U.S. Energy Corp. Receives Milestone Payment From Thompson Creek Metals Company Inc.
U.S. Energy Corp., a natural resources exploration and development company with interests in molybdenum, oil and gas, geothermal, and real estate, announced that the January 1, 2009 $1 million option payment was paid by Thompson Creek Metals Company USA on January 2, 2009 on behalf of Mt. Emmons Moly Company pursuant to the Exploration, Development and Mine Operating Agreement signed in August 2008.
“Thompson Creek is one of the world’s largest publicly traded, pure molybdenum producers and we are pleased with their involvement and oversight of the project,” stated Mark Larsen, President of U.S. Energy Corp. “We continue to work closely with them on the Mt. Emmons Project and intend to provide further updates in the future as they continue their review and planning process and additional information becomes available,” he added.
