Mustang Geothermal Corp. Completes Purchase of Andean Geothermic Energy S.A.C. of Peru
Monday November 8, 2010, 1:11 pm EST RENO, NEVADA--(Marketwire - 11/08/10) - Mustang Geothermal Corp. (the "Company" or "Mustang") (OTC.BB:URXE - News) reports that it has completed the purchase of Andean Geothermic Energy S.A.C., a Peruvian Corporation which controls four geothermal exploration applications consisting of 3600 hectares (8896 acres) in the provinces of Puno and Arequipa.
The Share Purchase Agreement provides for the Company to pay 15 million shares of common stock along with a $25,000 cash payment as per an agreement dated November 5, 2010.
As a part of an ongoing reorganization of the Company's business activity, the decision to diversify internationally into the geothermal energy field is aligned with the Company's long-term strategy to add shareholder value.
About Mustang Geothermal Corp.
Mustang is a geothermal exploration and development company that is in the business of discovering geothermal energy resources and building renewable energy electrical power plants. The Company owns a 100% interest in 15,262 acres of geothermal leases in the State of Nevada. It also owns the La Jara Mesa Extension uranium property consisting of 137 unpatented mining claimsin the Grants Mining District, Cibola County, New Mexico.
Urex Energy Corp., a natural resource exploration and development company, explores and develops properties containing uranium minerals. URXE has acquired 100% of the mineral rights to two mineral uranium properties: the Rio Chubut Property, located in southern Ar-gentina, and the La Jara Mesa Property, located in Cibola County, New Mexico. These assets are surrounded by prospective mineral deposits that have been shown to contain large, undeveloped uranium reserves.
The company owns a 100% interest in the Rio Chubut property, which contains 170,000 hectares of land. As of September 2008, URXE completed 88 drill holes (7,624 meters of drilling) on first pass drill testing on five uranium targets and encountered uranium mineralization in all target areas. The Cerro Solo deposit, which was explored by Argentina’s atomic energy commission (CNEA) in the 1970s, holds an estimated recoverable resource of 10 million pounds of uranium oxide (U3O8).
URXE also owns a 100% interest in the La Jara Mesa Extension uranium property. This property is within economic haul distances of the La Jara Mesa and Melrich uranium deposit, which contains indicated uranium oxide resources of 7,250,000 pounds and inferred resources of 3,172,000 pounds. Between 1950 and 1978, the Grants Mining District produced 350 million pounds of uranium oxide, ranking this as the most prolific uranium district in the United States.
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