Mkuju South uranium project, with scheduled investment in two major exploration programs at Mkuju South.
The exploration program, which started in December, covers a large area following the trend from Quarto to Foolscap and to the south of Foolscap, heading towards the border with Uranex and its Likuyu North project.
The program will investigate low order surface uranium anomalies at the site, which will see a drill program being started by the third quarter of this year.
