Strathmore Minerals (STM-V) has terminated its joint venture agreement for the Juniper Ridge uranium property in Wyoming with Yellowcake Mining (YCKM-O).
In a release, Strathmore’s CEO, David Miller, says that Yellowcake has advised Strathmore that it was unable to comply with the terms in the agreement owing to the deterioration in market conditions. As a result, Strathmore will retain 100% ownership in the property.
The agreement, which was signed in January 2007, called for Yellowcake to pay Strathmore US$500,000 over four years and to spend US$8 million on exploration over five years in return for an 80% stake in the property.
The Juniper Ridge project, which covers about 19 sq. km, is located in the Poison Basin district in south central Wyoming, close to the Colorado border. Historic inferred resources on the property are about 2.8 million tonnes grading 0.1% uranium oxide, equivalent to 5.5 million lbs. uranium oxide.
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