Pegasus Resources, a mining and mineral exploration company based in Vancouver, British Columbia, Canada, has finalized a deal with KD Prospect to acquire the Jupiter Uranium Project in Emery County. The Jupiter Project encompasses 48 unpatented claims and is situated near “well-maintained” infrastructure, providing easy access for future operations.
The Jupiter property is a historically significant Utah uranium project, first developed by Atlas Minerals beginning during the state’s uranium boom in
1972.
This purchase gives Pegasus an undivided 100 percent interest in the uranium project, for which it will pay 2.2 million Pegasus common shares and an immediate payment of $25,000 and $75,000 upon regulatory approval. Pegasus will then pay $100,000 for every increment of 500,000 pounds of uranium discovered, up to a maximum of 2.5 million pounds.
“The acquisition of the Jupiter Project … presents an exceptional opportunity for Pegasus and our investors,” said Pegasus CEO Chris Timmins.