LONDON (Alliance News) - Highlands Natural Resources PLC on Friday said it has increased its holding of uranium acreage in Utah to approximately 1,384.22 acres following the acquisition of eight mining claims from Ticaboo Minerals Inc.
The eight mining claims cover a total of 165.28 acres and bring the natural resources company's total claims in Utah to 67. The consideration for the claims was USD16,000 and was satisfied through a cash payment.
In addition, Highlands has agreed to pay Ticaboo a production royalty of 2% on the eight mining claims and a royalty of 1% on the 33 mining claims purchased in March.
"We are delighted to have increased our acreage in Utah with the acquisition of these strategically important mining claims, which will give the company a sufficient number of claims with which to progress and commercialise the prospective uranium project. We look forward to providing shareholders with further updates in due course," Chief Executive Robert Price said in a statement.
Shares in Highlands were trading up 5.0% at 39.10 pence at the open on Friday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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