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Eagle Plains sells Saskatchewan mineral claims to Areva/UEX JV

Eagle Plains Resources Ltd. said Aug. 1 that it completed a deal with Areva SA subsidiary Areva Resources Canada Inc. and UEX Corp. to sell certain mineral claims in the Shea Creek area of northeastern Saskatchewan.

Areva and UEX are jointly developing the Western Athabasca Basin uranium property in Saskatchewan, which includes a project known as Shea Creek.

As consideration for the new claims, Areva and UEX will grant Eagle Plains a 2% net smelter royalty on all future production relating to the property. The royalty can be reduced at any time by paying Eagle Plains C$1 million.