Delta Uranium to Acquire Interest in Deer Lake Basin Uranium Project.
International Resource News-31 December 2008-Delta Uranium to Acquire Interest in Deer Lake Basin Uranium Project(C)2008 ENPublishing - http://www.enpublishing.co.uk
International Resource News - 31 December 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Delta Exploration, Inc (TSX V: DEV), a Canada-based company that explores for gold and uranium in west Africa, has entered into an option agreement with Spruce Ridge Resources Ltd. (TSX V: SHL) (Spruce Ridge) to acquire an undivided 60% ownership interest in the Deer Lake Basin Uranium Project.
The company will earn an undivided 60% ownership interest in the project by making an initial payment to Spruce Ridge of CAD100,000 and issuing a total of 200,000 common shares of the company; incurring total exploration expenditures on the project of CAD3m over a three year period; and issuing to Spruce Ridge a total of 600,000 shares of the company. Upon completion of the option, the company will enter into a joint venture agreement with Spruce Ridge for the remaining 40% interest.
The company chairman and chief executive officer, Wayne Isaacs, said, 'In these economic conditions we have an opportunity to significantly increase our growth and shareholder value through strategic acquisitions and partnerships. The Spruce Ridge project is a perfect example of geologically diverse and alternative deposit models which we believe is a vital additional component in building a world class diversified uranium exploration company.'
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