Uranium seeker buys US projects
22nd May 2012
PERTH, May 22 – Australian American Mining Corporation his pressing ahead with its strategy to build a portfolio of high quality uranium assets in the USA, signing heads of agreement to purchase three New Mexico properties from Kaboko Mining.
The Kaboko projects are close to AusAmerican’s Rio Puerco uranium project and will add significant scope for achieving critical mass for uranium resources in the Grants Mineral Belt, a prominent uranium region.
Consideration for the purchase will be $US50,000 and a 2% yellow cake royalty (net smelter recovery equivalent). The projects are the Grants Ridge Joint Venture (earning 65%), Kit Carson and Northern Projects (100%).
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