Basin Uranium Corp. announced that it has entered into an option agreement with Golden Independence Mining Corp. for Golden Independence to acquire up to a 90%-interest in the Wray Mesa uranium project in Utah, USA.

Under the terms of the Option Agreement, Golden Independence will contribute cash, share and exploration expenditure consideration totaling over CAD 4,700,000 during the Option Agreement period. Under the terms of the Option Agreement between the Basin Uranium Corp. and Golden Independence Mining Corp., Golden Independence will have the right to acquire up to a 90%-interest in the project through staged cash, share and work commitments.

To earn an initial 51% interest in the project, Golden Independence must pay CAD 50,000 in cash and issue 300,000 shares within five days of approval of the Canadian Securities Exchange and incur USD 250,000 in exploration within the first year, in addition to paying CAD 100,000 in cash, issuing CAD 250,000 worth of stock and incurring USD 500,000 of exploration by the end of the second year. Once the 51% earn-in has been completed, Golden Independence has the option to earn an additional 20% interest (for a total of 71%) through an additional payment of CAD 75,000 in cash plus issuing CAD 250,000 worth of stock and incurring USD 1,000,000 in exploration by the end of the third year. Assuming the completion of a 71% earn-in, Golden Independence can earn a further 19% interest (for a total of 90%) through the payment of CAD 75,000 in cash plus issuing CAD 250,000 worth of stock and incurring USD 1,000,000 in exploration by the end of the fourth year.

Once Golden Independence has earned a 90% interest in the project, Basin Uranium will have a free carried 10% interest in the project.