Western Uranium Corp. said Aug. 15 that its deal with Battery Mineral Resources Ltd. to create a joint venture for vanadium development at the Sage mine project in Utah did not close as anticipated, as the latter sought a purchase option instead.
The Colorado-based company said Battery Mineral Resources wanted to take advantage of rising vanadium prices, which have increased from over US$14/lb to over US$18/lb since the agreement was signed two months ago.
According to Western Uranium, both parties are working toward a definitive agreement, which is expected to be completed Aug. 31.
Meanwhile, Western Uranium's subsidiary Pinon Ridge Mining LLC filed with the Colorado Division of Reclamation a surface sampling plan for the approximately 100,000 tons of stockpile at the Sunday mine complex in Colorado.
A radiometric survey on the stockpile will commence in early October, with the results to be used for determining the economic value of undertaking a processing program via the White Mesa mill.