Azincourt Uranium Inc. (TSXV:AAZ) completed the acquisition of 100% of the issued shares of Minergia S.A.C. from Vena Resources Inc. and Cameco Global Exploration Ltd. Minergia is 100% owner of the rights and interests in Macusani, an advanced stage project, and Muñani, an early stage project, both uranium exploration projects in the Macusani district of Peru.
As quoted in the press release:
- Azincourt has purchased 100% of Minergia from Cameco and Vena for total consideration of $2 million in cash and Azincourt shares.
- Over $12 million spent by Minergia on project exploration work between 2007-2011.
- Minergia has defined 18 million lbs U3O8 current mineral resources (measured and indicated) and 17 million lbs U3O8 inferred to September 2011.
- Exploration and processing work by Minergia and others in the Macusani region suggests potential for future low cost production.
- Additional targets exist on the projects and Azincourt is committed to advancing the resources, targets and to developing the Macusani region.
- Vena’s Chairman and CEO, Juan Vegarra has joined Azincourt board as an independent director.