Imperial sells Crow Butte interest

A net gain of more than $2 million is expected by Imperial Metals (TSE) from the recent sale of a 22% interest in the Crow Butte uranium mine to Uranerz U.S.A.

The transaction will increase Uranerz’s interest to more than 50% of the in situ leach uranium mine near Crawford, Neb. Geomex Minerals, Imperial’s wholly owned U.S. subsidiary, will retain a 30.8% interest.

Crow Butte has been in production since April, 1991, and is expected to produce 600,000 lb. this year. The current long-term operating plan envisages production to increase to one million lb. per year in the medium term. Imperial Chairman Hugh Morris said the sale to Uranerz will improve the company’s ability to take advantage of future opportunities through Geomex, including development of its 88% owned Big Red property adjacent to Crow Butte.

The market for uranium has improved in recent months as a result of import limitation agreements between the Commonwealth of Independent States (the former Soviet Union) and the U.S. The agreement is credited with having led to a 25% increase in the spot market price for U.S. uranium.

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