Tigris acquires uranium projects in Wyoming, New Mexico

4October 2011: Tigris Uranium Corp has acquired the Treeline project in Cibola and McKinley counties, New Mexico, in addition to five uranium projects located in the Powder River Basin of Wyoming. The 35-75, Wild Buck and Coal Hill projects are located in Converse County and the Turnercrest project is located in bothConverse and Campbell counties, Wyoming. The Wyoming projects have the potential for in situ leach recovery (ISR) of uranium from either rollfront-type sandstone hosted deposits in the Eocene Wasatch Formation or the Paleocene Fort Union Formation.

The Company has entered into an Assignment Agreement with Western Energy Development Corporation whereby the Company will acquire the Treeline project, which includes a sandstone hosted uranium deposit, located in McKinley and Cibola Counties, Grants Uranium District, New Mexico.

The Treeline project consists of a mining lease and certain unpatented mining claims covering approximately 2,000 acres. In consideration for the assignment of the Treeline project, the Company will issue 200,000 common shares. The Assignment Agreement is subject to several conditions precedent, including regulatory approval.

Source: yourindustrynews