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30 Mar 2016 07:00
30 March 2016
Highlands Natural Resources plc ('Highlands' or 'the Company')
Doubles Uranium Acreage in Utah Following Acquisition of Further Claims
Highlands, the London listed oil and gas company, is pleased to announce that it has more than doubled its land position in Utah to approximately 1,219 acres following the successful acquisition of 33 Mining Claims in Grand County, which cover a total of 681.78 acres. The Company believes that the land, which is adjacent to the 26 unpatented Mining Claims acquired by Highlands and announced on 18 March 2016, is prospective for uranium.
This potential discovery was uncovered following Highlands' evaluation of oil and gas well logs in Utah and, if future investigation justified a decision to proceed with extraction from the new acreage, could be mined via an in-situ mining process. The fees to acquire 100% of the claims is US$7,326 which has been satisfied through a cash payment. The Mining Claims cover uranium and all other locatable minerals.
Highlands CEO Robert Price said, "We believe this area to be highly prospective for uranium, and this transaction which doubles our acreage is testament to our excitement regarding the opportunity. We will provide updates regarding our plans for the area in due course, and will focus on adding value to this asset in tandem with our activities towards commercialising the DT Ultravert refrac technology, which has the strong potential to dramatically reduce costs associated with lifting production from existing wells."
**ENDS**
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