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Alligator takes full ownership of Beatrice project

20th April 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Uranium explorer Alligator Energy has struck a deal with Cameco Australia to acquire its remaining 41.65% interest in the Beatrice project, in the Northern Territory, consolidating its own interest in the project.

The purchase consideration has been structured with a nominal up-front cost, and the granting of a 15-year option to Cameco, which enables the buy-back into the project on the discovery and definition of a Joint Ore Reserves Committee- (Jorc-) compliant resource of 100-million pounds or more of uranium oxide.

Cameco will have the right to buy back a 40% interest in the Jorc-compliant resource, with the buy-back consideration being dependent on the size of the discovery and referenced to the spot price at the time.

Upon the option being exercised by Cameco, a joint venture will be formed.
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Alligator said on Friday that the company was assessing the most suitable closed-space geophysics techniques to define the optimum location of drilling sites to test targets.

The Beatrice project lies about 13 km from the Ranger uranium mine.

Edited by Creamer Media Reporter

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