Yamiri Gold, Areva in alliance for radioactive mineral mining

PARIS (Thomson Financial) - Yamiri Gold and Energy Inc said it has signed a letter of intent with Areva to establish a strategic alliance for prospecting, exploring, and developing radioactive mineral projects within the Americas, excluding Canada and the US.

The alliance will initially cover seven countries in South America with the possibility of extension to others by mutual agreement, Yamiri said in a statement to the Toronto Stock Exchange.

The letter of intent provides a framework in which each of the partners is entitled to a participation of at least 50 pct in each mining project, the Canadian company said.

Financial details were not disclosed.

"We are delighted with the prospect of joining forces with Areva in a region of the world that has seen relatively limited exploration for uranium. We believe that this alliance creates unique synergies for both of us," Jorge Gamarci, Yamiri chairman and interim CEO, said in a statement.

Yamiri is an exploration and development company focused on developing precious metals and energy-related resources in South America.

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