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The company said the North Wash project, originally drilled by Cotter Corporation in the 1970s and subsequently acquired by VANE, had 162 drill holes - 34 of which were drilled by VANE in 20 - ranging from depths of 205 to 385 feet. Vanadium is a key component in redox/flow battery energy storage systems. It said the report covered preliminary design engineering sufficient to gain an indicative estimate of capital and operating costs, manpower requirements and a preliminary development and production schedule, and now showed it had the potential to be developed into a commercial project, with the group in ongoing discussions with third parties in respect of that. This company said the was prepared to determine the mining method and development costs in an effort to assess the general feasibility of the project.ĭue to the strength of the present vanadium market, interest in the North Wash project had now “significantly improved”, Rose Petroleum reported. Under the terms of the agreement, enCore will have a first right of refusal to acquire any mineral rights on those eight projects should VANE choose to dispose of them during the term of the deal.Īs part of the agreement with enCore, VANE had excluded its North Wash stratabound vanadium/uranium project in Garfield County, Utah from the transaction, as discussions with third parties were already underway, which could lead to a separate divestiture of that project.Īt North Walsh, VANE had previously announced that it had contracted an independent mining pre-scoping study in May 2012, upon the completion of a two-year drilling programme.
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If VANE did not elect to participate in the projects in accordance with the agreement, Rose confirmed it would have no further rights in respect of that particular project.Īdditionally, should VANE seek to develop any of its eight existing breccia pipe uranium projects on which it currently controlled the mineral rights, which were currently held on care and maintenance, enCore would have the opportunity to participate in those projects on the same terms that VANE could participate in the enCore projects.
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The purchase price for the VANE interest, at the development stage, would be 250% of the pro-rata exploration costs incurred on the project to advance it to the development stage.įrom the point at which VANE acquired an equity interest in any project, it would be responsible for the development expenditure for its specific portion of its interest. It said it would be able to participate up to a maximum 25% interest in any developed projects, at its sole discretion. If any of the prospects reached the development stage, VANE will have a one-off opportunity to participate in the projects, Rose Petroleum explained. Rose said the initial term of the agreement would be five years, and enCore would seek - at its own cost - to use the database to generate exploration prospects and to subsequently develop those prospects into commercial operations. The shares would be locked-up for an initial four month period, after which Rose would be able to dispose of them, subject to certain orderly market provisions. In return for VANE providing exclusive access to its uranium project database, enCore would issue to VANE three million ordinary shares in enCore which had a current market valuation of about $0.3m, and which represented approximately 2.1% of the existing share capital of enCore. The AIM-traded firm said the database was comprised of geological, geophysical, aerial photography, drilling, and evaluation data on the uranium breccia pipe district of northern Arizona - specifically the region south of the Colorado River where a number of discoveries had been made. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds.Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so.
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Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body.Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services.Obtains access to the information in a personal capacity.I am a private investor* I am not a private investor *A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: