Mr. Kyle Kozuska of Star Uranium reports
STAR URANIUM ANNOUNCES LETTER OF INTENT WITH GREAT WESTERN MINERALS FOR OPTION AND JOINT VENTURE ON HOIDAS LAKE PROJECT
Star Uranium Corp. has entered into a letter of intent with Great Western Minerals Group Ltd. that sets out the basic terms and conditions by which Star will have the right and option to acquire up to a 51-per-cent participating interest in the mineral and other related rights in and to Great Western's Hoidas Lake rare earth project, an area comprising 14 mineral claims totalling approximately 12,522 hectares and related property in Northern Saskatchewan.
Star's right to acquire the interest will be segregated into two tranches. Star will have the right to acquire a 25-per-cent participating interest in the Hoidas Lake project by financing and completing a preliminary economic assessment in respect of the Hoidas Lake project within two years. Upon successfully exercising the first tranche and acquiring a 25-per-cent participating interest, Star will have the right to acquire a 26-per-cent participating interest in the Hoidas Lake project by financing and completing a feasibility study in respect of the Hoidas Lake project within four years of the completion of the preliminary economic assessment.
The completion of the transaction is subject to the acceptance of the TSX Venture Exchange, and all other required approvals and consents.
We seek Safe Harbor.
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