The Juniper Ridge Property, also known as Red Creek, comprises 197 claims and one state minerals lease totaling 4,710 acres (1,906 Ha).
It has historical resource estimates (not NI 43-101 compliant) of 5,971,000 tons grading 0.063% U308 for a total of 7,359,000lbs (Urangesellschaft, 1978) and 5.2 million tons grading 0.067% U3O8 for a total 6.97 million pounds (AGIP Mining Company, 1986).
Crosshair will acquire a 100% interest in the Juniper Ridge Property and the purchase will be staged and include payments in cash and common shares of Crosshair.
Strathmore wii retain a 2% gross revenue royalty on the property and it will have the option to repurchase this royalty at any time during the first three years after commercial production commences for $1.5m for each 1% of the gross revenue royalty.
