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 (the “Agreement”) to replace the LOI and EUU has received $175,000 of the $500,000 cash payments owed pursuant to the Agreement. As mutually agreed Forte will pay the balance of $325,000 to EUU imminently. To retain its 50% interest, 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.
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