European Uranium Signs Joint Venture with Forte Energy on Slovak Uranium Properties
Jul 31, 2014
OTC Disclosure News Service
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European Uranium Resources Ltd. (“EUU”) (TSXV: EUU) announced on June
16, 2014 that it had entered into a binding letter of intent (the “LOI”)
with ASX and AIM listed Forte Energy NL (“Forte”) whereby Forte will
earn a 50% interest in the Company’s Slovakia uranium projects. The
interest will be held through ownership of 50% of EUU’s currently
wholly-owned Slovak subsidiaries, Ludovika Energy and Ludovika Mining,
which hold the mineral licenses comprising the Kuriskova and Novoveska
Huta uranium projects.
The parties have on July 31, 2014 executed a definitive agreement to
replace the LOI and have mutually agreed to extend the payment of
$475,000 by Forte to EUU to August 14, 2014, rather than July 31, 2014.
Forte must sole fund a minimum of $350,000 a year on the Ludovika
entities over the next ten years with the first year’s expenditure of
$350,000 being an obligation.
EUROPEAN URANIUM RESOURCES LTD.
“Dusty Nicol”
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Dorian (Dusty) Nicol, at (604)
536-2711, or visit www.euresources.com.
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(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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