Even though USGE sold the vast majority of their Uranium assets in July 2007 to UraniumOne they retained the rights for up to an additional $40M in progress payments and also still hold their 4% net profits interest on Rio Tinto's Jackpot uranium property located on Green Mountain in Wyoming.


If certain conditions are met by Uranium One, USE will be entitled to receive additional consideration from the sale as follows:

$20,000,000 cash when commercial production occurs at the Shootaring Canyon Mill (when the Shootaring Canyon Mill has been operating at 60% or more of its design capacity of 750 short tons per day for 60 consecutive days).

$7,500,000 cash on the first delivery (after commercial production has occurred) of mineralized material from any of the claim properties sold to Uranium One on April 30, 2007 (excluding existing ore stockpiles on the properties). From and after commercial production (see above) occurs at the Shootaring Canyon Mill,

a production payment royalty (up to but not more than $12,500,000) equal to five percent of (i) the gross value of uranium and vanadium products produced at and sold from the mill; or (ii) mill fees received by Uranium One from third parties for custom milling or tolling arrangements, as applicable. If production is sold to a Uranium One affiliate, partner, or joint venturer, gross value shall be determined by reference to mining industry publications or data.

http://www.usnrg.com/uranium

UraniumOne is a very large Uranium mining corporation. I have checked their website and they state their US assetts are in the development stage.

Does anyone know the current status of these properties?