Waseco Resources has received written confirmation that Areva Quebec has completed the $2m earn-in expenditures and plans to proceed to form a joint venture with Waseco for further exploration and development of uranium and related minerals on Waseco's properties in the Quebec Labrador Trough.
Waseco had originally entered into an earn-in arrangement with UraMin, which became a wholly owned subsidiary of Areva following its acquisition in 2007.
Since that time, Areva has funded over $2m in exploration on the properties which included airborne geophysics and two years of field work, including an initial regional drill programme in 2009, which focused on the Du Portage project.
Waseco president Richard Williams said: "Areva has been actively exploring in the Quebec Labrador Trough for over 40 years and has developed an in-depth knowledge of the region and its geology.
"They have brought expertise to the project that we, as a junior, would have difficulty attracting and maintaining. We are very impressed by the quality of the work completed to date."