Northwestern Mineral Ventures
has signed a Letter of Intent to acquire 100% ownership of two uranium-vanadium mines in the La Sal uranium district in southeastern
from GeoXplor Corporation.
The Firefly and Gray Daun Mines, collectively called the Firefly Project, contain 39 mineral claims covering 315 hectares, including the Firefly and Gray Daun Mines as well as additional areas designated by the US Geological Survey as "favourable" for uranium mineralisation.
Located approximately 370 kilometres southeast of
Under the terms of the Letter of Intent, Northwestern will pay $5,100,000 to acquire the Firefly Project from GeoXplor. Northwestern will make an additional payment of $5,000,000 to GeoXplor once a decision is made to commence production on the Firefly Project. In addition, GeoXplor will receive 300,000 common shares from Northwestern.