December 14, 2016 / 3:28 PM / 9 months ago

BRIEF-Golden Valley Mines and Uranium Valley Mines announce option agreement

Dec 14 (Reuters) - Golden Valley Mines Ltd

* Golden Valley Mines and Uranium Valley Mines announce option agreement, non-brokered private placement and exploration update

* Golden Valley Mines Ltd says Uranium Valley will issue 10 million common shares to golden valley at a deemed price of $0.20 per share

* Golden valley mines ltd-net proceeds from sale of units under financing will be used by Uranium Valley for meeting obligations under option agreement

* Golden Valley Mines - as per agreement, Uranium Valley to incur $4 million of expenditures regarding exploration, mining operations on properties before Dec 31, 2021

* Golden Valley Mines - entered into mining option agreement which co granted to Uranium Valley option to acquire a 100% interest in 62 of properties

* Golden Valley Mines says As per agreement, co will retain 14 of its currently held properties

* Golden Valley Mines Ltd - Uranium Valley has granted co royalty equal to 1% of net smelter returns from 62 properties on terms in option agreement Source text for Eikon: Further company coverage:

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