UNOFF - (Uranium related) UNOR Establishes JV with Cameco for Baffin Island Uranium Exploration Wednesday February 28, 5:36 pm ET
TORONTO, ONTARIO--(MARKET WIRE)--Feb 28, 2007 -- UNOR Inc. (CDNX:UNI.V - News)(Other OTC:UNOFF.PK - News) announced today that it has entered into a letter agreement with Cameco Corporation to establish a joint venture to explore for uranium on 27 Prospecting Permits currently held by Cameco covering 1,588,000 acres on Baffin Island, Nunavut, Canada. With its Nunavut uranium focus and expertise, UNOR now has 2,743,000 acres under uranium exploration within the territory.
The joint venture agreement includes the following provisions:
- The formation of a management committee comprised of two representatives from each party.
- UNOR will be the operator of the joint venture.
- The operator will be subject to the general control and direction of the Joint Technical Committee established pursuant to the Strategic Alliance Agreement dated June 19, 2006 between the parties.
- The initial participating interest of the parties will be Cameco 51% and UNOR 49%. Cameco has the right, exercisable within 90 days after the joint venture has either operated for four years or incurred $6.0 million of expenditures on the property, to increase its interest in the joint venture to 65% and reduce UNOR's interest to 35% by committing to incur an additional $6.0 million on exploration and development of the property during a two-year period following the date on which Cameco makes such election.
UNOR Inc. with its head office in Toronto, Ontario is a uranium exploration and development company with its principal mineral properties in Nunavut. UNOR's shares trade on the TSX Venture Exchange and Over-The-Counter in the United States.
Cameco, with its head office in Saskatoon, Saskatchewan, is the world's largest uranium producer. The company's uranium products are used to generate electricity in nuclear plants around the world, providing one of the cleanest sources of energy available today. Cameco's shares trade on the Toronto and New York stock exchanges.
To view the accompanying map, please click the link below:
News 
Market Data 
Discover 
