The proposed transaction will combine U3O8’s Laguna Salada Project and adjoining Petrominera concessions for additional exploration, resource growth as well as set up a framework for potential development of the Laguna Salada Deposit in line with the requirements of the provincial mining law.
U3O8 president and CEO Richard Spencer said this proposed joint venture with Chubut’s provincial mining company represents a key milestone on the path to positioning the Laguna Salada Deposit as a potentially low-cost, near-term uranium producer in the country.
"The principal points of our negotiations cover exploration of Petrominera’s mineral concessions onto which we believe our Laguna Salada Deposit extends, as well as laying down a framework under which the deposit could be developed on reasonable terms for both parties.
"With a preliminary economic assessment ("PEA") expected later this year, Laguna Salada is well placed as one of the most advanced uranium projects in Argentina at a time when the country imports 100% of its nuclear fuel and is seeking domestic uranium supply," Spencer added.
