Mines sold for $10 million

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 Utah from GeoXplor.


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 Utah 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 Salt Lake City, the claims have a similar stratigraphy to Colorado Plateau type deposits, one of the principal sources of uranium in the United States.


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.