properties to its portfolio
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Solitaire Minerals Corp (C:SLT)
Shares Issued 87,114,080
Last Close 11/30/2007 $0.16
Monday December 03 2007 - News Release
Mr. Charles Desjardins reports
SOLITAIRE MINERALS CORP. OPTIONS ATHABASCA BASIN PROPERTIES
Solitaire Minerals Corp. has entered into an agreement to option a total of 10 uranium properties currently held by Raytec Development Corp. in the eastern Athabasca basin of Saskatchewan. The agreement concerns three mineral claims totalling 14,415 hectares, known as the D block of claims, and seven mineral claims, known as the C block of claims, totalling 3,913 hectares, all located in relative proximity to the Key Lake area of the Athabasca basin.
The agreement calls for Solitaire to acquire a 100-per-cent interest in the D block of claims, subject to a 2.5-per-cent net smelter royalty (NSR) in favour of the original vendors of the property, and a 0.5-per-cent NSR in favour of Raytec. In addition, Raytec has granted Solitaire an option to earn up to a 50-per-cent interest in the company's C block of claims by spending total of $1-million in exploration expenditures prior to Nov. 1, 2010. Solitaire will also retain the right to earn an additional 20-per-cent (for a cumulative 70-per-cent) interest in the C block of claims by spending an additional $1-million in exploration expenditures prior to Nov. 1, 2012. To acquire this, Solitaire must pay to Raytec a total of 100,000 shares, and make payment to the company of $50,000. A finder's fee in accordance with TSX Venture Exchange policy will be payable on this transaction.
About the properties
The 10 uranium properties total 18,328 hectares. The D parcel is located approximately 40 kilometres west of the McArthur Lake uranium mine, and constitutes a total of three contiguous claims. The C parcel constitutes a total of seven non-contiguous claims, and stretch from C7, which lies approximately 10 kilometres west of the Cigar Lake uranium mine, to C1, C2 and C3, which are located within 25 kilometres and as close as eight kilometres from the Key Lake uranium mine, where historical production from two mined-out unconformity-type uranium deposits once contributed 15 per cent of world uranium production (reference -- Natural Resources Canada). All of the claims are located within or proximal to the Key Lake-McArthur River and Cigar Lake geological trend. The claims are situated within the Athabasca basin, underlain by rocks of the Wollaston domain, which is the favourable geological setting hosting most of the major deposits in the eastern portion of the basin. During the past year, an airborne VTEM and magnetic survey, performed by GeoTech, was performed over the entire property package, identifying a priority 1 basement target on the D blocks, and identifying priority 1 shallow targets on five of the seven C blocks. In addition, other priority 2 and priority 3 targets were identified on both the C and D blocks. Results of the airborne survey have been compiled and interpreted and have been incorporated into a technical report in compliance with National Instrument 43-101, which has been filed by Raytec on SEDAR.
"We are very pleased to add a drill-ready uranium land package to our current landholdings in the Athabasca basin," said Charles Desjardins, president of Solitaire Minerals. "With our plans to drill Riou Lake in the near future and our work obligations for these new acquisitions, Solitaire will be very active in Northern Saskatchewan."
Gordon Allen, PGeo, a qualified person under National Instrument 43-101, will advance the project."
