European Uranium Resources, Ltd. (EUUNF: OTC Pink Current) | European Uranium Updates Joint Venture with Forte Energy on Slovak Uranium Properties


European Uranium Updates Joint Venture with Forte Energy on Slovak Uranium Properties

Aug 29, 2014

OTC Disclosure News Service

European Uranium Resources Ltd. (“EUU”) (TSXV: EUU) announced on June
16, 2014 that it had entered into a binding letter of intent (the “LOI”)
with ASX and AIM listed Forte Energy NL (“Forte”) whereby Forte will
earn a 50% interest in the Company’s Slovakia uranium projects. The
interest will be held through ownership of 50% of EUU’s currently
wholly-owned Slovak subsidiaries, Ludovika Energy and Ludovika Mining,
which hold the mineral licenses comprising the Kuriskova and Novoveska
Huta uranium projects.

The parties have on July 31, 2014 executed a definitive agreement (the
“Agreement”) to replace the LOI and EUU has received $175,000 of the
$500,000 cash payments owed pursuant to the Agreement. As mutually
agreed Forte will pay the balance of $325,000 to EUU imminently. To
retain its 50% interest, Forte must sole fund a minimum of $350,000 a
year on the Ludovika entities over the next ten years with the first
year’s expenditure of $350,000 being an obligation.


“Dusty Nicol”

Dorian L. (Dusty) Nicol, President and CEO

For further information please contact: Dorian (Dusty) Nicol, at (604)
536-2711, or visit

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(as that term is defined in the policies of the TSX Venture Exchange)
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