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UEX increases stake in Christie Lake uranium project to 45% from 30%

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UEX increases stake in Christie Lake uranium project to 45% from 30%

UEX Corp. remains on track to earn its full 70% stake in the Christie Lake uranium project in Saskatchewan, after increasing its interest to 45% from 30%.

The company reported Dec. 7 that it completed a C$1 million option payment to JCU (Canada) Exploration Co. Ltd. and completed its 2017 exploration commitments before the Jan. 1, 2018, deadline.

UEX noted that it had paid an aggregate C$5 million and spent about C$7.8 million on exploration on the project as of Oct. 31.

The company, which is earning up to a 70% interest in the Christie Lake project under a January 2016 option agreement, expects to achieve 60% project ownership by the end of 2018.