Nordac interest sold to Uranerz

In order to eliminate a working capital deficit, Nordac Mining Corp. says it has agreed to sell its 25% working interest in the Mann Lake property, Athabasca Basin, Sask., to Uranerz Exploration and Mining.

In return, Nordac will receive $250,000 and a 2.5% net profits interest in the property.

Nordac adds that at the nearby McGillivray Lake project, in which it holds a 25% working interest, four overlapping UTEM anomalies have been outlined.

The anomalous trend extends for the entire 16-km length of the property, the company says. Selection of drill targets has started, and drilling is anticipated in March.