Canadian explorer agrees to buy stake in Tanzanian uranium prospect

26th July 2007 By: Nelendhre Moodley

TSX-V-listed junior miner Atomic Minerals (Atomic) on Thursday announced that it had signed a letter of intent with Geo Can Resources to enter into an option agreement to acquire up to a 90% interest in a land package totalling some 2800 km2 located in Tanzania.

The property, located in southwestern Tanzania is near an area earmarked as potentially favourable for uranium, the company said in a statement.

Other mining companies exploring in the area include Paladin Resources (Malawi), Denison Mines and Western Metals (both in Tanzania).

In addiation, Atomic was expected to incur yearly minimum exploration expenditures on the property of $250 000 by the first anniversary of closing, $400 000 by the second anniversary of closing, $600 000 by the third anniversary of closing and $750 000 by the fourth anniversary of closing.

Atomic Minerals is also currently exploring over 1 200 claims on the Dolores anticline of Southwestern Colorado.