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  Participation in two projects, Midwest and McClean Lake

With PNC’s* proposal to transfer to the private sector the 15% participating shares held by its subsidiary PNC Canada, in the Midwest Project (Athabasca region, province of Saskatchewan, Canada) where a prospective uranium deposit was discovered, OURD, considering the high potential of this project from a technological and economical point of view, decided to take over the interests and participate, with the exploration operator DENISON, in the Midwest Project.
OURD created OURD (Canada) as a wholly-owned subsidiary and an agreement was signed between OURD (Canada) and PNC Canada in February 1991, to finalize the operation.

Following that agreement, a contract was concluded between OURD (Canada) and MINATCO, owner of the McClean Lake Project, another prospective uranium deposit located 15km east, to exchange shares between the two projects.
OURD (Canada) gained 7.5% of interests in the McClean Lake Project by decrementing its interests in the Midwest Project from 15% to 4.5% (5.67% now with the acquisition, end of 2004, of 1.17% from REDSTONE).

The JEB-Mill (ore processing plant) construction works started in March 1995 and were completed in June 1999. McClean deposit was mined from 1997 with the first uranium concentrates (yellow cake) produced in June 1999.

Two ore bodies within the McClean area, McClean North and Caribou have not been developed at this time and the production is expected over the next decade. Regarding Midwest, a feasibility study did show the economic viability of the project but a decision has not been taken yet for the development of the mine. Uranium extracted from these deposits will be processed by the JEB-Mill.

* PNC: Power Reactor and Nuclear Fuel Development Corporation (presently the Japan Atomic Energy Agency: JAEA)

Notes on OURD (Canada) Co., Ltd.

Date of Establishment 10th January 1991
Capital $CAD24,750,000
Head Office 2800, Park Place, 666 Burrard Street.
Vancouver, B. C., V6C 2Z7 CANADA
Shareholders OURD 100%
   

Notes on Midwest Joint Venture

Date of Participation 27th February 1991
Participating Interests OURD(Canada) 5.67%
Operator AREVA Resources Canada
Exploration Permit 14.25 km2
   

Notes on McClean Lake Joint Venture

Date of Participation 17th March 1993
Participating Interests OURD(Canada) 7.5%
Operator AREVA Resources Canada
Exploration Permit 40km2
   
Midwest Project

McClean Lake Project Jeb Area

McClean Lake Project Sue Area


 Acquisition of new Interests

In addition of the receivable from the Midwest Project, PNC (Canada), which also owned interests in 14 mineral properties in Canada, proposed the transfer of these interests to the private sector and OURD decided to acquire them, jointly with three companies.

For this purpose, OURD and the three cooperating companies established Japan-Canada Uranium Co., Ltd. (JCU) on October 18, 2000. JCU created its wholly-owned subsidiary JCU (Canada) Exploration Co., Ltd., the 30th of October of the same year.

On November 10, 2000, JCU (Canada) acquired the above-mentioned interests and commenced the exploration activities that are now continuing on its properties.

Notes on JCU (Canada) Exploration Co., Ltd.

Date of Establishment 30th October 2000
Capital

$CAD80,810,000

Shareholders OURD (33.33%, Project Manager) and two companies
Head Office C/O 2800 Park Place, 666 Burrard Street Vancouver, B.C., V6C 2Z7 Canada
   

The 14 mineral properties of JCU.(July 31,2017)

(click image to enlarge.)


Kigavik Projects
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