Cancellation of the Arrangement Between Patrician Diamonds Inc. and Ur-Energy Inc. on the Dismal Lake Property, NU.OTTAWA -- Patrician patrician (pətrĭsh`ən), member of the privileged class of ancient Rome. Two distinct classes appear to have come into being at the beginning of the republic. Only the patricians held public office, whether civil or religious. Diamonds Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:PXC PXC Photonic Cross-Connect (Nortel) PXC Premium Noise-Cancelling (headphones) PXC Pacific Xtreme Combat PXC Pirate Core (music genre) PXC Pdf Exchange ) and Ur-Energy Inc. (TSX:URE) announced today that by mutual consent, and as a result of reviewing Section 132 of the Ontario Business Corporations Act which refers to corporations which may be deemed related parties, URE and PXC have agreed to terminate the arrangements set forth in letter agreement between the parties (the "Letter") and to unwind Unwind 1. The closure of an investment position. 2. The reconciliation of an error previously unseen by a brokerage house. Notes: 1. Sometimes referred to as closing out a position. the transactions originally contemplated by the letter agreement regarding the Dismal Lake property in Nunavut that is held by Patrician Diamonds.As a result of the unwinding of the transaction, PXC will refund to URE the CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $50,000 payment and return the 100,000 common shares of URE and URE will pay to PXC an amount of CDN $37,448 representing the costs related to staking and geology work on the properties. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]The Letter contemplated mutual exploration of claims at the west end of Dismal Lake, staked by Patrician Diamonds for their diamond potential. The Dismal Lake claims lie within the Hornby Bay Basin, a Proterozoic suite of sandstone rocks which holds potential for discovery of uranium unconformity un·con·for·mi·ty n. pl. un·con·for·mi·ties 1. Lack of conformity; nonconformity. 2. Geology A surface between successive strata representing a missing interval in the geologic record of time, and produced deposits. Exploration for diamonds is also being carried out by several other exploration companies in the region. The details of the Letter were covered in a press release dated August 25, 2005 with URE acting as operator of the proposed Joint Venture. E[acute accent]URE has forwarded to PXC all the exploration data on activities carried out on the PXC property, and PXC will now engage in discussions with other parties who have already expressed an interest in joint venturing the property for its diamond anduranium potential. E[acute accent]The Dismal West property is described in a 43-101 technical report dated October 20, 2005, by J. D. Charlton, P. Geol. The Qualified Persons for Ur-Energy with respect to the property are Paul W. Pitman, P. Geo. URE V.P Canadian Exploration and J. D. Charlton, P. Geol., Senior Geological Consultant. E[acute accent]For maps and additional information about property location and technical details, please visit Patrician's web site at www.patriciandiamonds.com. E[acute accent]"The statements in this Press Release may contain forward looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not approved or disapproved of the information contained in this Press Release." E[acute accent]Patrician Diamonds Inc. (TSX VENTURE:PXC) |
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