(“UrAmerica” or “the company”)
UrAmerica and Cameco Global South America Inc. dissolve their Strategic Alliance Agreement by Mutual Agreement
UrAmerica announces that the Strategic Alliance Agreement between UrAmerica and Cameco Global South America Inc. (“Cameco”) dated October 12th 2011 has been dissolved by mutual consent.
Following the announcement by Cameco Corporation that it was adjusting its exploration strategy to focus on its most prospective North American and Australian projects, UrAmerica approached Cameco to discuss the impact of this change in Cameco’s strategy on the Strategic Alliance. As a result of these discussions the companies agreed by mutual consent to terminate the Alliance, thereby allowing UrAmerica to actively pursue the continued exploration and development of the Central Plateau Project in the Province of Chubut, Argentina. Chief Executive Officer Omar Adra said ‘UrAmerica greatly values Cameco´s input and support throughout the partnership. At a geological level we have a much better understanding of the potential for this project following Cameco’s involvement and we look forward to publishing our first resource statement shortly.’
Under the terms of a Share Purchase Agreement, Cameco sold its share position in UrAmerica (11,954,579 shares) to Patagonia Resources Ltd. (“PRL”) (for more details, refer to Press Release dated October 21st 2011). PRL keeps strengthening its position and commitment in the company and the development of our JV subscribed on April 21st 2010.
For further information contact UrAmerica Limited at:
Tel: (54) 11 4804 2115
This press release contains forward-looking statements and information within the meaning of applicable securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that UrAmerica expects or anticipates will or may occur in the future, including statements as to the potential success of any current and future exploration, UrAmerica’s ability to discover and develop a world class uranium deposit in the Chubut Province, Argentina, the benefits to Provincial and Local communities, the Joint Venture Company’s ability to achieve positive feasibility in respect of a deposit, and the timely meeting of certain pre-determined milestones. When used in this press release, the words “potential”, “indicate”, “expect”, “intend”, “hopes”, “believe”, “may”, “will”, ”if” and similar expressions are intended to identify forward-looking statements and forwardlooking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of UrAmerica to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, the risks and hazards associated with the business of mineral exploration, development and mining, the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits, changes in national and local government, legislation, taxation, controls or regulations and political or economic developments in Argentina, risks concerning UrAmerica’s title to properties; potential effects on UrAmerica’s operations of environmental regulations in Argentina; risks due to legal proceedings; risks relating to political and economic instability Argentina. Although UrAmerica has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, UrAmerica assumes no obligation to publicly update any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.