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Marenica to acquire Metals Australia's Mile 72 uranium project in Namibia

Marenica Energy Ltd. said May 10 that it signed a binding deal to acquire the Mile 72 uranium project in Namibia from Metals Australia Ltd. for A$30,000 in cash plus a preferential dividend of 1% of gross production from the project.

The miner said the Mile 72 project, which covers 2,692 hectares in the country's Erongo province, is ideally suited for its proprietary U-pgrade beneficiation process.

Previous exploration trenching on the project indicated uranium mineralization over 12 kilometers long and 2 kilometers wide, Marenica said. A data validation of all available exploration data, including data from exploration that Metals Australia completed from 2007 to 2014, will be conducted in the near term.