Skyharbour Resources Ltd. has entered a definitive purchase agreement with Rio Tinto Exploration Canada Inc. to increase its ownership interest in the Russell Lake Uranium Project. Skyharbour will acquire 100% of RTEC’s minority interest for C$10 million, increasing its stake to 100%. The Project is located in the Eastern Athabasca Basin of northern Saskatchewan and has access to regional infrastructure. The acquisition will create a large, nearly contiguous block of highly prospective uranium claims totaling 109,019 hectares. Skyharbour is actively advancing its uranium exploration projects in Canada’s Athabasca Basin.

The Russell Lake Uranium Project is strategically located between Cameco’s Key Lake and McArthur River Projects, with multiple exploration targets including the Grayling Zone and the M-Zone Extension target. Skyharbour’s acquisition of a majority interest in Russell Lake will enhance its exploration potential in the region. The company holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals. Skyharbour’s goal is to maximize shareholder value through new mineral discoveries and long-term partnerships.

Read more at GlobeNewswire: Skyharbour Consolidates 100% Interest in the Russell Lake