WildHorse Energy to acquire US uranium stocks for $19.4m

West Perth-based uranium company WildHorse Energy Ltd has announced plans to evaluate and purchase the core parts of Wyoming's Bison Basin uranium tenements for $19.4 million.

The company will acquire the claims from private US-based company Blue Eyed Sheep Resources LLP through a staged acquisition which it says will allow it exclusive access to information about the site

Wildhorse, which has already paid $129,000 to BES, will pay around $1.1 million on the signing of a binding agreement to provide Wildhorse with exclusive access to the uranium data for 12 months. The company will then pay $1.3 million on completion of evaluation within the second six months.

After an independently verified resources statement finds a uranium mineralisation of over 15 million pounds, the company will pay the balance of the US$15 million, with the option of paying only US$7 million ($9 million) if the site does not live up to expectations.

The company said the site, at which uranium was discovered by Union Carbide in the 1960's, would complement the land already acquired in the area earlier that year.