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Azarga selling Kyzyl-Ompul uranium project in Kyrgyzstan

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Azarga selling Kyzyl-Ompul uranium project in Kyrgyzstan

Azarga Uranium Corp. said Aug. 2 that its 70%-controlled UrAsia in Kyrgyzstan LLC subsidiary executed an earn-in agreement with Mining Investment Co. Alliance.

The deal enables Mining Investment to acquire a 100% interest in the Kyzyl-Ompul uranium project in Kyrgyzstan in exchange for US$7.6 million, comprising US$6 million in cash payments and US$1.6 million in exploration and development expenditures over a three-year period.

Azarga will retain a 2% net smelter return royalty payable on the start of commercial production at the project and is subject to a minimum royalty of US$2.5 million and a maximum royalty of US$5 million.

The agreement allows the company to focus on its Dewey Burdock uranium project in South Dakota, which it continues to advance toward construction.