Makena Acquires Athabasca Uranium Prospect Bordering the Patterson Lake South Discovery
August 29, 2013 (Source: Marketwire) — Makena Resources Inc. (the “Company”) (TSX VENTURE:MKN) wishes to announce that it has entered into an option agreement to acquire the Patterson group of claims prospective for uranium, subject to regulatory approval. This acquisition consists of three claim blocks totalling 6,687 hectares (16,524 acres) which are all located in the Athabasca Basin. The west block directly borders the recent discovery at the Patterson Lake South (“PLS”) Prospect of Alpha Minerals Inc.’s and Fission Energy Corp.’s. The other two blocks are in the direct vicinity of the discovery (please refer to maps on the Company’s website www.makenaresourcesinc.com)
Negar Adam, President of Makena states, “This is a significant acquisition for Makena. This acquisition would position Makena in the heart of the most exciting uranium district in the world today. The PLS discovery has garnered significant market attention and we are extremely pleased to be bordering this discovery. We plan to initiate a work program as soon as we receive regulatory approval for this acquisition. Makena’s market capitalization is currently just over $1 million. We have the smallest current market capitalization of any company directly bordering the highly regarded discovery at Patterson Lake South. Management is pleased to be in this world class uranium district and looks forward to developing the prospect as soon as possible.”
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The terms of the option are as follows: $25,000 within 3 business days of TSX approval, with additional cash payments of $25,000 due December 31, 2013, $25,000 due June 1, 2014 and $25,000 due June 1, 2015. Makena is required to issue 1,000,000 common shares within 3 business days of TSX approval; an additional 750,000 common shares on June 1, 2014; and 750,000 common shares on June 1, 2015. Makena is also required to issue 1,000,000 share purchase warrants within 3 business days of TSX approval. Makena will need to perform $75,000 in work commitments by December 31, 2013; an additional $225,000 by September 30, 2014; $400,000 by September 30, 2015; and $700,000 by September 30, 2016. Upon satisfaction of these terms Makena will earn a 50% interest in the prospect. Makena is optioning these claims from CanAlaska Uranium Ltd. Dr. Karl Schimann, P.Geo and VP of Exploration of CanAlaska, was the head geologist for the discovery of the Cigar Lake Uranium Mine.
A map in relation with this press release is available at the following address: http://media3.marketwire.com/docs/Makena_Claim.jpg.
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Negar Adam, President, Director
Makena Resources Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>