Increases Uranium Acreage in Utah
20 May 2016
Highlands Natural Resources plc ('Highlands' or 'the Company')
Increases Uranium Acreage in Utah Following Acquisition of Further Claims
Highlands, the London listed natural resources company, is pleased to announce that it has increased its holding of uranium acreage in Utah to approximately 1,384.22 acres following the successful acquisition of eight mining claims ('Mining Claims') from Ticaboo Minerals, Inc. ('Ticaboo') in Grand County, which cover a total of 165.28 acres. The acquisition of these additional eight Mining Claims brings the Company's total claims in Utah to 67. The Mining Claims cover uranium and all other locatable minerals.
As previously announced, this potential uranium discovery was uncovered following Highlands' evaluation of oil and gas well logs in Utah. Highlands believes that the uranium can be mined via an in-situ mining process. These new Mining Claims are situated between some of the 59 unpatented Mining Claims already acquired by Highlands, making them central to the Company's area of interest and important to defining the extent of the potential in-situ mine. Highlands evaluated a log from a test well located within the Company's Mining Claims, which indicated elevated gamma ray readings exceeding 10,000 API units.
The consideration for the additional Mining Claims is US$16,000 and has been satisfied through a cash payment to the vendor. In addition, and as part of the acquisition agreement, Highlands has agreed to pay Ticaboo a production royalty of 2% from the additional eight Mining Claims which are the subject of this purchase and a royalty of 1% on the 33 Mining Claims staked by Highlands and which were announced on 30 March 2016.
Highlands has commenced discussions with suitable organisations to commission a competent person's report with the preparation of this report scheduled to be completed in the coming months. The Company has also identified potential partners for the next work stages on these Mining Claims.
Highlands CEO Robert Price said, "We are delighted to have increased our acreage in Utah with the acquisition of these strategically important mining claims, which will give the Company a sufficient number of claims with which to progress and commercialise the prospective uranium project. We look forward to providing shareholders with further updates in due course."
**ENDS**
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