UEX Corp.said July 21 that it signed a joint venture agreement with overthe Christie Lakeuranium project in Saskatchewan, though the deal will not take effect until theearlier option agreement over the project has been concluded.
The option agreement signed in January will be concluded after UEX vests a70% interest in the project, elects to terminate its option prior to vestingthe project stake or fails to meet a stipulated annual cash payment orexploration commitment.
According to UEX, the joint venture deal contains industrystandard terms.
The venture will be overseen by a management committeecomprising a representative from each company, with votes equal to the equitystake of the company they represent.
While UEX was named the project operator under the optionagreement, the joint venture deal stipulates that the management committee willvote on the initial operator of Christie Lake once the deal is enforced.
UEX holds an option to earn up to a 70% interest in ChristieLake through the option agreement and the project is currently 10% owned byUEX, with JCU owning the remaining 90%.