Sagebrush Gold is a junior metals and mineral exploration company. The company currently has two gold exploration and development targets in Nevada, in addition to the recently acquired exploration stage uranium assets of American Energy Fields Inc.
The company announced today that it has signed a binding letter of intent to form a joint venture agreement with Liberty Star Uranium and Metals Corp. (OTCBB: LBSR). The purpose is to merge both companies’ uranium assets, subsequently forming a new subsidiary of Sagebrush called Newco. Terms of the agreement between the companies include the transfer of all uranium properties held by firms into Newco. Liberty Star is transferring its North Pipes Super Project uranium properties to the JV.
Located on the Colorado plateau province of northern Arizona, the North Pipes project is targeted specifically for high-grade uranium mineralization through numerous breccia pipes. According to the US Geological Survey, the breccia pipes in this region are of high grade compared to sediment hosted roll front deposits mined throughout the western United States.
The estimated potential average grade for ore bearing pipes in this area are at about 0.7% to 0.8% uranium. This is historically the second richest class of uranium deposits in the world and the highest grade deposits in the US. Mines in this region have already produced some 26 million pounds of uranium.
For additional information on Sagebrush Gold, please visit its website at www.sagebrushgold.com
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