Ur-Energy Incorporated have announced their intention to enter into an agreement with Titan Uranium Incorporated in order to gain access to the potential wealth of uranium in the Athabasca Basin.

This is a quote from Paul Pitman, Vice President for Canadian Exploration for the Company: “This property deal provides Ur-Energy with its first opportunity to participate in the hunt for high-grade uranium in the Athabasca Basin”

This announcement came out late on Tuesday and no doubt played a part in the price increase for this stock on Wednesday, although we have to admit that yesterday was a much better day for uranium stocks then we have been experiencing lately.

A letter of Intent has been signed whereby Ur-Energy can earn up to an undivided 51% working interest in Titan’s R-Seven and Rook I properties by providing a capital injection of $9 million for exploration programs managed by Titan covering a 4-year period.

The R-Seven and Rook I properties include 17 mineral claims totaling 187,053 acres. The claims are located in the southwestern portion of Saskatchewan’s Athabasca Basin.

Another quote from Paul Pitman: “The property was chosen because of the number of prospective conductors outlined by airborne geophysics, interpreted cross structures and the fact that the claims are located along the south edge of the Athabasca Basin indicating drillable depths to the unconformity”.

Well it’s said that the best place to put a mine is in close proximity to another mine and this area is well know for its high quality of uranium. We don’t know enough about Titan to make a useful comment but maybe some of our readers who are up to date with Titan can fire in a comment or two.

Have a good one.