Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF), the Canadian exploration company, signed a deal with ATCO (TSX:ACO.X) Mining providing it with options to acquire a 75% interest in its Atlantic project.
Located in the eastern Athabasca Basin, the 3,061-hectare project will be on offer to ATCO through options which extend over three years.
As part of the deal, consideration payments are expected to total C$430,000, starting at C$100,000 in year 1, C$120,000 in year 2 and C$200,000 in the final year.
Consideration shares are expected to total C$750,000, with the first year seeing Standard Uranium acquire C$150,000 before the figure doubles to C$300,000 in the following two years.
Exploration expenditure is expected to reach C$6.3 million over the three years, while operator expenses are predicted to rise to C$730,000.
Jon Bey, CEO and chairman at Standard Uranium, said: “We are pleased to announce our fourth option agreement…
