Verdera Energy sells Treeline uranium project in New Mexico

Vancouver-based Verdera Energy Corp. has agreed to sell its Treeline Uranium Project in New Mexico to Americas Uranium Corp., according to a press release. The deal involves Verdera receiving US$100,000 in cash and 2 million Canadian dollars' worth of Americas Uranium shares in exchange for 100% ownership of the property. The share portion of the payment will be paid in installments over a period of 36 months following the closing date.

Additionally, Verdera will receive a 1.5% net proceeds royalty on uranium and 1.5% net smelter returns royalty on other minerals extracted from the property. This royalty rate can be reduced to 1.0% by paying Verdera C$400,000. The Treeline property, situated in Cibola and McKinley Counties in New Mexico, was previously estimated to contain 1,020,000 pounds of U3O8, though this figure does not currently meet the NI 43-101 mineral resource or reserve standards.

Verdera's Chief Executive Officer, Janet Lee-Sheriff, noted that the transaction offers immediate value for the company, which plans to concentrate on four large-scale projects with historical resources and is currently developing a NI 43-101 technical report for the West Largo Project.