Cue Resources Ltd. Grants Stock Options
06 August 2011 - 7:56AM
Marketwired
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
http://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
Contacts: Nicola Street Capital Inc. Mike Rodger Investor
Relations 604-569-0056 www.cue-resources.com
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