Athabasca Nuclear Corporation Reports Material Changes to the Western Athabasca Syndicate
Vancouver, BC / TheNewswire / August 17, 2015 - Athabasca Nuclear Corp. (TSX-V: ASC) ("Athabasca Nuclear" or the "Corporation") advises that it is reporting material changes to the Western Athabasca Syndicate and its interest in the underlying Preston Uranium Project ("Preston Project"), the principal exploration project of the Corporation.
As part of the Western Athabasca Syndicate Option and Working Agreement (the "Agreement") which governs the Western Athabasca Syndicate, an exploration funding requirement was issued to the parties (the "Funding Requirement"). Effective today, two signatory companies had their participation interest in the Western Athabasca Syndicate terminated as a result of not fulfilling the Funding Requirement or remedying the default within an available remedy period (the "Termination Notices").
The net result to Athabasca Nuclear, who met the Funding Requirement along with Skyharbour Resources Ltd. ("Skyharbour"), will be a material increase to the Corporation's working interest in the Preston Project from 25% to 50% once the forthcoming and funded drill program (the "Drill Program") is completed.
Upon completion of the Drill Program, to which the Corporation contributed cash of $322,666.67, Athabasca Nuclear and Skyharbour will form a 50/50 joint-venture for the Preston Project through the Agreement.
Following the Drill Program, nearly $5 million of exploration work will have been done on the Preston Project by the Western Athabasca Syndicate, to be comprised of Athabasca Nuclear and Skyharbour moving-forward.
About Athabasca Nuclear Corporation
Athabasca Nuclear Corp. (TSXV:ASC) is an exploration company focused primarily on uranium exploration near the Athabasca Basin in Saskatchewan, Canada, and other select opportunities. More information about Athabasca Nuclear and its projects may be found at www.athabascanuclear.com.
Signed,
Ryan Kalt, Chief Executive Officer
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently expected or forecast in such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Info:
Ryan Kalt, M.B.A., LL.M.
Chief Executive Officer
778-328-1598
info@athabascanuclear.com
www.athabascanuclear.com
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