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U3O8, Petrominera advance plans for Argentina uranium JV

27th August 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – TSX-listed U3O8 Corp and Argentina-based Petrominera Chubut reported on Tuesday that discussions surrounding a proposed joint venture bringing together their mining assets were advanced.

U3O8 Corp, which is based in Canada, but focused on South America, said its Laguna Salada project and the adjoining provincial mining company’s Petrominera concessions would position the Laguna Salada deposit as a potentially low-cost, near-term uranium producer in a country that had a comprehensive and growing nuclear energy programme.

Argentina currently imported 100% of its nuclear fuel and is seeking domestic uranium supply.

“The principal points of our negotiations cover exploration of Petrominera's mineral concessions onto which we believe our Laguna Salada deposit extends, as well as laying down a framework under which the deposit could be developed on reasonable terms for both parties,” explained U3O8 Corp president and CEO Dr Richard Spencer.

The Laguna Salada uranium project was well advanced, he pointed out, adding that a preliminary economic assessment was expected later this year.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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