Kivalliq Energy Corporation (TSXV:KIV) has acquired 100% of Pacific Ridge’s ownership interest in the Baker Basin Uranium Property in the Baker Lake Basin of Nunavut Territory, Canada.
As quoted in the press release:
Kivalliq will, subject to all necessary approvals, acquire 100% of Pacific Ridge’s ownership interest in the Baker Basin Uranium Property:
232,262 acres on the southern boundary of the highly-prospective Baker Lake Basin of Nunavut Territory
Multiple target zones based on results from work by previous exploration groups; public disclosure states aggregate expenditures in excess of CDN$7.1 million since 2006
Highlight down hole intervals from publicly disclosed drill assay data from previous exploration groups includes:
0.56% U3O8 over 5.5m (within a broader interval of 0.31% U3O8 over 11.5m) and 0.27% U3O8 over 5.8m at the KZ Zone (PEX press release Oct. 18, 2006)
0.51% U3O8 over 9.0m (within a broader interval of 0.30% U3O8 over 17.3m) and 0.35% U3O8 over 10.0m at the Lucky 7 Zone (PEX press release Oct. 2, 2007)
Summary of terms for Kivalliq to acquire 100% of Pacific Ridge’s Baker Basin Property interest:
600,000 shares KIV; $55,000 cash payment; $70,000 private placement purchase of PEX units
Kivalliq Energy CEO Jim Paterson said:
Kivalliq continually evaluates projects worldwide to increase our exposure to high-quality uranium assets. We believe that the current value proposition of the Baker Basin Property was too great an opportunity to pass up. Our extensive northern exploration experience, as well as our relationships and award winning environmental track record in Nunavut Territory, give Kivalliq a competitive advantage to rapidly advance the Baker Basin Property.