Cue Resources Ltd. Grants Stock Options
05.08.2011 | Marketwire
VANCOUVER, Aug. 5, 2011 - Cue Resources Ltd. (the "Company") (TSX VENTURE: CUE) advises that it has arranged for a short term loan (the "Loan") to a maximum amount of $400,000. The Loan is to be provided by Resinco Capital Partners Inc., a major shareholder of the Company. The Loan will be advanced in multiple tranches and interest will be payable at a rate equal to the prime rate charged by the Royal Bank of Canada, plus 4% per annum. In addition, the Company will pay a one-time administration fee of $25,000 and 1,000,000 bonus shares of the Company at a deemed price of $0.05 per share subject to TSX Venture Exchange approval.The funds from the Loan will be used for general working capital in Paraguay and Canada.
The Company also announces that it has granted incentive stock options to a director, certain officers and consultants of the Company, entitling them to purchase up to 575,000 common shares of the capital stock in the Company at a price of $0.10 per share for the next 5 years.
About Cue Resources
Cue Resources Ltd. is focused on developing the Yuty Uranium District in south-eastern Paraguay. The San Antonio Deposit consists of a current NI 43-101 compliant resource, Indicated, 9.708M tonnes @ 0.052% eU3O8 containing 8.9M lbs eU3O8 and an Inferred Resource of 2.1M tonnes @ 0.047% eU3O8 containing 2.2M lbs eU3O8. Column leach tests have demonstrated recovery of up to 86% of the contained uranium from cores taken from San Antonio and a successful pump test, and metallurgical testing indicate the deposit is amenable to in situ recover (ISR).
For detailed information, please see the Cue web site at www.cue-resources.com
Chris M. Healey, P.Geo, a director of Cue, is the Qualified Person responsible for the technical content of this release.
On behalf of the Board of Directors,
Robert S. Tyson
President and Chief Executive Officer
Contact Information
Nicola Street Capital Inc.
Mike Rodger, Investor Relations
604-569-0056
www.cue-resources.com