Uravan Minerals Inc. (“Uravan “) and Cameco Corporation (“Cameco”) have signed a “Term Sheet Memorandum” agreement whereby Uravan granted Cameco the exclusive option (“Option”) to earn an aggregate 70% interest in Uravan’s 100% owned Halliday and Stewardson uranium projects (the “Mineral Properties”), Athabasca Basin1, Northern Saskatchewan [map link] by Cameco funding a cumulative twenty-two million dollars ($22,000,000) in exploration expenditures.
The agreement consists of two Options: (1) the first option grants Cameco the exclusive right to earn a 51% interest in the Mineral Properties by funding seven million dollars ($7,000,000) in exploration expenditures over four years and (2) a second option grants Cameco the exclusive right to earn an additional 19% in the Mineral Properties by funding an additional fifteen million dollars ($15,000,000) in exploration expenditures. Upon Cameco earning either a 51% or 70% interest in the Mineral Properties, Cameco and Uravan (collectively the “Parties”) shall enter into a joint venture agreement to form a joint venture in relation to the Mineral Properties, with the Parties funding their pro-rata share of future exploration expenditures. Uravan shall be the operator for the first four years of the Option, after which Cameco may elect to become the operator.
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