Canadian uranium exploration company Consolidated Uranium (CUR) has obtained the necessary clearance from the Ontario Superior Court of Justice for the anticipated spin-out of Premier American Uranium (PUR), a dedicated US uranium-focused entity.
The court’s approval follows a favorable vote from Consolidated Uranium shareholders earlier this month, with an overwhelming 99% in favor of the proposed spin-out.
In May 2023, Consolidated Uranium introduced the idea of the spin-out with the primary aim of directing its efforts towards acquiring, exploring, and developing uranium projects. Among these projects are the Great Divide Basin and Cyclone sites in Wyoming, in addition to the Uravan Mineral Belt and the Monogram Mesa project situated in Colorado.
Premier American Uranium (PUR) has outlined plans to initiate work programs aimed at advancing its portfolio throughout this year.
The Cyclone project spans 25,500 acres and historical exploration indicates a potential target range of approximately 6.5 million to 10.5 million tonnes of triuranium octoxide (U₃O₈) at concentrations ranging from 0.06%. The Great Divide Basin, known for its past productivity, yielded nearly 230 million pounds of U₃O₈ in the 1950s.
The Uravan project boasts a history of producing nearly 80 million pounds of uranium and over 400 million pounds of vanadium oxide (V₂O₅).
Encompassing approximately 7,431 acres, the Monogram Mesa project encompasses 361 mining claims. The historical output of the mine included 840,761 metric tons of U₃O₈ at a grade of 0.3% and 20,000 pounds of V₂O₅.
Colorado’s additional projects comprise the Outlaw Mesa and Slick Rock projects. The Outlaw Mesa area spans 5,759 acres, while Slick Rock covers 1,226 acres and holds four leases issued by the US Department of Energy (DOE).
Upon completion, the spin-out process will involve Consolidated Uranium transferring ownership of specific indirect subsidiaries, which hold eight US Department of Energy leases and certain patented claims in Colorado, to Premier American Uranium (PUR) in exchange for 7.7 million shares.
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