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Uranerz plans to joint ventured these exploration projects so that it can focus on advancing its Wyoming Powder River Basin properties.
The Cochrane River, Saskatchewan property is located approximately 80 kilometres northeast of Cameco Corporation's Eagle Point Mine at the northeastern edge of the Athabasca Basin. The Property comprises seven claims covering a total of 28,012 hectares. The property spans the eastern margin of the Wollaston-Mudjatic Transition Zone along which several of the major uranium deposits occurred in the Athabasca Basin, such as McArthur River and Eagle Point
In November of 2005 Uranez joint ventured this project to Triex Minerals Corporation. Triex could earn up to a 70% interest in the Cochrane River properties by making payments to Uranerz and spending $3,000,000 in exploration on the project by November 1, 2009. However, in April 2008 Triex terminated the option and joint venture agreement and forfeited its right to earn an interest in the Cochrane River Property.
Triex completed detailed helicopter-borne geophysical surveys, follow-up ground exploration programs including grid-based and lakeshore prospecting and geological mapping, an extensive lake sediment survey, ground-based resistively surveys, a lake sediment sample program, a pole-dipole array D.C. resistively survey, property-scale geological mapping of outcrops, and systematic geochemical sampling of boulders and glacial till. Total cumulative expenditures by Triex on the Cochrane River property over approximately two and one-half years, was Cdn$1.23 million.
The properties are currently in good standing with two (2) claims due to expire on January 30, 2010 and the remaining five (5) claims expiring on January 30, 2011.
Uranerz is evaluating its options with respect to the Cochrane River Property, which may include possible arrangements with other potential joint venture partners, further exploration to be performed by the Company, or divestiture.
Uranerz Energy has sold its property interests in Mongolia.
Uranerz Energy has two additional projects located in the Great Divide Basin of Wyoming. Both properties have historical exploration drilling from the 1970s, and Uranerz is in possession of some of these data in the form of electric and lithologic drill logs, together with drill hole maps depicting location, depth, grade and thickness of the mineralized roll fronts.
Uranerz had joint ventured these projects to Black Range Minerals Limited. Under the terms of the joint venture Black Range had the right to earn a 50% interest in the joint venture by managing and meeting the first US$750,000 in exploration expenditures on the projects. Black Range was obliged to spend at least US$100,000 per year on exploration on the projects and to spend the first US$750,000 on exploration within three years of inception of the joint venture agreement. In August 2009 Black Range terminated the option and joint venture agreement and forfeited its right to earn an interest in Uranerz Energy's Great Divide Basin projects. Uranerz is evaluating its options with respect to these projects, which may include possible arrangements with other potential joint venture partners, further exploration to be performed by the Company, or divestiture.
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