There were many companies from the mining sector in the news yesterday and one of those was Madison Metals Inc. (OTCMKTS:MMTLF). Yesterday, the company came into the news cycle after it provided an update with regards to the binding letter of intent with Otijiwa Mining and Prospecting CC.
Trading Data
On Monday, MMTLF stock ended flat at $0.6500 with more than 150K shares, compared to its average volume of 607K shares. The stock moved within a range of $0.6500 – 0.6500 after opening trade at $0.6500.
Madison Metals Provides Update on Namibia Uranium Licences
As per the provisions of the agreement between the two entities, Madison Metals is going to get an 85% interest in two exclusive prospecting licenses for the well-known Erongo Uranium Province located in Namibia. It should be noted that the company already holds an exclusive prospecting license in the province and also has an agreement in place by way of which it seeks to pick up 24% direct interest in another mining license.
By way of this particular transaction, Madison Metals is aiming to bring about consolidation in its land holdings which are present in the uranium province in Namibia. It should be noted that at this point in time Namibia is the second biggest uranium producing country in the world and boasts of having mineral reserves which are ranked fifth in the world. The consolidation of land holdings in such a district is expected to be a positive for Madison Metals.
