VANCOUVER, British Columbia--(BUSINESS WIRE)--European Uranium Resources Ltd. ("EUU") (TSXV: EUU) announced on August 29, 2014 that it had executed a definitive agreement (the “Agreement”) that allows ASX and AIM listed Forte Energy NL (“Forte”) to 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.
EUU has now received the entire amount of cash consideration of $500,000 pursuant to the Agreement and 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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