Havilah sells uranium assets to Heavy Rare Earths
ASX-listed Heavy Rare Earths (HRE) on Monday announced a binding term sheet with fellow-listed Havilah Resources to acquire a portfolio of uranium exploration assets in the Curnamona province of eastern South Australia.
The transaction involves HRE earning an 80% interest in the uranium rights on three projects by spending A$3-million over three years, including a minimum of A$1-million in the first year, on exploration and development activities.
The transaction entails the issue of 38-million shares in HRE to Havilah and the grant of 17.5-million unlisted options over HRE shares.
The three projects acquired from Havilah – Radium Hill, Lake Namba-Billeroo and Prospect Hill – comprise a total area of 2 949 km2 across 22 tenements or part-tenements.
“This agreement provides us with access to a commanding ground position with an excellent pipeline of projects spanning greenfields at the Prospect Hill and Lake Namba-Billeroo projects, through to brownfields at Radium Hill, along strike from where 2.6-million pounds of uranium was mined in the 1950s yet has seen no modern exploration in the 60 years since,” said HRE executive director Richard Brescianini.
Havilah technical director Chris Giles said in a statement that the company partnered with HRE because of the extensive exploration expertise of its principals, its tight capital structure and supportive shareholder base.
“We are confident that HRE will carry out serious and competent exploration for uranium in this well-recognised, highly prospective geological terrain in north-eastern South Australia,” he said.
The agreements also made way for Havilah to monetise a portion of its remaining uranium assets.
Havilah's focus is on developing copper, gold, cobalt, iron-ore and tin assets.
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