Madison Metals provides update on Namibia Uranium Licences
Madison Metals Inc. is pleased to provide an update to the binding letter of intent with Otjiwa Mining and Prospecting CC pursuant to which Madison would acquire an 85% interest in Exclusive Prospecting Licences 8531 (“EPL-8531”) and 8115 (“EPL-8115”). EPL-8531 and EPL-8115 are located in the renowned Erongo Uranium Province of Namibia, Africa, where Madison already holds rights to Exclusive Prospecting License 7011 (“EPL-7011”) and has an agreement to acquire a 24% direct interest in Mining Licence 121 (“ML121”). Through the Transaction, Madison is looking to consolidate ownership of land holdings in the uranium province with the goal to build upon minable uranium resources by expanding currently known uranium zones and making new discoveries. Namibia is the world’s second-highest uranium-producing country and holds the fifth-largest total uranium resources in the world.
Otjiwa currently holds an “intention to grant” letter from Namibia’s Ministry of Mines and Energy for EPL-8531 and EPL-8115. The approval and granting of the licences are subject to an Environmental Clearance Certificate. The Environmental Impact Assessment scoping study and Environmental Management Plan Report to obtain an ECC have already been submitted to the relevant authorities and is expecting a response shortly.
The Company is also pleased to announce that it is consolidating its various land holdings as a result of the continued expansion in the uranium province combined with the high likelihood of common infrastructure. Madison has designated that EPL-7011 and EPL-8531 (previously Rössing North) will be consolidated under the property name Madison North. Additionally, EPL-8115 and ML121 (previously Rössing West) will be consolidated under the property name Madison West.
