Nuclear Fuel Licences

North River has signed an agreement with major Australian uranium explorer Extract Resources Limited to jointly develop three highly prospective uranium licences in Namibia.

The principal assets involved in this agreement are EPL 3327 and EPL 3328, which are located in a globally significant and highly prospective uranium district.  Located west and north respectively of the historic tin mining centre of Uis in the west of the country, previous exploration activity, undertaken by Extract, has shown that these licences have the potential to host secondary uranium deposits associated with palaeodrainages of the Orawab and Ugab ephemeral river systems.

The agreement also allows for the formation of a 50/50 unincorporated joint venture in relation to an additional licence, EPL 3139, which is located within 30km of Extract’s world-class Husab Uranium Project, which has been confirmed as the fifth largest global uranium deposit by contained metal.  The Company has applied for the rights to explore for nuclear fuel minerals in respect of this licence.