Athabasca Uranium has signed an agreement with a vendor by which the company has the option to earn a 100% interest in the Hamilton Lake property in northeast Saskatchewan, Canada.

The company will earn a 100% interest in the property by paying $25,000 and issuing 600,000 common shares to the vendor on closing, and by filing $3,000,000 in qualified exploration assessment credits either on the property itself or on Athabasca’s other properties under option within its Webb River project area within four years.

A 1% net smelter return royalty has also been granted to the vendor, which may be purchased by the company for $1,500,000.

The property is contiguous with the company’s Webb River project, and is the third of three strategic acquisitions in the Athabasca Basin on which the company had negotiated an exclusive right of first offer.