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.
EUROPEAN URANIUM RESOURCES LTD.
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Dorian (Dusty) Nicol, at (604)
536-2711, or visit www.euresources.com.
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