&lt;Canuc Resources Inc> said it completed the previously announced sale of its 80 uranium mining claims in Elliot Lake Ontario to &lt;Denison Mines Ltd> for an initial payment of 150000 dlrs and certain royalties. Canuc said it anticipated that Denison would start mining the property in 1989 with production reaching a yearly peak of between one mln and 1.5 mln pounds uranium oxide in 1992. It said it would receive production royalties of about 1.025 dlrs for each pound of uranium oxide contained in ore broken during mine development and a minimum advance of 25000 dlrs a quarter until production starts.
CANUC COMPLETES URANIUM SALE TO DENISON