Canada-based energy company Forum Uranium has signed a purchase and sales agreement to acquire a 100% stake in Agnico Eagle Mines‘ Judge Sissons and Schultz Lake claims.
As a part of the deal, Forum will keep the claims with minimal expenditures for three years and will merge its North Thelon property interests with Agnico in return.
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The transaction is subject to approval of the TSX Venture Exchange and will enable Agnico Eagle to own 4% of Forum’s outstanding common shares after completion.
Forum Uranium president and CEO Richard Mazur said the acquisition supports the company’s strategy of maintaining a strong presence in the Athabasca as well as the Thelon Basins.
"The Agnico Eagle purchase now gives Forum full control of a strategic landholding in close proximity to AREVA’s proposed Kiggavik uranium development," Mazur said.
"Our 100%-owned North Thelon project continues to be a long-term core asset that the company plans to revisit as uranium prices improve and as AREVA advances Kiggavik towards production."
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By GlobalDataThe new agreement replaces Forum Uranium’s option agreement signed with Agnico Eagle in March 2008.
This agreement enabled Forum to own a 51% stake in 36 claims consisting of 21,497ha within 300m of the proposed Kiggavik mill site, for exploration expenditures of $3m.
Agnico Eagle has acquired a concurrent $3m of Forum’s common shares under the agreement.
Forum had completed two drill campaigns worth $1.75m in 2008 and 2011 that resulted in the Judge and Ranger discoveries.
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