Based in Toronto, Canada, Uranium Hunter Corporation (OTCBB: URHN) is a natural resource corporation devoted to the exploration and development of uranium and gold mining properties in East Africa. Since their inception in 2003, the company has focused on the acquisition and exploration of particular areas in and around the Republic of Tanzania and Uganda.
The company entered into a definitive agreement with Trimark Explorations, Ltd. to acquire 100% interest in the Gambaro property that consists of 170 square kilometers located in the Njombe and Songea Districts in the Republic of Tanzania. Uranium Hunter was granted the sole right and option to acquire up to 75% undivided right, title and interest in and to the Nkoko and Kagadi uranium properties, which share common features with rocks of the Colorado Plateau in the United States that have become productive producers of uranium. Another project the company is focused on is the Karoo project, as they have entered into a letter of intent with Pinewood Resources Ltd. to earn 75% interest on the Karoo project, which contains approximately 8,600 kilometers of Karoo-based uranium exploration lands located in the Southern regions of Tanzania.
Uranium Hunter is currently awaiting the geological interpretation of the Ugandan aerial survey project data that has recently been released by the Ugandan government. The US $42-million-dollar aerial survey project was co-sponsored by the Ugandan government, World Bank, the African Development Fund and the Nordic Development Fund, which ultimately focused on mapping Uganda’s natural mineral wealth. The survey covers more than 600,000 line kilometers and uses magnetic horizontal radiometric and gamma-ray spectrometric readings taken from fixed wing aircraft. The flying is now 50% complete with the remaining areas are to be completed during the next 6 months.
The President of Uranium Hunter expressed his optimism regarding his company’s future, “Recent strengthening in the price of uranium is encouraging. We are seeing a strong renewal of interest in our market for Uranium exploration. With all these new reactors being built over the coming years, we expect to see the demand and price of uranium appreciate considerably. We are now well positioned to capitalize on this demand and expect our results to reflect positively in our Company’s bottom line. Once all the results of the airborne surveys are complete, we will release additional information to our shareholders and the investment world.”
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