2 August 2023 – Cardigan (UK): NewEra Metal Resources Ltd (the “Company” or “NewEra”) is pleased to announce that the Company has finalized the sale agreement for part of its Mirano uranium project in Mendoza Province, Argentina with Consolidated Uranium Inc. (“CUR”) (TSX-V: CUR) that was previously announced on 16 June 2023. The conclusion of this agreement follows a period of satisfactory due diligence completed by CUR during the past six weeks. CUR is a leading uranium exploration and development company whose project portfolio comprises uranium projects in Argentina, Australia, Canada, and the United States and includes past-producing uranium and vanadium mines in Utah and Colorado.
As part of this completed agreement NewEra retains a 1% Net Smelter Royalty (“NSR”) on uranium, and all metal production from the two vended licences which are proximal to the past producing Huemul uranium-copper-vanadium mine, situated in the Malargüe uranium district of southern Mendoza Province. The Company retains a 5,900-ha exploration permit, the Molly uranium project, which is situated approximately 6 kms north of the former Huemul mine. It is hoped that with further modern exploration by CUR and the expected favourable uranium price environment, this site of Argentina’s first uranium mining (1955 – 1975) will return to production in the near future.
NewEra continues to pursue business opportunities for its significant vanadium portfolio in the mining-friendly Department of Malargüe and is very pleased to have recently received interest from a prominent global vanadium company. The increased awareness of the importance of long duration energy storage (“LDES”), and vanadium redox flow batteries is highly encouraging.
About NewEra
NewEra Metal Resources Ltd, a UK registered natural resources company, is focused on exploration for critical metals. As the leading vanadium explorer in Argentina, the Company has ten vanadium projects over, adjacent, or proximal to former bitumen mines in the Neuquén Basin of central Argentina. Its Argentine portfolio also includes three uranium projects in the Neuquén Basin.
Through its 100% owned Spanish subsidiary, NewEra is evaluating copper opportunities in Spain.
