UUC Karoo Exploration Corporation

Mountain Capital Inc. ("MCI") (TSX VENTURE:MCI) is pleased to announce the
signing of a letter of intent with Utah Uranium Corp. ("UUC") (OTCBB:UTUC) to
option the Ernestina Lake Potash property located in the Province of Alberta,
Canada. UUC acquired potash permit applications covering a total of 192,000
contiguous hectares (474,400 acres) in eastern Alberta, on the Saskatchewan
border. To date, a total of 19 permits have been received by UUC, covering a
total of 143,800 hectares (355,300 acres). UUC anticipates receipt of the
outstanding applications shortly. 


Terms of the Letter of Intent are as follows:

- $50,000 Cash (on signing - non refundable)

- $125,000 Cash and 500,000 shares on TSX Venture Exchange Approval

- $500,000 work commitment within 12 months including preparation of a NI 43-101
report


- $75,000 Cash and equivalent value to $30,000 in shares prior to December 25th,
2008


- $125,000 Cash and equivalent value to $30,000 in shares prior to April 25th, 2009 

- $125,000 Cash and equivalent value to $30,000 in shares prior to August 25th,
2009 


- Milestone 1

- $1,000,000 (in addition to above) work commitment within 24 months of granting
of Exploration Permits


- Milestone 2

After Milestone 1, MCI will be deemed to have earned a 50% interest subject to a
3.0% NSR of which 80% of the NSR can be purchased for $2,500,000. Completion of
Milestone 2 will increase MCI's interest to 60% subject to NSR. The parties have
agreed that they will enter into a Formal Option Agreement incorporating all of
the above mentioned terms and conditions and which shall also include standard
provisions that are normally included in such transactions. This transaction is
subject to the approval of the TSX Venture Exchange.


According to an overview of work conducted by Royal American Petroleums Ltd. in
1966 filed with the Alberta Geological Survey in Mineral Assessment Report
(19660009): "The geological strata and basinal effects in the Vermilion area are
closely related to the potash-rich areas of Esterhazy, Saskatoon and Unity."


ON BEHALF OF THE BOARD

Bedo H. Kalpakian, President

Karoo Exploration Corporation (TSXV:UUC)
過去 株価チャート
から 5 2024 まで 6 2024

Karoo Exploration Corporation (TSXV:UUC)
過去 株価チャート
から 6 2023 まで 6 2024