Proposed MKY Resources - Callabonna Uranium Merger

MKY Resources is pleased to announce it has entered to an agreement to merge with non-listed explorer Callabonna Uranium (subject to shareholder approval).
Callabonna Uranium will deliver highly prospective uranium and geothermal energy targets in the Frome Embayment of South Australia, as well as a suite of complimentary uranium projects in the Northern Territory. The flagship Curnomona Project has “drill-ready” sandstone channel uranium targets defined by detailed airborne electro-magnetics. The Curnamona Project is supported by an extensive tenement position covering 3533km2 and is close to the producing Beverley Uranium Mine and advanced projects at Oban, Honeymoon and 4 Mile. An additional 3488 km2 of ground recently acquired from Newcrest in the Frome/Curnamona area will be flown by a Government funded airborne electromagnetic survey later this year. The option exists to contribute to the survey to increase the detail over newly acquired ground.

As part of the agreement Callabonna Uranium’s cornerstone investor SK Energy Co., Ltd has agreed to provide an additional $2 million in capital to MKY Resources.
A further $1.1 million in capital is being sought from sophisticated investors.

The merged company will bring together:
- An experienced exploration team with a track record of discovery
- A strong corporate team and board backed by a significant cornerstone investor
- A highly prospective package of uranium projects in South Australia, Northern territory and Queensland.