Hello Violet: How are ya? Not sure what to make of this release. The market sold off on the news.????????????Good Dayyyyyy Ronald
PS: Check out Cameco's lastest drill results released today on the La Rocque Lake Area in Northern Sask.......(Uranium) i.e.....8.2% , 19.2% , 29.9% ,U308 in 3 holes 280 meters below the surface. Not sure if this is any sort of guide or indication as to what one should be looking for in the PSM drill results on the Riou Lake Area in the future?????Any comments appreciated....
Pioneer, D.F. join forces in Athabasca uranium hunt
Pioneer Metals Corp PSM
Shares issued 49,614,767 Oct 4 close $0.22
Tue 5 Oct 99 News Release
Mr. Stephen Sorensen reports
Pioneer Metals Corporation and D.F. Exploration Uranium Ltd. have reached
an agreement in principle with respect to the companies 100-per-cent-owned
uranium projects near Riou Lake in Northern Saskatchewan. These two
projects are contiguous, totalling approximately 70,000 hectares (173,000
acres). This agreement does not include Pioneer's PM claims that are
presently optioned to Cameco Corporation.
The agreement grants Pioneer and D.F. the exclusive right to purchase a
25-per-cent working interest in each others 100-per-cent-owned uranium
projects for a period of five years at a cost of $25-million (Canadian).
Each party to the agreement must make certain exploration expenditures on
its project to maintain the option on the other project.
Daniel Faure, president and founder of D.F., a private Canadian company, is
D.F.'s major shareholder owning 75 per cent of the equity. The remaining
shares are held by Natural Resource Funds managed by Societe Generale, a
Paris-based French bank.
Mr. Faure, a recognized expert in uranium exploration, headed the team that
discovered the Cigar Lake uranium deposit in May, 1981. Mr. Faure believes
that the claims held by both companies in the Riou Lake area have the
geological and tectonic criteria that are favourable for the formation of
unconformity-type uranium deposits similar to those discovered in the
Wollaston Belt in the southern Athabasca Basin.
Both companies will continue exploration this winter consisting of diamond
drilling and geophysics.
This agreement is subject to due diligence, formal documentation and board
approval of both companies.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
