Windsor, Alberta 11/22/2009 3:05:00 AM
News / Business

Uranium International Corp. (OTCBB: URNI) Enters Option Agreement

Uranium International Corp (OTC Bulletin Board: URNI) has acquired an option to earn up to an 80% undivided interest in four mineral properties in Sweden from Trans Atlantic Metals AG (the "Optionor") and T.A. Metall, Sweden AG. The Option Agreement is subject to a 3% NSR royalty.

 

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According to the terms of the Option Agreement, Uranium International will acquire a lease option in the Bjorklund Property, the Labbas Property, the Marrviken Property and the Staverberget Property (collectively called the "Properties") located in the Kingdom of Sweden, including all rights, licenses, and permits. The exploration work program is expected to commence in early 2010 as weather conditions permit. The properties are characterized by available data as having been drilled by government agencies and found to contain uranium mineralization. Any such mineralization has not yet been classified under National Instrument 43-101 guidelines. Management is aware of 130 drill holes completed on the Properties. Uranium International has focused all of its efforts on moving its properties into a work program in Sweden, which has been increasingly amenable to resource mining and provides a positive outlook on its uranium mining industry. Under the terms of the Option Agreement, in order to exercise the first Option for a 51% interest there are stipulations that Uranium International must complete to have a second option for an additional 29% which would total 80%interest.  Primarily for this transaction it must incur a further $3,000,000 of exploration expense. Uranium International Corp. is an international resource exploration company whose focus is the acquisition and exploration of uranium properties.

 

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