VANCOUVER, British Columbia--(BUSINESS WIRE)--European Uranium Resources Ltd. ("EUU") (TSXV: EUU) announced on June 16, 2014 that it had entered into a binding letter of intent (the “LOI”) with ASX and AIM listed Forte Energy NL (“Forte”) whereby Forte will earn a 50% interest in the Company’s Slovakia uranium projects. The interest will be held through ownership of 50% of EUU’s currently wholly-owned Slovak subsidiaries, Ludovika Energy and Ludovika Mining, which hold the mineral licenses comprising the Kuriskova and Novoveska Huta uranium projects.
The parties have on July 31, 2014 executed a definitive agreement to replace the LOI and have mutually agreed to extend the payment of $475,000 by Forte to EUU to August 14, 2014, rather than July 31, 2014. Forte must sole fund a minimum of $350,000 a year on the Ludovika entities over the next ten years with the first year’s expenditure of $350,000 being an obligation.
EUROPEAN URANIUM RESOURCES LTD.
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Dorian (Dusty) Nicol, at (604) 536-2711, or visit www.euresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.