Under the terms of the agreement, Rio Tinto can earn an initial 49% interest in Dome property by making exploration expenditures of $5m, an additional 15% interest, totaling to 64% by spending an additional $5m.
Rio Tinto can also acquire an additional 11% interest, making the total interest to 75%, by funding a bankable feasibility study on the Dome property.
The Dome property hosts new discoveries of both bedrock uranium mineralization in leucogranite and surficial uranium mineralization in calcrete.
Rio Tinto will not acquire any rights to surficial uranium deposits or deposits of other commodities.
