USA Uranium Joint Ventures Gold Property with Mariposa Resourcesadmin
USA Uranium announce that it is has negotiated the acquisition of an option on a 100% interest in the Jack Creek property. Concurrently, USA Uranium has entered into a joint venture with Mariposa Resources Ltd. whereby Mariposa will acquire a 60% interest in the property upon payment of 6,000,000 shares and completion of a $400,000 Phase One work program. The property vendor has retained a 3% Net Smelter Royalty.
The Jack Creek property located in the northern Independence Range about 50 miles north of Elko, Nevada, comprises 247 lode mining claims (nearly 5,000 acres) adjacent to Gateway Gold Corp.’s Big Springs and Dorsey Creek Properties. The Phase One exploration program will be investigating the gold system that passes from Big Springs and through Dorsey Creek to determine if it extends onto the Jack Creek Property.
USA Uranium is also pleased to announce the election of Mr. Karl Harz, B.Sc. (Marketing), MBA as CEO/CFO and Director. Mr. Harz has an extensive background in both sales, administration and finance including Personal Financial Planning, Public Company Financing and Administration, and Conventional and Private Real Estate Funding. Mr. Harz has determined that the Company will maintain its direction as a mining exploration Company focused upon precious and strategic metal opportunities in the USA. The Company will not proceed with any of the other previously announced projects.
USA Uranium is currently determining whether to re-stake its three uranium properties which were allowed to lapse. Also title to the La Sal West mineral property was never transferred to the Company and the Company is examining its options for recovery of the property and/or the funds paid.