Maximus RESOURCES

Maximus Resources: New Uranium Float
 
Maximus Projects

 
A new Australian uranium float – with vast exploration licence areas across South Australia and the Northern Territory – is proposed by ASX-listed Maximus Resources Limited.

Maximus announced yesterday that it proposed to sell its wholly-owned Eromanga
Uranium Resources Pty Ltd subsidiary to a new uranium explorer, Eromanga Uranium Limited in exchange for the issue of shares in ERO. The proposed sale follows agreements entered into for Maximus to farm-out its SA and NT uranium properties to EPL.

The proposed farm-outs and the new uranium IPO plans were announced yesterday by both Maximus and Flinders Diamonds because last year’s successful float and ASX listing of Maximus originally was based around certain farm-out agreements on the non-diamond assets (including uranium) of Flinders Diamonds.

Dr Kevin Wills, Managing Director of both Maximus and Flinders Diamonds, said yesterday that ERO (through EPL) would be primarily focused on exploration for and development of economic resources of uranium.

“The uranium licence areas that will form ERO’s main assets are located in the Eromanga Basin region of SA and the NT and the Billa Kalina prospect near the giant Olympic Dam mine in SA,” Dr Wills said.

“It is proposed that EPL will spend $7 million over a maximum of six years to earn a 70% interest in the Eromanga Basin project and will act as the manager and operator of the joint venture.

“At the Billa Kalina prospect, it is proposed that EPL can earn a 50% interest with the expenditure of $3 million over a maximum of six years and will act as the manager and operator of the joint venture.”

The Eromanga Basin Project consists of 18 exploration licence areas covering 15,755 square kilometres in SA and the NT, acquired to explore for sedimentary uranium deposits.



 

 

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