Updated Oct. 19, 2011 for clarification

Boss Power Corp. has agreed to surrender to the Province of British Columbia all claims to its uranium exploration and mining rights at the Blizzard Uranium Deposit in the Kamloops-Kelowna region.

The legal agreement supports the Province's goal of ensuring mining exploration is safe, sustainable and economically benefits British Columbians.

In 2008, the Province announced that it would not support uranium exploration and development, and prohibited related permits being issued to any company in 2009. At that time, Boss Power Corp. held a pre-existing claim to uranium deposits in that area.

The negotiated settlement gives the Crown the mineral rights to the Blizzard uranium deposit. The Province will pay Boss Power Corp. $30 million, plus legal costs, to compensate for the economic value of the uranium deposit.

The 2003 and the 2007 B.C. Energy Plans do not permit the production of nuclear power in the Province.

Contact:

Jake Jacobs
Ministry of Energy and Mines
250 952-0628
250 213-6934 (cell)

David Townsend
Ministry of Attorney General
250 387-4962
250 889-5945 (cell)