Bluerock, Uranerz Closes Sale of Mongolian JV Interests
VANCOUVER, BRITISH COLUMBIA–(Marketwire - Sept. 12, 2008) - Bluerock Resources Ltd. (”Bluerock” or the “Company”) (TSX VENTURE:BRD) and Uranerz Energy Corp. (Uranerz) have closed the sale of their jointly owned Mongolian joint venture company, Rolling Hills Resources LLC (RHR), to Jindal Steel & Power (Mauritius) Limited (See News Release of June 24, 2008). The Mongolian joint venture assets had been previously deemed to be non-core to the Company’s primary focus of developing near term uranium production in Colorado and Utah, USA.
In February 2006 Bluerock entered into an option agreement with Uranerz to explore for, and develop uranium resources on the RHR licenses. In March 2008 Bluerock demonstrated that it had fulfilled the requirements of the option agreement, and was vested with a 60% interest in the Mongolian JV.
The divestiture included all Mongolian uranium exploration licenses, equipment, receivables and other existing material assets maintained by RHR in Mongolia, and was completed after an extensive due diligence review by Jindal and its representatives. Bluerock has agreed not to compete in uranium exploration in Mongolia for a period of five years. The divestiture provides Bluerock with an overall gain on the sale of approximately US$1,400,000. Bluerock no longer has any property interests in Mongolia.
Bluerock Resources Ltd. is a uranium mining company focused on developing tomorrow’s energy today through the acquisition and development of conventional uranium resources.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Collins, President and CEO
SOURCE: bluerockresources.com
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/tny_au_en_uskg_2.gif)
Loading ...