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European Uranium Resources Ltd. is a dedicated European uranium exploration and development company that has built a portfolio of outstanding projects in Slovakia, Sweden and Finland at all stages of the exploration / development pipeline.
EUROPEAN URANIUM RESOURCES LTD. TO MERGE WITH PORTEX
Vancouver, December 9, 2013 – European Uranium Resources Ltd. ("EUU") (TSXV: EUU)
and Portex Minerals Inc. ("PAX") (CNSX: PAX) announce that they have entered into a
binding Letter of Intent dated December 6, 2013 (the "Binding LOI") to merge (the "Merger")
through a plan of arrangement under which EUU will acquire all of the outstanding common
shares of PAX in exchange for EUU common shares. The merged company will be named
European Minerals Inc. ("European Minerals" or the "merged company") and will be a
Europe-focused company with a diverse, multi-commodity portfolio of exciting exploration
and development projects.
"European Minerals will be a Europe-focused company with a unique portfolio of exploration
and development projects in base metals, precious metals and uranium", said Dorian L.
(Dusty) Nicol, CEO of EUU. "The merged company's projects will have tremendous
geologic potential for discovery, both by addition to existing resources and by discovery of
"Portex looks forward to continuing its exploration and development strategy with its new
partners at EUU. We believe that the Merger will benefit the shareholders of both
companies", commented Peter F. Chodos, President and CEO of Portex.
Business of the Merged Company
EUU's flagship asset is currently the Kuriskova uranium project in Slovakia, which,
according to a 43-101 compliant prefeasibility study completed in 2012, could be one of the
lowest cost uranium producers in the world.
Following the Merger, the merged company will become a Europe-focused company with a
diverse, multi-commodity portfolio of exciting exploration and development projects, ranging
from early-stage exploration to prefeasibility, focused on base metals, precious metals and
uranium. It is anticipated that the merged company will focus on advancing the base metal
properties in its portfolio while continuing to advance the Kuriskova uranium project through
key aspects of environmental studies in anticipation of a feasibility study to be completed in
The Principals of the Merged Company
Pursuant to the Binding LOI, upon completion of the Merger the board of directors of
European Minerals will consist of eight directors, four of which will be nominated by each of
EUU and PAX. EUU's nominees will include Dorian (Dusty) Nicol. PAX's nominees will
include Peter Chodos. The identities of the parties' other nominees are yet to be
determined. The senior officers of EUU upon the completion of the Merger are expected to
Peter F. Chodos, currently President and CEO of PAX Chairman
Dorian L. (Dusty) Nicol, currently President and CEO of EUU Director, President and CEO
Len Goldsmith, currently CFO of EUU Chief Financial Officer
Doris Meyer, currently secretary of EUU Secretary
PAX, an Ontario incorporated company, is a Toronto-based mineral development company
focused on the acquisition and development of base and precious metal properties in
Europe. PAX currently has properties in Spain and Portugal and a large land position in
Ireland and Northern Ireland. PAX's common shares are listed on the CNSX.
PAX's principal assets are the Toral zinc-lead-silver project in northwestern Spain's zinc
district and Lagoa Salgada zinc-lead-copper-gold-silver project in Portugal, in the Iberian
Pyrite Belt. Both of these properties have 43-101 compliant resource estimates and
geologic potential to expand significantly. PAX also has a large exploration land position in
Northern Ireland and the Republic of Ireland, holding ground believed to be geologically
prospective for base and precious metal deposits, including ground adjacent to Dalradian
Resources' (TSX: DNA) Tyrone Project.
The whole announcement can be found here: http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=875225890
Non US Stock Exchange Listing