Kopore Metals Limited (ASX: KMT) has confirmed that the condition precedents relating to the Share Sale Agreement with Endeavour Financial Ag to acquire 100% of the uranium project in the Agadez region of Niger have now been satisfactorily completed.
Kopore is adding the quality uranium asset to its project list via the acquisition of Endeavour’s wholly-owned subsidiary, EF Niger Exploration SARL.
The next stage of the acquisition has been met with the Niger Minister of Mines agreeing to grant a two-year extension, to November 2024, on the three exploration permits.
Under the terms of the Transaction, the company has agreed to spend a minimum of US$2 million on the Permits within the first 24 months, US$1.5 million of that amount to be spent on a drilling programme.
This obligation falls away if the company declares a Mineral Resource of at least 16Mlb of U3O8 at a minimum grade of 200ppm U3O8 on any of the permits (prepared and reported in accordance with JORC 2012).
“We are incredibly excited to have completed these final conditions for the Transaction and are ready to hit the ground running in Niger with our fieldwork and ground mapping programme,” Kopore’s Managing Director, Caroline Keats, said.
“We are also working towards undertaking our maiden drill programme in the near future and also updating the historical mineral resources estimate to JORC 2012.
“As previously advised in our December 2021 Quarterly Activities Report, we have been undertaking an orderly sale of the ARC Minerals Limited shares. This has now been completed and we have bolstered our cash position to approximately $2.4 million. This will enable the company to commence Project exploration activities in this highly prospective uranium region as soon as completion of the Transaction occurs.”
For further information please visit: https://www.koporemetals.com/
