Subiaco, Western Australia-Uramet Minerals Ltd. reports that it has entered into an agreement to sell its Barr Creek Project tenements to Legend International Holdings Inc. for A$750,000. The tenements are located north of Mt. Isa, and Uramet says they are highly prospective for phosphate, base metals, and diamonds. Legend already controls substantial phosphate interests in the Mt. Isa area. Uramet said the Barr Creek assets appear to be a natural extension of Legend’s Lady Jane deposit. Uramet noted that Legend is actively developing its phosphate assets with plans to develop infrastructure, mines, and a beneficiation process plant. As a result, Uramet said Legend is in a better position to quickly advance the Barr Creek assets. Uramet said the sale is part of its own strategy to scale back exploration spending and to maximize its cash reserves to ensure that it remains in a strong position to see through the current global financial crisis and take advantage of other opportunities as they arise.
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