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Rio Tinto exercises option over Saskatchewan uranium assets

14th February 2018

By: Creamer Media Reporter

     

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JOHANNESBURG (miningweekly.com) – Diversified mining major Rio Tinto has agreed to make a final cash payment of C$1-million to TSX-V-listed junior Pistol Bay to gain the remaining 25% interest in uranium properties in the Athabasca basin of Saskatchewan.

The C block of uranium properties is under option to Rio Tinto, which has already earned a 75% interest to date, the diversified Canadian junior said in a statement.

As part of the final agreement, no royalty is granted to Pistol Bay with respect to the property under the agreement.

The properties are about 5 km north of the Phoenix uranium deposit, controlled by Denison Mines.

Rio Tinto had the option to acquire 100% of the uranium assets by paying Pistol Bay C$5-million within five years of December 31, 2014.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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