Strateco Update: Exploration Work and Legal Proceedings
January 29, 2014 (Source: Marketwired) — Strateco Resources Inc. (“Strateco”) (TSX:RSC)(FRANKFURT:RF9) is pleased to inform its shareholders of upcoming exploration work on the Jasper Lake uranium project in Saskatchewan. The Company also wishes to provide an update on the status of the ongoing legal proceedings to obtain the authorization of Quebec’s Minister of Sustainable Development, Environment, Wildlife and Parks (“MDDEFP”) for the Matoush underground exploration program.
Jasper Lake Project, Saskatchewan
Strateco has retained the services of Roscoe Postle Associates Inc. to conduct four technical studies on the properties of the Jasper Lake project in Saskatchewan, namely Jasper Lake, Minor Bay, Ahenakew Lake and North Wedge.
In addition, Strateco plans to drill two holes totalling approximately 425 metres in mid-February on the North Wedge property to test a geophysical anomaly. A budget of $125,000 has been allocated for this.
Strateco signed an agreement with Denison Mines Corp. on December 16, 2013, to acquire an interest of 60% in the Jasper Lake project, which is strategically located in the eastern part of the Athabasca Basin in Saskatchewan.
Get our daily investorintel update
The first hearing on the motion filed by Strateco with the Superior Court of Quebec on December 5, 2013, was held on January 24, 2014. The motion seeks to invalidate the MDDEFP Minister’s decision of November 7, 2013, whereby he refused to deliver the certificate of authorization for the underground exploration phase of the Matoush project.
The matters to be discussed at the hearing were postponed to a later date due to the motion filed on January 10, 2014, by Quebec’s Attorney General for special case management of the motion to invalidate. This second motion, which will be heard by the Associate Chief Justice on February 5, is intended to make sure the proceedings are handled efficiently and facilitate resolution by appointing a judge who will be responsible for the proper handling of the case. Strateco does not intend to oppose it.
Strateco will continue to vigorously defend the interests of its shareholders, who have invested more than $123 million in the Matoush uranium project in Quebec. Moreover, Strateco wishes to highlight the fact that the new Mining Act enacted on December 9, 2013, permits uranium exploration and mining in Quebec.
Strateco will keep its shareholders informed on the upcoming legal proceedings.
This news release contains “forward-looking statements” subject to certain risks and uncertainties. There can be no assurance that these statements will prove to be correct. Actual results and future events could differ significantly from those implied by such statements. These risks and uncertainties are discussed in Strateco’s annual information form filed with the securities commissions of British Colombia, Alberta, Ontario and Quebec.
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>