WMT western metals limited

us joint venture in uranium

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    Released after market close y'day:

    Sydney - Monday - October 30: (RWE Australian Business News) -
    Western Metals Ltd (ASX code: WMT) has entered a joint venture agreement
    with US group Lynx1 LLC to pursue uranium prospects.
    The joint venture will focus on the USA, which Western notes has
    a strong history of successful uranium exploration and mining.
    "The joint venture intends to secure exclusive exploration
    access to prospective areas," Western says.
    The JV is in the process of targeting and acquiring exploration
    and mining rights over prospective lands.
    On completion of securing the targeted land position, Western
    and Lynx1 will jointly develop the initial exploration program.
    Western will solely fund the land acquisition program over the
    coming 12 months and on completion have earned 52% of the joint venture.
    Western will then earn 2% interest for every $US100,000 spent in
    the exploration program, up to a maximum of 80%.
    The US project complements and will add to Western's Tanzanian
    uranium joint venture, where an exploration program is ongoing.
    The announcement was made at the close of trading.
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Currently unlisted public company.

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