ENCORE ENERGY CORPORATION INC PLUS
The Marquez property contains a historical mineral resource estimate with an estimated 998,625 tons averaging 0.126% U3O8 for a "measured mineral resource" totalling 2,512,301 pounds U3O8, and 2,611,584 tons averaging 0.127% U3O8 for an "indicated mineral resource" containing 6,618,042 pounds U3O8, for a combined "measured and indicated mineral resource" of 3,610,209 tons at an average grade of 0.126% U3O8 for a total of 9,130,343 pounds U3O8 plus 2,159,520 tons averaging 0.114% U3O8 for an "inferred mineral resource" of 4,906,695 pounds U3O8. The mill was later dismantled (Alief, 2010). The Bokum mill was constructed approximately one mile away on an adjoining property, but the Marquez project was not advanced owing to the decline in the price of uranium in 1980. Production was expected to begin during the early 1980s by conventional underground mining methods. In the late 1970s, Kerr-McGee began mine development operations. Kerr-McGee drilled more than 390 exploratory holes for more than 800,000-feet on the main property.
The property was previously explored during the 1970s and 1980s by Kerr-McGee Resources Corp. The Marquez property comprises 14,582 acres (approximately 5,900 hectares), and includes the western extent of the historically known "Marquez/Bokum" mineralized zone. According to the New Mexico Bureau of Geology and Mineral Resources, the Grants district was the most prolific uranium mining region in the United States during the last uranium cycle (1950 to 1980), with cumulative production exceeding 340 million pounds U3O8. The Marquez project is located in McKinley and Sandoval counties of New Mexico, USA on the eastern end of the Grants Uranium District in northern New Mexico. By securing the right to mill ore at the White Mesa Mill, the Company has eliminated the need for capital expenditure financing and onerous permitting for conventional ore processing in the United States. The Toll Milling provision is an important asset for the Company as it paves the way forward for possible early production of uranium assuming an increase in U3O8 prices. The agreement is for an initial period of two years with renewal provisions and contains industry-standard provisions. The Toll Milling provision of the Agreement allows the Company to process conventional uranium ore from the acquired projects at Energy Fuel's White Mesa Mill in Blanding, Utah. "Additionally, the toll milling agreement and these acquisitions provide the Company with several important conventional uranium projects as well as increasing its ISR (in-situ recovery) interests while achieving geographical and geopolitical diversification."Ĭompletion of the transaction is subject to among other conditions typical of a transaction of this nature, approval of the TSX Venture Exchange. His expertise and experience will be valuable to our acquisition and development strategy going forward," said William M. "On behalf of the Board of Directors I am pleased to welcome Mr. Paul Goranson as the representative of Energy Fuels. As such the Company has increased the number of Directors to accommodate the appointment of Mr.
ENCORE ENERGY CORPORATION INC PRO
Pursuant to the terms of the Agreement between the Company and Energy Fuels, Energy Fuels is entitled to appoint one person to the Company's existing board of directors and to participate in any future proposed equity offering of the Company in order to maintain its pro rata shareholding, subject to certain exceptions. The two companies have further agreed to grant mutual access to proprietary data files concerning each of their respective properties. Upon closing of the transaction, Energy Fuels will be the Company's largest shareholder holding 19.9% of the issued shares.
A final payment of USD$150,000 is due in 6 months. Terms of the Agreement include the payment of USD$179,960 in cash at closing to Energy Fuels along with the issuance of 14.25 million of the Company's Class A common shares. and its subsidiaries ("Energy Fuels"), (NYSE MKT:UUUU)(TSX:EFR) to acquire a Toll Milling processing right and 100% interest in the Marquez and Nose Rock projects in New Mexico, the Moonshine Springs project in Arizona, and four projects in the White Canyon District of Utah. ( EU.V) ("enCore" or the "Company") is pleased to announce that on November 20th, 2015 it entered into a comprehensive asset purchase agreement ("Agreement") with Energy Fuels Inc. VANCOUVER, BC / ACCESSWIRE / Novem/ enCore Energy Corp.