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Announces Acquisition of the Agnew Lake Property
Jan 30, 2009 06:14AM
January 30, 2009
Cash Minerals Announces Acquisition of the Agnew Lake Property
TORONTO, ONTARIO--(Marketwire - Jan. 30, 2009) - Cash Minerals Ltd. ("Cash Minerals" or the "Company") (TSX VENTURE:CHX) today announced that it has entered into a letter agreement with Nyah Resources Corp. ("Nyah") (TSX VENTURE:NRU) to acquire a 100% interest in the Agnew Lake property from Nyah (the "Acqusition").
The Agnew Lake property consists of two separate exploration claim blocks comprised of the Agnew Lake North Uranium property (the "Agnew Lake North Uranium Property"), which is the most advanced of the two claim blocks, and the Agnew Lake South property (the "Agnew Lake South Property"). The Agnew Lake North Uranium Property consists of seven unpatented mining claims (covering 1,575 ha, or 3,892 acres) located approximately 40 kilometres west of Sudbury, Ontario and encompasses the past producing Agnew Lake Uranium Mine which was operated by Kerr Addison Mines Ltd between 1977 and early 1983 and produced approximately 1.9 million pounds of uranium. The Agnew Lake Uranium Property has substantial underground infrastructure in place, including a six compartment shaft to a depth of over 980 metres with development on several levels. A decline from surface to the 1,900 foot level was also developed. During the period of operation two mineralized zones were developed. The Agnew Lake South Property consists of four mining claims located in Hyman Township of the Elliot Lake-Blind River uranium district, Ontario.
In consideration, Cash Minerals will issue to Nyah an aggregate of 15,000,000 common shares and 7,500,000 common share purchase warrants of Cash Minerals. Each share purchase warrant shall entitle the holder thereof to acquire one common share of Cash Minerals at a price of $0.10 for a period of three years from the date of closing, subject to receipt of necessary regulatory approvals. Pursuant to the terms of the letter agreement, Cash Minerals and Nyah shall enter into a definitive agreement with respect to the Acquisition.
The Acquisition is a Non-Arm's Length Transaction for the purposes of the TSX Venture Exchange as Nyah and Cash Minerals have a common director, Stan Bharti and a common officer, Patrick Gleeson, who is the Corporate Secretary of both companies.