One Step Ahead

[WillP]

Well, I guess this transaction pegs a market value to that trillion-dollar uranium play...

Regards,

WillP

United Carina Resources Corp. has entered into an option agreement with Entourage Mining Ltd. whereby United Carina granted Entourage the right to earn a 20-per-cent interest in certain claim blocks consisting of 14,529 hectares (35,800 acres) of prospective uranium properties located in the Hatchet Lake area of the eastern Athabasca basin in north-central Saskatchewan.

The properties are contiguous and have been subject to previous exploration for uranium; one surface showing yielded assays ranging from 0.3 per cent U3O8 to 1.4 per cent U3O8. An additional claim block in the area, that has been staked but not yet registered, will become part of the agreement upon registration. The properties are located 30 kilometres north and northeast of four known uranium deposits (Rabbit Lake, McLean Lake, Collins Bay and Eagle Point). United Carina will be the operator of the project and Dave Billard, of Saskatoon, Sask., will be the qualified person for the project.

To exercise its option and acquire the 20-per-cent interest, Entourage will make a cash payment of $40,000 to United Carina and participate in the exploration program by making expenditure contributions of $100,000 per year for two years for a total of $200,000 over two years.

The Athabasca basin of Northern Saskatchewan contains the most significant high-grade, low-cost uranium deposits in the world. The deposits defined to date collectively contain, or have produced, almost 1.5 billion pounds U3O8.

When the transaction is concluded, ownership in the properties will be United Carina 40 per cent, CMKM Diamonds Inc. 40 per cent and Entourage 20 per cent.