VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/24/13 -- The following corrects and replaces the release issued earlier today on behalf of Skyharbour Resources Ltd. Please note that the second link in the release has been updated to point to the correct address.
Skyharbour Resources Ltd. (TSX VENTURE: SYH)(PINKSHEETS: SYHBF) (the "Company") is pleased to announce that it has signed a non-binding Memorandum of Understanding (the "MOU") relating to its 161,755 hectare property package located in the Patterson Lake region, and Athabasca Nuclear Corp.'s (TSX VENTURE: ASC) 125,375 hectare Preston Lake Property also located in the Patterson Lake region of the Athabasca Basin, Saskatchewan. The MOU also includes Lucky Strike Resources Ltd. (TSX VENTURE: LKY) and Noka Resources Ltd. (TSX VENTURE: NX) which are currently optioning into Skyharbour's property package.
The purpose of the MOU is to facilitate the formation of a joint venture syndicate of the four companies with their respective corporate and geological teams to collectively explore the largest land package (approx. 287,130 hectares or 709,500 acres) in the western Athabasca Basin near Alpha Minerals and Fission Uranium's recent high grade discovery at their Patterson Lake South ("PLS") property.
1. Skyharbour holds a 100% interest in a total of seven individual properties consisting of 45 mineral claims covering 161,755 hectares (approx. 399,700 acres) located in the Athabasca area in the Province of Saskatchewan (the "Skyharbour Property Package").
Skyharbour's Patterson Lake area claims map:
2. As previously announced on May 14, 2013 and May 16, 2013, Lucky Strike Resources ("Lucky Strike") and Noka Resources ("Noka") each have options to earn a 25% interest in the Skyharbour Property Package by making cash and stock payments up front to Skyharbour and by funding a combined $2,000,000 in work commitments over the next two years.3. Athabasca Nuclear holds a 100% interest in a property, Preston Lake (the "Athabasca Nuclear Property"), consisting of 36 mineral claims covering 125,375 hectares (approx. 309,800 acres) which are in close proximity to the Skyharbour Property Package.
Athabasca Nuclear's Preston Lake Project claims map:
Proposed Transaction Terms:
1. Skyharbour proposes to enter into an option agreement (the "Athabasca Nuclear Agreement") with Athabasca Nuclear on similar terms and value to the Lucky Strike Agreement and the Noka Agreement, wherein Athabasca Nuclear will be granted an option to earn a 25% interest in the Skyharbour Property Package with the resulting effect that the interests of the parties in the Skyharbour Property will be Skyharbour (25%), Athabasca Nuclear (25%), Lucky Strike (25%) and Noka (25%).2. Contemporaneously, Athabasca Nuclear will grant Skyharbour, Lucky Strike and Noka an option to each earn a 25% interest in the Athabasca Nuclear Property with the resulting effect that the interest in the Athabasca Nuclear Property will be Athabasca Nuclear (25%), Skyharbour (25%), Lucky Strike (25%) and Noka (25%).3. The transaction would result in a total of $6,000,000 in work commitments over the next two years on the combined Skyharbour Property Package and Athabasca Nuclear Property (collectively referred to as the "Property"). Lucky Strike and Noka each need to incur $1,000,000 in first year exploration expenditures and $1,000,000 in second year exploration expenditures. Skyharbour and Athabasca Nuclear each need to incur $500,000 in first year exploration expenditures and $500,000 in second year exploration expenditures. This amounts to $3,000,000 in work commitments in the first year and $3,000,000 in the second year.4. Skyharbour, Athabasca Nuclear, Lucky Strike and Noka will thereafter associate themselves as a joint venture for the purpose of jointly exploring and developing the combined 287,130 hectare Property (approx. 709,500 acres).5. Upon each party exercising their options in full, the parties' respective interests in the Property will be Skyharbour with 25%, Athabasca Nuclear with 25%, Lucky Strike with 25% and Noka with 25%.