According to the agreement, VANE Minerals will manage exploration of the project and expenditures will be shared equally with Uranium One Americas.

On outlining a 1.0 million pounds of uranium, VANE Minerals will make a cash payment of $250,000 to Uranium One Americas, which will then assume management of the project.

VANE Minerals will make a final payment of $250,000 to acquire a 50% interest in the Rose project, on securing a mineral lease from the State of Arizona.

VANE Minerals CEO Steve Van Nort said the three of the initial exploration holes drilled earlier on the project encountered +1% uranium mineralization which was unusual in breccia pipe exploration.

 

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