Azincourt Uranium Closes Option Agreement to Acquire a 70% Interest in the East Preston Uranium Project in the Athabasca Basin
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 10, 2017) - AZINCOURT URANIUM INC. ("Azincourt" or the "Company") (TSX VENTURE:AAZ) announces that, further to its news release dated March 28, 2017, it has completed the acquisition of an option to acquire an undivided seventy per cent (70%) interest in the East Preston Project located in the highly prospective western Athabasca basin (the "East Preston Project").
At closing, the Company:
- paid aggregate cash consideration of $150,000 ($75,000 to each of the optionors Skyharbour Resources Ltd. and Clean Commodities Corp.;
- issued aggregate share consideration of 4,500,000 shares (2,250,000 to each of Skyharbour Resources Ltd. and Clean Commodities Corp.) and
- paid a finders fee to Transcend Capital Inc. of 398,913 shares.
Azincourt may exercise the option by incurring an aggregate of CDN$2,500,000 of staged expenditures and paying an aggregate of CDN$1,000,000 in staged cash payments over four years.
There is an underlying 2% NSR on commercial production from the East Preston Project and AREVA Resources Canada will retain a Right of First Refusal on the any future proposed sale of East Preston.
The Company will provide a detailed follow up news release summarizing the proposed work program on the East Preston Project once determined.
About Azincourt Uranium Inc.
Azincourt Uranium Inc. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties based out of Vancouver, British Columbia. The Company's Patterson Lake North Property ("PLN"), also located in the western Athabasca Basin, lies adjacent and to the north of the Patterson Lake South property (Arrow deposit), owned by Fission Uranium Corp. The company owns a 10% working interest in PLN and Fission 3.0 owns a 90% interest. In addition, the Company is currently evaluating additional uranium properties to acquire or joint venture.
ON BEHALF OF THE BOARD OF AZINCOURT URANIUM INC.
Paul Reynolds, CEO
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking statements" that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Specifically, there is no assurance the Company will be able to exercise the option or acquire any interest in the East Preston Project.
Contact
Azincourt Uranium Inc.
Paul Reynolds
604-638-8063
info@azincourturanium.com
www.azincourturanium.com