Uranium Exploration Australia Limited (UXA) is pleased to announce that it has completed the purchase of 100% of the assets and intellectual property of the Prompt Fission Neutron (PFN) borehole logging tool manufacturing and service business from GeoInstruments Inc (GII) situated in Texas, USA.
The purchase further strengthens UXA’s fully-owned borehole logging business, Geoscience Associated Australia Pty Ltd (GAA), which is the sole Australian licensed distributor and servicer of PFN technology. PFN technology is becoming increasingly utilised within the uranium mining and exploration industries, and played a significant role in the discoveries of two of Australia’s largest uranium deposits, the Beverley mine and Four Mile deposits in South Australia.
Under the terms of the agreement signed with GII’s President Jim Turner, GeoInstruments International Pty Ltd (a wholly owned subsidiary of UXA) will pay the total cash price of US$1,271,380 for the intellectual property, a number of completed and partially completed PFN tools and a fully equipped borehole logging truck.
Commenting on the acquisition, Russell Penney, Managing Director of UXA said, “The purchase of the PFN business represents a significant growth step for GAA enabling it to expand its PFN logging and service business beyond Australia. UXA’s understanding of the PFN technology is second to none, and our cornerstone position within this exciting exploration technology sector provides us with a foundation for substantial growth for years to come. With GAA and the PFN technology UXA is now the owner of two profitable cash-flow businesses.”
Uranium Exploration Australia Limited was formed to explore for and develop uranium and associated base and precious metal deposits, focusing principally on its ground holdings in the world class uranium provinces in South Australia and Northern Territory. UXA has an exploration joint venture with RIL Australia Pty Ltd, a subsidiary of Reliance Industries Limited, the largest private sector company in India.
