Under the terms of the agreement, Uranerz will evaluate properties held by Varna before selecting projects which appear to Uranerz to have production potential.
As soon as a property is selected, a joint venture would be formed giving Uranerz the right to acquire up to a 60% interest in the project by reimbursing Varna for all previous exploration expenses and financing development costs.
The agreement also requires Uranerz to arrange production financing and become operator of the project. Varna has been busy in the Newfoundland area. It recently signed an agreement with Gingrich Exploration to earn a 100% stake in a property which includes the former Tilt Cove Copper mine.
Toronto-based Corona Corp. (TSE) is also earning a 51% stake in Varna’s Lightning zone property which is also situated on Newfoundland’s Baie Verte peninsula.
In addition, Varna also has varying interests in properties in the Snow Lake region near Flin Flon, Man.
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