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Rio Tinto takes over Pistol Bay uranium assets in Canada

Published by
Global Mining Review,

Junior Canadian mineral exploration company Pistol Bay Mining Inc. (Pistol Bay) has entered into an amending and final agreement with Rio Tinto Canada Uranium Corp. (RTCUC or Rio Tinto), with regard to the C 4, 5 and 6 Uranium properties, whereby Rio Tinto will make a final cash payment of CAN$1 000 000 to Pistol Bay.

The C block of Uranium properties, located in the Athabasca Basin of Saskatchewan, Canada is under option to Rio Tinto, which has earned a 75% interest to date.

Under the 4th amending and final agreement, Rio Tinto will acquire an additional 25% interest in the Property (thereby increasing its aggregate interest to 100%), by making a cash payment of CAN$1 000 000 to Pistol Bay within 14 days from the effective date of this final agreement.

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Canadian mining news