Windarra (TSX VENTURE:WRA) Purchases Cameco Corporation's 50% Interest in Little Deer Lake Property
October 26 2011 - 4:32PM
Marketwired Canada
Windarra Minerals Ltd. (TSX VENTURE:WRA) ("Windarra") is pleased to announce
that it has agreed to purchase Cameco Corporation's ("Cameco") 50% interest in
the 1,403 ha Little Deer Lake property, for $25,000. This will increase
Windarra's interest in the property to 70%, while AREVA Resources Canada Inc.
and Cameco will each retain a 15% interest. The property lies within the
southern La Ronge gold belt of northern Saskatchewan, approximately 60
kilometres north of the town of La Ronge, along Highway 102. It also lies next
to the past-producing mine, which was owned by Cameco Corporation and Uranerz
Exploration and Mining Limited. The mine opened in January 1995 with published
reserves of 499,000 ounces of gold, but was closed in 1997 after production of
only 190,000 ounces. The Little Deer Lake project saw considerable exploration
work by Cameco and Windarra dating back to 1979 and the Company believes that
significant untested exploration potential remains. The first step in Windarra's
renewed interest will be to compile the available historical exploration data
for the property, in order to provide a basis for further evaluation.
On behalf of the Board of Directors
John Pallot, President
Windarra Minerals Ltd. (TSXV:WRA)
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