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Wednesday, 5 June 2013
Great Western Minerals signs agreement to develop exploration property
Great Western Minerals (CVE: GWG) says it has signed a letter of intent with Star Uranium Corp. (CVE:SUV) to enter into a joint venture to develop its exploration project at Hoidas Lake.
The property is located in northern Saskatchewan and contains 14 mineral claims.
"We have been actively evaluating the long term plans for our non-core assets and this agreement is consistent with our objective to focus our resources on the advancement of our Steenkampskraal Project," said president and CEO Marc LeVier.
Great Western's primary resource is the Steenkampskraal mine in South Africa. The mine, which was previously in production, is surrounded by existing infrastructure.
Last month, the company said on its conference call following the release of its quarterly results that it planned to move ahead with only “the most critical initiatives."
Great Western reported a net loss of $3 million, narrowed from the year-ago loss of $5.2 million in the first three months of the year. On a per share basis, the loss worked out to 0.7 cents, compared to a loss of 1.3 cents a year earlier.
Great Western rose 3.6 per cent to close at $0.145, while Star Uranium remained unchanged at $0.01 on Tuesday.