European Uranium Updates Joint Venture with Forte Energy on Slovak Uranium Properties
August 29 2014 - 5:36PM
Business Wire
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.
"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Dorian (Dusty) Nicol,
at (604) 536-2711, or visit www.euresources.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
European Uranium Resources Ltd.Dorian L. (Dusty) Nicol,
604-536-2711President and CEOwww.euresources.com