Cue Resources Completes Acquisition of Yuty Uranium Projectadmin
Cue Resources Ltd. announce that it has completed its obligations under an earn-in agreement for the acquisition of the remaining 70% of Empresa Minera Transandes Paraguay S.A. that it does not already own. Transandes holds a 231,000 hectare exploration permit covering the Yuty uranium project in south-east Paraguay. As part of the earn-in agreement, Cue has accelerated the issuance of 2 million common shares that were due to be paid in annual installments.
Chris Healey, Chief Operating Officer, said, “The acquisition of full ownership of the Yuty project substantiates our strong commitment to the San Antonio uranium deposit. We believe San Antonio will be of major significance as we continue to explore the large area encompassed by the Yuty project.”
The Yuty uranium project includes the San Antonio deposit, with Indicated Resources of 5.1 million lbs U3O8 and Inferred Resources of 2.2 million lbs U3O8, in south-eastern Paraguay. This resource estimate was reported in the Technical Report completed by Scott Wilson Roscoe Postle Associates Inc (Scott Wilson RPA), of Toronto, Ontario and dated May 15, 2008. The resource estimate and classification of the Mineral Resources conforms to the reporting requirements of National Instrument 43-101, and has been filed on SEDAR.
Only a small area of the 231,000 hectare exploration permit has been properly explored, with 450 drill holes completed on the property since 1976 and many high-potential targets remaining to be tested across the property.