Exclusive Right To Explore Uranium-Associated Metalliferous Minerals

VANCOUVER – Pegasus Resources Inc. reported that its wholly owned subsidiary, Pegasus Resources (USA) Inc., has executed an Other Business Arrangement (OBA) with the Utah School and Institutional Trust Lands Administration (SITLA) covering approximately 640 acres in Emery County, Utah.
The OBA provides Pegasus the exclusive right to explore for uranium and associated metalliferous minerals on the property for a five-year term and includes an option to convert all or portions of the lands to a mineral lease upon satisfaction of exploration and payment requirements.
The OBA grants exploration rights only and remains subject to standard regulatory, bonding and reclamation requirements.