URANIUM: Strateco locks the doors at Matoush camp

QUEBEC – Unable to secure the final permit needed to start advanced exploration at the Matoush uranium project, Strateco Resources has announced that it will shut down the camp. The facility, in the Otish Mountains, has been on standby for over a year, ever since a moratorium on Quebec's uranium industry was proclaimed on March 28, 2013.

The company said the camp w ill be closed in such a way as to protect the environment and human health. The sales of some facilities and equipment have already been concluded.

The exit from the camp is part of Strateco's decision to cut costs and preserve the expertise of its exploration team. The company will refocus its efforts in Saskatchewan in the coming months through its subsidiary, SeqUr Exploration.

Readers are invited to view the gallery of photos from the Matoush project while they are available at StratecoInc.com.

Separately, Strateco said it closed a $1.4 million financing with Sentient Executive GP IV. The private placement consisted of 28 million common shares priced at $0.05 per share.