Imperial Metals to sell interest in uranium venture

Imperial Metals Corp. says for $1,750,000 it will sell a 10% partici pating interest in the company’s Saskatchewan Wheeler River uranium joint venture. Imperial says the transaction would result in a gain on sale of mineral properties of $550,000 in fiscal 1987. It adds that following the sale, the company will retain control over a 10% participating interest together with a 10% net profits interest in the Wheeler River project.

The joint venture expects to spend approximately $1 million during the 1987 winter season on further drilling for the project.