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Thundelarra sells uranium assets to focus on copper, gold

11th November 2013

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – Exploration company Thundelarra has negotiated the sale of its Hayes Creek uranium assets, near Darwin, in the Northern Territory, to focus on base metals and gold exploration.

Thundelarra is selling the assets to an unlisted Australian firm for $1.5-million in cash and shares. The cash component is $650 000 and the share component will crystallise in the next two years, as and when the purchaser lists on the ASX or another recognised stock exchange. The company did not name the purchaser, but said that it held a counter-cyclical view of the uranium sector and had appetite for active exploration in the sector.

“Our primary focus is Allamber via our 100% interest. Rationalisation of our uranium interests through this transaction provides upside through equity along with a welcome cash injection,” chairperson Phil Crabb commented.

A copper-rich sequence that extends over 20 km has been identified at the Allamber project, in the Northern Territory. The company also owns exploration projects in Western Australia.

Edited by Creamer Media Reporter

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