Consolidated Uranium completed the spin off of Labrador Uranium for $12m.

Consolidated Uranium, a mineral properties owner, completed the spin off of Labrador Uranium, a majority-controlled subsidiary of CUR focused on the consolidation, exploration and development of uranium projects in Labrador, for $12m. “We are pleased to be announcing the partnership with Altius in the formation of Labrador Uranium. We believe that the Central Mineral Belt is an important uranium camp in Canada, which has tremendous exploration potential for uranium and other metals. As CUR focuses on near-term production in the United States, we determined that repositioning the Moran Lake Project as a part of a larger, Labrador-focused exploration portfolio would be the best way to unlock value for our shareholders. We liken this transaction to the original IPO of Aurora Energy in 2006 whose main asset was the Michelin Project. That company garnered a peak market cap of over $1.3bn in 2007 and was ultimately taken over by Paladin Energy in 2011,” Philip Williams, CUR President and CEO.