Uranium Power expands in Canada

Colorado-based Uranium Power has signed a deal with the Canadian subsidiary of Phelps Dodge (PD-N) to pick up six uranium properties in northern Saskatchewan.

The option deal will add 30,000 ha to Uranium Power’s land-holdings in the Athabasca Basin region, where it already holds two properties covering 31,000 ha. Five of the newly acquired properties lie between the Key Lake and the McArthur River uranium mines. The sixth property is near the Cigar Lake uranium deposit.

Under terms of the deal, Uranium Power must spend $500,000 on exploration in the next year, as well as pay $2.5 million by 2001. Past exploration on the properties includes geophysical surveys, geochemical sampling and diamond drilling.