URHN keep watching this one.
Some DD
Company History
Subsequent to the fiscal year ended September 30, 2006, and in October 2006, we were granted the sole exclusive right and option to acquire up to a 100% undivided right, title and interest in and to the Gambaro Resources Property located in Njombe and Songea districts in the Republic of Tanzania. The Gambaro Resources Property, which is held under the terms of a Prospecting License issued by the government of Tanzania, is believed to cover sediments of the Karoo sequence which share common features with rocks of the Colorado Plateau in the western United States that have been prolific producers of uranium. Such project has been abandoned by us. See "The Gambaro Property" below.
On February 14, 2007, pursuant to a Certificate of Amendment to our Articles of Incorporation filed with the State of Nevada, we changed the name of the corporation from "Brownsville Company" to "Uranium Hunter Corporation".
On June 26, 2007, we were granted the sole and exclusive right and option to acquire up to a 75% undivided right, title and interest in and to the Nkoko and Kagadi Uranium Properties which contain approximately 820 square kilometers located in Kiballe District, Uganda (the "NPK Property").
Properties
The NPK Property
On June 26, 2007, we entered into an Option Agreement (the "NPK Agreement") with NPK Resources Ltd. ("NPK"), whereby NPK granted us the sole and exclusive right and option to acquire up to a 75% undivided right, title and interest in and to the Nkoko and Kagadi Uranium Properties which contain approximately 820 square kilometers located in Kiballe District, Uganda (the "NPK Property").
Under the terms of the NPK Agreement, NPK has granted us the sole and exclusive option to acquire up to a 75% undivided interest in and to the NPK Property by making a cash payment to NPK of $25,000 US within five days of signing the NPK Agreement. We paid $15,000 during the quarter ended June 30, 2007 and paid the balance of $10,000 in July 2007. We shall also be responsible for making all necessary property payments and taxes to keep the NPK Property in good standing. We shall maintain its 75% interest in the NPK Property after we pay the $25,000 as described above by completing the following cumulative exploration expenditures on the NPK Property totaling $150,000 US over a 36 month period:
(i) $50,000 in cumulative exploration expenditure within the first 12 months after signing the NPK Agreement; (ii) $100,00 in cumulative exploration expenditures within 24 months of signing of the NPK Agreement; and (iii) $150,000 in cumulative exploration expenditures within 36 months of signing of the NPK Agreement. If 36 months after the date of the NPK Agreement, we have not completed exploration expenses of $150,000, we may still maintain its 75% interest in the NPK Property if we issue in favor of NPK payments totaling up to $150,000 in shares of common stock of the Company or cash of up to $150,000 US at our sole option less the cumulative exploration expenditures already paid and/or met on the NPK Property. The value of the shares shall be determined as the average share price of the shares over the 30 business days of trading prior to the 36 month period as described herein provided, however, that the shares shall not be valued at less then $1.00 per share.
Once we have vested and maintained our 75% interest in the project (i.e. by spending $150,000 on the project within three years), the parties shall enter into a joint venture agreement and shall share proportionally in all exploration costs and payments subject to standard dilution terms.
In addition, once we have earned its 75% interest in the NPK Property, for a one year period from date of earn in, NPK shall be entitled to convert its 25% ownership of the NPK Property into common stock of the Company at the fair market value for NPK's 25% ownership of the NPK Property. The fair market value of the NPK Property shall be determined by the parties and if they cannot agree, shall be determined by three experts. Should NPK convert its 25% ownership into shares of common stock of the Company, then we shall own 100% of the NPK Property. The value of the shares shall be determined as the average share price of the shares over the 30 business days of trading prior to the election period, provided, however, that the shares shall not be valued at less than $1.00 per share.
We may terminate the NPK Agreement at any time by giving written notice to NPK of the termination of the NPK Agreement. If we fail to make any payment (optional, discretionary or otherwise) or fail to do anything on or before the last day provided for such payment or performance under the NPK Agreement, NPK may terminate the NPK Agreement but only if: (i) NPK has first given us written notice of the default containing particulars of the payment which we have not made or the act which we have not performed; and (ii) we have not, within 30 days following delivery of such notice, cured such default by appropriate payment or performance. Should we fail to comply with the foregoing, NPK may thereafter terminate the NPK Agreement by notice to the Company. Upon the termination of the NPK Agreement, we shall forfeit any and all interest in the NPK Property and shall cease to be liable to NPK.
The Eagle Nest Property
Effective April 21, 2009, the Company signed a Letter of Intent with Sparrowtech Resources, Inc, ("Optionor") for a right to earn 49% interest in the mineral claims situated in, La Paz, Arizona, USA collectively generally known and described as the 'Eagle Nest Mining Property' ("Eagle Nest"). The initial option period will be for a maximum of one year from the effective date. The Optionor granted to the Company the right and option to acquire a 49% interest in the Eagle Nest property by making the following payments to the Optionor plus the cost of expenditures for mining work ("Expenditures") and issuing shares of its capital as follows:
1. Deposit due on signing of LOI and $10,000
paid
Due and payable to the Optionor by $35,000
May 31, 2009
Work program commitment expenditures
to be incurred on exploration:
Within three months-Before July 21, $60,000
2009
Within nine months-Before January $90,000
21, 2010
Total within one year- Before April $150,000
21, 2010
2. The Company will issue two (2) million restricted common shares of the Company's common stock to the Optionor by May 15, 2009 (not yet issued)
3. On subsequent anniversary dates, the Company will pay $15,000 to the Optionor:
April 21, 2010 $15,000
April 21, 2011 $15,000
April 21, 2012 $15,000
Any expenditure incurred in excess for such period shall be credited towards the expenditures required for the succeeding period or periods. The initial option may be terminated by the Company at their sole discretion any time after the exploration payments for the initial minimum of nine months of assessment work and taxes are paid. If the Company elects to terminate the Initial Option, the Company will not have acquired any interest in the Property. During the initial option period, the Optionor will be the operator manager of the exploration programs and will be entitled to a 15% administration fee on exploration expenditures. All costs related to keeping the property in good standing including property taxes and costs to maintain the concessions in good standing will be considered allowed exploration expenditures.
Latest PR's
Uranium Hunter Releases Details on the Eagle Nest Mining Property
Last update: 6/8/2009 4:39:00 PM
TORONTO, June 8, 2009 /PRNewswire-FirstCall via COMTEX/ -- Uranium Hunter Corporation (URHN) is pleased to provide further details on the Eagle Nest Mining Property. The Company recently entered into a Joint Venture Agreement to acquire a 49% interest in the Eagle Nest Mining Property Claims ("Eagle Nest") located in La Paz County, Arizona.
Mr. Reno Calabrigo, President stated "The Company is excited about this venture into the Bouse Mining District, which has a long established history of producing profitable gold mining operations. We are in the process of evaluating the recent available data on the Eagle Nest Mining Property and will release this information shortly in conjunction with an announcement for an upcoming work program. Mr. Calabrigo further stated "During the 1980's, Cyprus Gold profitably mined the 500,000 oz Copperstone open pit resource, located approximately 20 miles from Bouse, which based on today's gold prices is valued at over $470,000,000."
History of the Bouse Mining District
The Bouse Mining District, where Eagle Nest is located, is a mid-tertiary system of epithermal mineralization, which was introduced into a stacked sequence of lithotectonic units that are located on the northern side of the Plomosa Detachment Fault. Complex epithermal gold, barite and fluorite mineralization is superimposed on earlier copper-specularite mineralization. Gold occurs in laterally extensive breccias and in steeply dipping amethystine-quartz veins. These deposits are similar to the proven and mined Copperstone and Mesquite deposits.
This District involves an important type of Arizona gold deposit, called a "detachment fault" deposit. Detachment fault deposits were first recognized as a separate form of gold deposit in the 1980's. The best example of an Arizona detachment gold deposit is Copperstone, which is about 20 miles from Bouse. It was the biggest gold discovery in Arizona in at least 50 years. Cyprus Gold profitably mined the 500,000 oz open pit resource during the 1980's. The Bouse Mining District is an historic gold producer.
About the Company:
Uranium Hunter Corporation (URHN) is an exploration company primarily targeting the uranium and precious metal industries in the resource sector. Initially, the Company was founded with the focus of developing a portfolio of quality uranium exploration properties in East Africa. With the recent shift in economic conditions, management has decided to diversity the Company's interests to include the precious metals industry.
Uranium Hunter Enters into Joint Venture on the Eagle Nest Mining Property
On Tuesday May 5, 2009, 2:18 pm EDT
Buzz up! Print TORONTO--(BUSINESS WIRE)--Uranium Hunter Corporation (OTCBB: URHN - News) announced today that it has entered into a Joint Venture Agreement to acquire 49% interest of the Eagle Nest Mining Property Claims (“Eagle Nest”) located in La Paz County, Arizona from Sparrowtech Resources, Inc.
Mr. Reno Calabrigo, President stated “This joint venture agreement represents a diversification to include the precious metal industry and will provide the Company with increased growth opportunity within the current economy.”
The Eagle Nest Mining Property
Eagle Nest includes a previously producing Au-Cu-Ag-Fe (Gold, Copper, Silver and Iron) mine located 10 miles off Highway 95 in La Paz County, Arizona. Easy access to the mine site and a good water supply will facilitate ease of construction for a potential processing plant as well as expansion of the mine site.
Mineralization previously documented on Eagle Nest is very fine-grained to visible flaky gold, with oxidized copper ores and staining, in a linear, lenticular ore body with a steeply dipping fault zone cutting metamorphic Mesozoic, red, hematitic shale. Lenticular ore body formed from oxidation and enrichment was also found in the fault zone.
Previous workings include a 400 feet (121.92 meter) deep shaft and about 170 feet of drifts on the 100 level with some near-surface stopes. The previous mining operation on this property recorded historic productions of 1,050 tons of ore averaging about 1.07 ounces per ton gold, 1.8% copper and 2.1 ounces per ton silver.
Uranium Hunter will be updating its corporate website www.uraniumhuntercorp.com and release further details on the property including assay and concentration testing results in the near future.
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