Western Australian-based Stonehenge Metals has entered into an agreement to buy Korean company Chong Ma Mines, which holds the rights to four uranium projects in South Korea containing 56 million pounds of uranium oxide at an average grade of 292 parts per million .
Stonehenge directors reported that historical exploration done at the site provided a solid foundation to upgrade the existing historical foreign uranium resource estimate to a Joint Ore Reserve Committee compliant status, head of a mining feasibility study. Chong Ma assets include 42 granted mining rights and 14 mining right applications.
Stonehenge will issue to the vendor, Yellow Sun Mining, 10 million shares and 60 million "performance shares" as well staged cash payments totalling $800,000.
Stonehenge directors reported that historical exploration done at the site provided a solid foundation to upgrade the existing historical foreign uranium resource estimate to a Joint Ore Reserve Committee compliant status, head of a mining feasibility study. Chong Ma assets include 42 granted mining rights and 14 mining right applications.
Stonehenge will issue to the vendor, Yellow Sun Mining, 10 million shares and 60 million "performance shares" as well staged cash payments totalling $800,000.