11:41 AM EST - Universal Uranium Ltd. : announced that it has entered into an agreement with Nevada Mine Properties II Inc. or "NMP", a private Nevada corporation, to acquire a 100% interest in NMP's Tact - Buff property located in the prolific Battle Mountain Mining District, Nevada. The Property is comprised of 98 claims totalling 1,760 acres and is situated in Humboldt County about 30 miles (or 50 kms.) southeast of Winnemucca. In consideration, Universal Uranium has agreed to pay $7,500 U.S. upon execution of the agreement and a total of $302,500 U.S. in Advanced Royalty Payments in the first eight years with automatic extensions over the next 12 years. Universal Uranium reserves the right to purchase 100% ownership of the Property at anytime by paying $2 million U.S. less any Advance Royalty Payments. Other considerations include issuing a total of 500,000 Universal shares to NMP over a two year period and the option to buydown a 3% NSR to 1% for $3 million U.S. Universal Uranium Ltd.
shares V.UUL are trading down $0.01 at $0.06.
