CANUC COMPLETES URANIUM SALE TO DENISON
<Canuc Resources Inc> said it completed
the previously announced sale of its 80 uranium mining claims
in Elliot Lake, Ontario to <Denison Mines Ltd> for an initial
payment of 150,000 dlrs and certain royalties.
    Canuc said it anticipated that Denison would start mining
the property in 1989, with production reaching a yearly peak of
between one mln and 1.5 mln pounds uranium oxide in 1992.
    It said it would receive production royalties of about
1.025 dlrs for each pound of uranium oxide contained in ore
broken during mine development and a minimum advance of 25,000
dlrs a quarter until production starts.
 Reuter
