Madison Metals Inc. (the “Company” or “Madison”) (CSE: GREN) (OTCQB: MMTLF) is pleased to announce that the Company has signed, on May 16, 2023, a binding joint venture agreement for its Richard Lake Property in Kenora, Ontario, Canada with Great Northern Energy Metals Inc. (“GNEM”), a well-capitalized private British Columbia-registered company.
“We look forward to supporting Great Northern Energy Metals in their efforts to explore and develop our Kenora uranium project while freeing up Madison’s resources to focus on advancing our expansive uranium resources in Namibia,” says Duane Parnham, Executive Chairman and CEO of Madison.
Under the terms of the agreement, GNEM will pay Madison C$50,000 on signing and incur C$900,000 in exploration over three years (C$300,000 per year) to earn a 60% interest. Upon completing the earn-in, Madison will retain a 40% free-carry interest in the project.
Madison currently has approximately 23.5 million shares outstanding, C$1,000,000 in its treasury and no debt.
