Perth-based uranium exploration company Fission Energy Ltd has signed a sale and purchase agreement to acquire 100% of the issued capital of Meteore Metals Ltd, for $8 million.
Meteore Metals is the manager of a 50:50 joint venture with Barra Resources Lt on the Mt Thirsty Nickel-Cobalt Project.
Total consideration for the acquisition of Meteore Metals is A$8.0 million in cash, payable in instalments subject to inter alia due diligence by Fission, raising a minimum of A$4.0 million and shareholder approval at a general meeting of the company to be convened in late May/early June 2008.
Mt Thirsty is situated approximately 20km north northwest of Norseman in Western Australia.
Meteore Metals entered into an option agreement with Barra Resources in late December 2006, whereby Barra Resources agreed to spend $500,000 to participate equally with Meteore to develop the Project.
Previous explorers in the mid 1990's defined an indicated and inferred oxide cobalt-nickel resource of 8,381,000 tonnes grading 0.19% cobalt and 0.64% nickel (Barra ASX announcement 21st December 2006).
