Yarranna

Highlights:

• Represents CUR’s initial foray in South Australia, a uranium mining friendly jurisdiction with an operating uranium mine and several near-term production and advanced development projects including Quasar Resources’ Four Mile Mine, Boss Energy’s Honeymoon Project and Alligator Energy’s Samphire Project.
• Historic drilling intersected high grade, shallow mineralization including:
  • 1 metres grading 0.355% U3O8 from 66 metres
  • 4 metres grading 0.086% U3O8 from 67 metres
• Mineralization is potentially amenable to In Situ recovery.
• Exploration potential remains high with widely spaced historic drilling testing a limited area of the favourable paleochannel target area.

The Yarranna project is an advanced stage exploration project located in the Eucla Basin of southwest South Australia. Uranium mineralization was first discovered on the Project in the 1980s by the Carpentaria Exploration Company Pty Ltd., which carried out extensive uranium exploration up until 1988, including geophysics (resistivity, airborne photographic survey, airborne mag and radiometric survey, ROAC survey), drilling (rotary, air core/RC, diamond drilling) and associated downhole probing (Gamma, Resistivity, SP) and assays. This work led to the discovery of four uranium prospects named Yarranna 1 to 4. Between 2007 and 2009, Iluka Resources Limited, conducted an airborne survey and rotary and air core and drilling for uranium. Significant historic drill intersections are shown in Table 1 below.

Figure 1 and Table 1: Yarranna Project with select key rotary and air core drill results 

• Pursuant to the Agreement, CUR will acquire 100% interest in New Standard for consideration comprised of 2,059,732 common shares in the capital of the Company (“CUR Shares”) at a deemed price per share of $1.94, which is the 10-day VWAP of the CUR Shares on the TSX Venture Exchange (the “TSXV”) up to the date prior to signing the Agreement.
• CUR has agreed to grant to the Sellers a 2% net smelter returns royalty on the Projects, 1% of which can be repurchased by CUR for the payment of $1,000,000