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UPDATE 1-Atna says may cut stake in uranium joint venture
June 2, 2009 / 3:36 PM / 8 years ago

UPDATE 1-Atna says may cut stake in uranium joint venture

* Atna may cut stake in Sand Creek Uranium joint venture

* Partner High Plains stake may go up to 51 pct

June 2 (Reuters) - Atna Resources Ltd ATN.TO said it struck a new deal with High Plains Uranium Inc to transfer a portion of its stake in Sand Creek Uranium joint venture. Under the agreement, Atna’s stake in the project is likely to be cut to 49 percent from 70 percent, while High Plains’ interest could go up to 51 percent.

High Plains, a unit of Uranium One Inc UUU.TO, will assume the role of project manager and may spend up to $1.6 million before Dec. 31, 2012, to increase its interest in the Douglas, Wyoming-based project.

High Plains has submitted a work plan and budget for 2009 detailing $320,000 in expenditures. These expenditures cover the cost of property maintenance for the remainder of 2009, Atna said.

Atna shares were up 4 Canadian cents at 89 Canadian cents, while those of Uranium One were down 14 Canadian cents at C$1.97 in morning trade on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; Editing by Anil D‘Silva)

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