The data library also consists of summary reports for over 12,000 exploration holes drilled by Mountain West and by the Cleveland Cliffs Iron Company under contract with Mountain West from the 1960s to the 1980s.
These drill holes are located on over 340 square miles encompassing nearly the entire Pumpkin Buttes Mining District. The historic data base includes exploration drilling on lands controlled by Uranerz.
The data base also covers uranium projects within the Powder River Basin controlled by third parties such as: North Butte, Greasewood Creek, Fourmile, North Bing, Bing Trends, Ruby Ranch, and Pine Tree.
As per the terms of the agreement, Uranerz has agreed to issue Excalibur Industries and Mountain West a total of 2,000,000 warrants. Each warrant will be exercisable for the purchase of one common share of the company at a price of $3 and will have a term of four years. The warrants become exercisable in four equal annual installments, as to 25% upon closing, and as to 25% in each of the next three years.
