Pistol Bay (TSX.V-PST) has entered into an amending and final agreement with Rio Tinto Canada Uranium Corp. (”RTCUC” or “Rio Tinto”), with regard to the C 4, 5 and 6 Uranium properties, whereby Rio Tinto will make a final cash payment of $1,000,000 to Pistol Bay.
The C block of Uranium properties, located in the Athabasca Basin of Saskatchewan, is under option to Rio Tinto, which has earned a 75-per-cent interest to date.
Under the 4th amending and final agreement, Rio Tinto will acquire an additional 25% interest in the Property (thereby increasing its aggregate interest to 100%), by making a cash payment of $1,000,000 to Pistol Bay within 14 days from the effective date of this final agreement. As part of this final agreement, no royalty is granted to Pistol Bay with respect to the property under the agreement.
Rio Tinto Exploration Canada Inc. (”RTECI” or “Rio Tinto”) has informed Pistol Bay that is continuing with its exploration program on the 2,500-acre (1016 hectares) C5 uranium property in the Athabasca Basin, northern Saskatchewan.
Rio Tinto intends to drill between 4 and 6 diamond drill holes for a program total of approximately 2,600 metres, targeting uranium mineralization at the unconformity between the Athabasca Basin sediments and the older basement rocks, and in the basement itself. The C5 property adjoins the Wheeler River property, controlled by Denison Mines Corp. It lies 4.5 kilometres north of the Phoenix uranium deposit, 5 kilometres northeast of the Gryphon uranium deposit, and 2.6 kilometres northeast of the 489 Uranium Zone.
The C5 property, together with the C4 and C6 claims, is under option to Rio Tinto, which has earned a 75% interest, and has previously announced its intention to exercise the further option to acquire 100% interest by paying Pistol Bay C$5,000,000 within 5 years of December 31st 2014 and granting Pistol Bay a 5% net profits interest (see Pistol Bay news release of February 16th, 2015). Rio Tinto has, to date, completed 12 diamond drill holes totalling 6,104 metres on the C5 property and carried out a gravity survey and a DC resistivity. The 2017 diamond drilling program is scheduled to commence on January 20th.
The C4, C5 and C6 properties are road-accessible, an important feature that allows exploration funds to be used much more effectively than more remote, fly-in projects. The 75-kilometre all-weather haul road from the McArthur River mine to Cameco’s Key Lake mine/mill passes approximately 5 kilometres from the properties, and there is a network of bush roads or trails that can be used by 4-wheel drive vehicles.
see: www.pistolbaymining.com for complete news release
Grizzly Discoveries TSX.V-GZD entered into a memorandum of understanding (“MOU”) with an unrelated third party as an initial step towards a proposed $15Million investment by the Interested Party to advance the Company’s Alberta Potash Project. The Interested Party will review all data and information pertaining to the Alberta Potash Project, with particular focus on the North Block near Lloydminster, Alberta. The MOU contemplates that, subject to the Interested Party’s satisfactory due diligence on the Alberta Potash Project data, the Company and the Interested Party would pursue negotiations leading to a final agreement whereby the Interested Party would invest up to $15 Million in cash to fund an exploration drill program to test the Alberta Potash Project’s North Block.
Grizzly “GZD” has been acquiring and interpreting seismic data for their potash project in Alberta. They have applied for a new metallic and industrial mineral permit covering 11,680 acres to bring their land holdings to over 2.4 million acres for its Alberta Potash Project. This additional land is located 67 km northeast of the City of Medicine Hat along the Saskatchewan border and covers an area that has a historic oil test well which has a gamma log spike indicative of a potash intersection of approximately 21.6% K2O over 1 to 2 metres at a depth of approximately 1,660 m below surface. Grizzly is planning to drill at least one potash test hole in the Medicine Hat area in the last quarter of 2011 and is making preparations for the drilling of up to 5 wells on its 100%-owned North and South Blocks with plans to drill at least two potash test holes in late October 2011.
Grizzly also announced a LOI for a Provost property with Pacific Potash Corp. and proceeds with permitting for drilling. The LOI indicates that a minimum of one well will be drilled and depending on results, up to three wells may be drilled the Grizzly – Pacific 50:50 Provost property. Costs will be shared equally by Grizzly and Pacific and is expected to commence in October.
This article http://www.stockhouse.com/Blogs/ViewDetailedPost.aspx?p=117683 provides a great overview of Petro One Energy “TSX.V-POP” including a valuation of the company’s assets.
James Hudson Quote…
“POP is trading at 31% of the most conservative valuation of its cash and assets.
With this in mind, the stock chart over the last year has been technically perfect to the upside. Petro One’s share price has more than doubled, on strong volume against an overall weakening market, over the past year.
On June 6, 2011, Petro One announced it had begun drilling with an aim towards near-term light, sweet crude production. Folks, we are looking at textbook case of an emerging junior Oil producer doing all things right. I expect we will see significant cash flow sometime this year.
There is no question as to what direction Petro One’s share price is headed. It will simply be a case of how much production will come online, how fast, and how long the company will last before it is taken out.”