Lifespan Completes Joint Venture Agreement
Wednesday October 31, 9:00 am ET
LAS VEGAS--(BUSINESS WIRE)--Lifespan Inc. (Pink Sheets:LSPN - News) is pleased to announce that it has entered into a joint venture agreement whereby USA Uranium Corp. has acquired the right to joint venture a 75% interest in the La Sal West mineral claim group located in the prolific La Sal uranium district of Utah.
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Additionally, USA Uranium has now advised the Company that it is exercising its option to purchase the 75% interest in the Property. The terms of the purchase require USA Uranium to issue $3 million dollars worth of their shares, consisting of 4 million shares, for the 75% interest. From this point forward each party will bear their pro rata costs of ongoing exploration and development of the Property.
This exciting property consists of 111 BLM claims comprising 2,200 acres. The property covers a portion of the north/central La Sal District trend and contains three significant past producers: the Bluejay Mine, the M-6 Mine and the Balsley Mine. Pursuant to the terms of the Joint Venture agreement, our joint venture partner completed an extensive phase-one work program on the Property and we will be releasing the results of the Geologist’s report once evaluation is complete.
CEO Stuart Brame stated: “The completion of our first joint venture verifies Lifespan’s business model of acquiring high grade conventional uranium projects, with past production, located in the Continental US and then seeking outside expertise to develop the properties. We anticipate adding several similar properties to our portfolio in the near future, which we also intend to joint venture with significant partners.”
Previously the ore produced from these mines contained up to 0.35% U3O8 (Uranium) and 1.5% V2O5 (Vanadium) resulting in production of over one million (1,000,000) tons of ore. Ore of this caliber would equate to a value of over $600 per ton using the current spot price of $78 per lb.
Years of under-investment in uranium mining caused by moribund prices and the anti-nuclear lobby has left the world short of uranium to fuel nuclear reactors. But governments in Europe, United States, Russia and China and even environmental groups are currently warming to nuclear power because it produces significantly less greenhouse gases than conventional fossil fuels, according to the World Nuclear Association.
Contact:
Lifespan Inc. Corporate Communications
Robert Washington, 702-540-3399
Lifespaninfo@gmail.com
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Source: Lifespan Inc.
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