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Agincourt uranium deposits sold to partner

LOCAL gold producer Agincourt Resources will sell its Wiluna uranium assets to a company called Nova Energy, which will lodge a prospectus next month in order to list on the Australian Stock Exchange. Agincourt will remain a 50 per cent shareholder in Nova, with 75 per cent of the initial shares to be offered to existing Agincourt shareholders. Agincourt shareholders with at least 2,000 shares will receive a priority allocation of $2,000 worth of Nova shares. Wiluna’s uranium assets include the Lake Way and Centipede deposits, which have been previously owned by multinationals Inco, Westinghouse and Esso. The mining of uranium in Western Australia remains a contentious issue, however, with development still prohibited under state law. Nova Energy was established by Perth-based investment banking and stockbroking firm Argonaut Capital. Argonaut will be responsible for Nova’s proposed initial public offering.

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