NWT acquires interest in Kalahari Minerals through Niger Uranium venture
Friday April 4, 11:00 am ET
TORONTO, April 4 /PRNewswire-FirstCall/ - NWT Uranium Corp. (TSX-V: NWT - News; OTCBB: NWURF - News) is pleased to announce that through its holdings of Niger Uranium Ltd. it has acquired an interest in Kalahari Minerals PLC, an AIM-listed company with assets in Namibia.
As announced in a press release on March 20, 2008, Niger Uranium has agreed to acquire up to 27,680,000 shares of Kalahari, which would represent 17.5% of the company, upon completion of a Kalahari private placement. As NWT is the largest shareholder in Niger Uranium with a holding that would constitute 32% of Niger Uranium shares following completion of the Kalahari agreement, NWT's stake in Kalahari would represent 5.6%.
Kalahari's principal asset is a 36.2% interest in Extract Resources Limited, which trades on the Australian Stock Exchange (ASX) and has uranium exploration licenses in Namibia. NWT's subsequent interest in Extract is calculated at 2.0%. In addition to its holdings in Extract, Kalahari has property interests in the Dordabis and Witvlei copper exploration properties, located in Namibia's Kalahari copper belt.
The directors of Niger Uranium, including Marek J. Kreczmer, President and CEO of NWT Uranium, believe that "the acquisition of a substantial stake in Kalahari Minerals provides Niger Uranium with interests in nearer-term potential uranium production and a diversification of its uranium portfolio into Namibia, a country with a reputation for having a positive approach to the development of mining projects."
The purchase price is 12,400,000 pounds sterling, satisfied through a cash payment of 7,470,000 pounds sterling from Niger Uranium's existing cash balances, and the issuance of 17,000,000 new Niger Uranium shares. This share issuance subsequently dilutes NWT's stake in Niger Uranium to approximately 32%. Admission of the new shares is expected to become effective on March 31, 2008.
Niger Uranium trades on London's AIM market under the symbol URU, while Kalahari trades under the symbol KAH. Extract trades on the ASX under the symbol EXT.
ABOUT NWT URANIUM:
NWT Uranium Corp. (www.nwturanium.com) is an international resource exploration company with an experienced, highly technical management team. Since its inception, NWT has concentrated on the acquisition of properties with potential uranium targets. NWT Uranium is listed on the NASD Bulletin Board under the symbol "NWURF" and the TSX Venture Exchange under the symbol "NWT."
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the worldwide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.
Potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource on any of the properties referenced in this press release and it is uncertain if further exploration will result in any such targets being delineated as a mineral resource.
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