Monterey Minerals intends to purchase a uranium exploration land package in Namibia

Monterey Minerals has signed a letter of intent to purchase a uranium exploration land package consisting of seven properties from a group of private prospectors in the Erongo region, according to a statement released on their website this week.

Monterey will acquire an 85% interest in seven prospecting licenses totalling 93,514 hectares. The company intends to pay US$175,000 cash (over N$2.7 million) and 8,000,000 of its common shares as consideration to the vendors for the acquisition of the properties.

A number of the properties are proximal to significant Namibian uranium assets such as the Husab Mine, the Rössing Mine, the Langer Heinrich Mine as well as the Etango and Marencia deposits.

One of the properties, consisting of 4,690 hectares, is located between Forsys Metal Corporation’s’s Valencia and Namibplaas uranium deposits, known as the Norasa Project.

“We are excited to complete due diligence and move this proposed transaction forward given the proximity to a number of well-known uranium projects in the world’s 4th ranked uranium producing country. As is the custom in Namibia, we welcome the opportunity to explore with our 15% Namibian partners,” said newly appointed President and CEO of Monterey, Jason Bagg.