European Uranium Signs Joint Venture with Forte Energy on Slovak Uranium Properties
July 31, 2014 (Source: BusinessWire) — European Uranium Resources Ltd. (“EUU”) (TSXV: EUU) announced on June 16, 2014 that it had entered into a binding letter of intent (the “LOI”) with ASX and AIM listed Forte Energy NL (“Forte”) whereby Forte will earn a 50% interest in the Company’s Slovakia uranium projects. The interest will be held through ownership of 50% of EUU’s currently wholly-owned Slovak subsidiaries, Ludovika Energy and Ludovika Mining, which hold the mineral licenses comprising the Kuriskova and Novoveska Huta uranium projects.
The parties have on July 31, 2014 executed a definitive agreement to replace the LOI and have mutually agreed to extend the payment of $475,000 by Forte to EUU to August 14, 2014, rather than July 31, 2014. Forte must sole fund a minimum of $350,000 a year on the Ludovika entities over the next ten years with the first year’s expenditure of $350,000 being an obligation.
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EUROPEAN URANIUM RESOURCES LTD.
Dorian L. (Dusty) Nicol, President and CEO
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