Empire moves closer to Yarlarweelor sale

Empire Resources announced on Friday it had entered a six month option agreement to sell its Yarlarweelor uranium project in WA to Freedom Eye.

Empire Resources announced on Friday it had entered a six month option agreement to sell its Yarlarweelor uranium project in Western Australia to Freedom Eye.

Under the terms of the $10,000 agreement, Freedom Eye can fully evaluate the project before completing a formal acquisition.

The company had decided earlier in the year to either sell or find a joint venture partner to develop the 492 km2 exploration licence, 125 km north of Meekatharra.

The move will allow it to concentrate on its Yuinmery and Troy Creek copper and copper-gold projects in the State, the company said.

“Western Australia’s more liberalised political will towards uranium exploration has increased the investment interest in uranium opportunities and added value to our holdings,” Empire managing director David Sargeant said.

“However, our preference is to focus on copper-gold exploration and development, so it is prudent in the current uranium climate to move Yarlarweelor into a sale or joint venture partner process.”

Empire found the outlines of numerous uranium anomalies last year when it conducted a detailed airborne radiometric and magnetic survey over the eastern half of the project area.

Exploration undertaken prior to 1982 located numerous airborne radiometric anomalies and numerous rock samples assaying greater than 1000 uranium parts per million.

The proposed sale transaction is expected to be put to Freedom Eye shareholders at an annual general meeting in November.

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