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Tigris acquires Wyo uranium projects

Tigris acquires Wyo uranium projects

Tuesday, October 4, 2011

Tigris acquires Wyo uranium projects
A report by Wyoming PBS News partner, Wyoming Business Report

By Wyoming Business Report Staff

VANCOUVER, B.C. - Tigris Uranium Corp. has announced the acquisition of five uranium projects located in the Powder River Basin of Wyoming, in addition to the Treeline project in Cibola and McKinley counties, N.M.

In Wyoming, the 35-75, Wild Buck and Coal Hill projects are located in Converse County and the Turnercrest project is located in both Converse and Campbell counties. These projects have the potential for in-situ leach recovery (ISR) of uranium from either rollfront-type sandstone hosted deposits in the Eocene Wasatch Formation or the Paleocene Fort Union Formation.

The company has entered into a purchase and sale agreement with Energy Fuels Inc. with respect to the 35-75, Wildbuck and Turnercrest projects, which provides for the acquisition of the royalty deeds, mining leases, unpatented claims and related data in exchange for cash payments totaling $411,322.

The 35-75 project contains approximately 1,170 acres, comprising two private mineral leases and 26 unpatented mineral claims. The project hosts uranium-bearing sandstones of the Eocene Wasatch Formation, and is adjacent to, and on trend with Cameco's Smith Ranch ISR uranium mine.

The Wild Buck project contains approximately 370 acres in 18 unpatented mineral claims. The Turnercrest project contains approximately 1,400 acres comprised of a Wyoming state mineral lease, a private mineral lease and 25 unpatented mineral claims and lies along trend of the planned Moore Ranch ISR uranium mine, held by Uranium One Inc.

In addition, the company has purchased a 100 percent interest in 28 unpatented lode mining claims located in Converse County for $50,000, subject to a 2 percent gross proceeds royalty (half of which may be repurchased for $200,000).

The Coal Hill Project lies adjacent to the west of the Smith Ranch ISR uranium mine operated by Power Resources, a subsidiary of Cameco Corp. These claims lie to the north of the 35-75 property described above.

In New Mexico, the company has entered into an assignment agreement with Western Energy Development Corp., a subsidiary of Concordia Resource Corp. whereby the company will acquire the Treeline project, which includes a sandstone-hosted uranium deposit, located in McKinley and Cibola counties, Grants Uranium District, N.M.

The Treeline project consists of a mining lease and certain unpatented mining claims covering approximately 2,000 acres.

On the web: www.tigrisuranium.com