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Show Idaho Mining takes over San Juan uranium claims i Geo-Energy Resources, a Salt Lake-based uranium company, has announced the signing of a lease and option-to-purchase agreement agree-ment with Idaho Mining Company, Grand Junction, Junc-tion, Colorado, on 50 u-ranium u-ranium claims owned by Geo-Energy Resources in San Juan County, Utah. Under terms of the a-greement, a-greement, Idaho Mining Company is obligated to spend $125,000 during the next 15 months on exploration explo-ration and development of the properties. A minimum mini-mum of $50,000 must also be expended on the property prop-erty each year thereafter as long as the lease is operative. In addition, Idaho Mining Min-ing will pay Geo-Energy Resources an advance minimum royalty of $1,000 per month beginning begin-ning September 1, 1978. This royalty increases to $2,500 per month beginning begin-ning September 1, 1979. The agreement also grants Idaho Mining Co. the right to purchase the properties from Geo-Energy Resources for $1.5 million, The Fire-Fly group of claims, included in the agreement, has been mined min-ed previously, producing, according to Department of Energy figures, in excess ex-cess of 78,000 tons of uranium ore averaging .28 uranium and 1.84 vanadium. vana-dium. Idaho Mining has also leased 15 claims in San Miguel County, Colorado, from Geo-Energy Resources Resour-ces and will conduct an exploration program on these claims. In the event ore is produced, Geo-Energy Resources will receive re-ceive a gross royalty payment. pay-ment. In another development, develop-ment, Geo-Energy Resources Re-sources announced that it has leased the Black Hat group of uranium proper- ties located in the LaSal Creek area of San Juan County to Cleghorn- Washburn Mining Comp- any of Grand' Junction, I Colorado, for rnining of I uranium ore. Union Car- j bide Corporation conduct-ed conduct-ed an exploration program on the property under a drilling agreement with Geo-Energy Resources, and encountered extensive exten-sive mineralization. Ore j mined from the properties will be shipped to Union Carbide's mill in Uravan, Colorado. |