Global Uranium and Enrichment Says Scoping Study for Colorado Uranium Project Being Finalized

MT Newswires Live04-04

Global Uranium and Enrichment (ASX:GUE) said that a scoping study for the Tallahassee uranium project in Colorado is currently being finalized and will be available by the end of April, according to a Thursday Australian bourse filing.

It said Ubaryon, in which the firm is the largest shareholder with a 21.9% stake, is progressing a process with potential major strategic partners for securing funding for ongoing development.

It also received binding commitments to raise AU$15 million, before costs, through a conditional placement to institutional and sophisticated investors, in relation to a joint venture agreement between Global Uranium and Snow Lake Energy for the acquisition of the Pine Ridge ISR uranium project in Wyoming.

Snow Lake agreed to invest around AU$5.8 million for a 19.9% shareholding in Global Uranium, subject to shareholder approval.

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