Canadian junior Monterey Minerals has signed definitive agreements for the acquisition of seven exclusive prospecting licences from a group of private prospectors in Namibia.
The acquisition of 85% interest in these properties, totalling 93 514 ha, would make the company one of the larger and better-positioned landowners in the Erongo province, it said in a statement on Thursday.
The Erongo province accounts for about 8% of the globe’s uranium production.
Monterey said its initial focus would be on three licences, which were in close proximity to significant Namibian uranium assets – the Husab and Rossing mines – as well as the development stage Forsys Metal Valencia and Namibplaas deposits, known as the Norasa project.
“The location of our newly acquired property package positions us to make an impact in the sector. During regional due diligence, we were able to define our immediate focus on properties surrounding significant uranium development and production assets,” said president and CEO Jason Bagg.
He added that exploration plans would be announced shortly and that the exploration programme would begin in the second quarter.
Monterey, which would also change its name to Puranium Energy, would issue the vendors eight-million shares and pay $175 000 for the acquisition of the properties.
Monterey currently owns the Cobalt Mountain polymetallic project in British Columbia and an option to purchase a 100% interest in 35 mineral claims in Ontario.