Rush Rare Metals Corp. (CSE: RSH) has signed a binding letter of intent with Myriad Uranium Corp. which, subject to due diligence, gives Myriad the option to earn up to a 75% interest in Rush’s Copper Mountain Project, comprised of 110 mineral claims in the State of Wyoming covering approximately 1,911 acres. The due diligence period expires 30 days from the date hereof, and the parties are expected to enter a further definitive agreement respecting the Option, under substantially the same terms, on or before that date.
Pete Smith, Rush’s CEO, commented “this is a highly advantageous arrangement for both companies. Copper Mountain is an outstanding uranium prospect in one of the world’s best uranium jurisdictions. Myriad and its team, including George Van Der Walt and David Miller as technical consultants, are already established as a top uranium exploration group, and they have the resources to advance Copper Mountain immediately.”
“As a past uranium producer and with an abundance of historical information available for further analysis, including as many as 2,000 drill holes and numerous historical resource calculations, Copper Mountain has the potential to quickly become a significant global uranium prospect. While maintaining a substantial interest in Copper Mountain, Rush can continue its focus on its Boxi Property in Quebec, which has advanced with significant progress over the past summer. I expect that this deal will result in greatly enhanced shareholder value for both companies going forward.”
The property is comprised of 110 claims in the Copper Mountain district of Wyoming, widely regarded as one of the best uranium exploration jurisdictions in the world. Within the Copper Mountain claims area are several known historic zones of uranium mineralization, including the Canning, Hesitation, Mint, and Fuller deposits, as well as a historical mine previously known as the Arrowhead Mine, which produced approximately 500,000lbs of uranium in the 1960’s and 1970’s.
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