Mining companies Madison Metals and Star Minerals have signed an agreement for the development of the Cobra Uranium Project in Namibia. Situated in the Erongo Uranium Province, the project forms part of Exclusive Prospecting License 8531.
Under the terms of the Binding Agreement, Star Minerals can gradually earn a 51% interest in the project through cash payments and shares issued to Madison and by investing in exploration over a period of three years. Once the earn-in is complete, the two companies will form a joint venture to lead exploration and development activities at the project.
According to Madison Metals Chairman and CEO Duane Parnham: “This agreement strengthens Madison’s operational footprint in Namibia, as we now have active exploration efforts underway on two uranium projects in one of the world’s premium uranium mining jurisdictions.”
