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Jindal Steel purchases Monogolian uranium sites |
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Wednesday, 25 June 2008 |
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 Jindal Steel & Power has
purchased uranium sites in Mongolia from Bluerock Resources Ltd. (TSX
VENTURE:BRD) and Uranerz Energy Corporation. The sales price was reported
as USD $2.6 million.
The sale includes all Mongolian
uranium exploration projects and assets in Mongolia. Jindal has until
August 26th to conduct its due diligence review and complete
the agreement.
Bluerock has been acting as
operator of the Mongolian JV with Uranerz for the past three years.
Further, Bluerock holds a 60 percent ownership and Uranerz holds the
remaining 40 percent in the Mongolian uranium sites.
"The sale of Bluerock's
Mongolian exploration arm is a timely step for Bluerock as it allows
the Company to (recoup) the exploration results over the last two field
seasons and redirect these funds towards Bluerock's main focus, our
Southwest US uranium mining projects," President Michael Collins
commented. "Bluerock remains focused on building production, and
in the ground resources in Colorado and Utah to support the Company's
on-going plan of becoming the next uranium producer in the United States."
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