TSXv: LK FSE: 6LL
VANCOUVER, June 21, 2013 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") is pleased to announce that Mr. David Hodge and Mr. Ryan Fletcher have joined the Company's Board of Directors.
Mr. Hodge is a businessman with over 17 years of experience in the management and financing of publicly traded companies. Mr. Hodge has been the President of Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) since July, 2008. Mr. Hodge also serves on the boards of Western Potash Corp. (TSX: WPX; FSE: AHE), Commerce Resources Corp. (TSXv: CCE; FSE: D7H) and Pasinex Resources Ltd. (CNSX: PSE; FSE: PNX). Mr. Hodge's strengths lie in leadership and direction. His success has been founded on a belief in team building, consultation and strong leadership, as well as a willingness to incorporate expert advice into a viable working enterprise.
Mr. Fletcher is a director of Zimtu. Mr. Fletcher joined Zimtu in 2009 as Corporate Development and has been responsible for identifying and sourcing projects, structuring companies and investments, marketing group companies, capital raising and business development. Mr. Fletcher is a graduate of the University of British Columbia Okanagan, with a Bachelor of Arts Degree in Economics. Mr. Fletcher is also President, CEO and Director of Montan Capital Corp. (TSXv: MO.P), a capital pool company listed on the TSX Venture Exchange.
Mr. Hodge and Mr. Fletcher replace Mr. Robert Duess and Mr. Daniel Wilson who have stepped down to make room for the appointments. The Board of Directors would like to thank Mr. Duess and Mr. Wilson for their valuable contributions to the Company.
Jonathan Armes, President and CEO of Lakeland, commented:
"Mr. Hodge and Mr. Fletcher bring a depth of expertise in the marketing, financing and corporate development of companies in the mining sector. We're excited that they have accepted the positions and are looking forward to their input as we grow Lakeland. We thank Mr. Duess and Mr. Wilson for their contributions to Lakeland and wish them well in their future endeavors."
Lakeland is a pure play uranium exploration company focused on the Athabasca Basin in Saskatchewan, Canada. The Athabasca Basin is a premiere geologic district for hosting the world's richest uranium deposits, with a well established mining infrastructure and politically stable environment for investment. Several significant discoveries have been made in the Basin over the last several years including: Phoenix (Denison), Roughrider (Hathor), J-Zone (Fission/KEPCO) and Patterson Lake South (Alpha/Fission).
Lakeland has acquired 100-percent of nine projects covering over 100,000 hectares in the Basin. Initial exploration will focus on the South Pine, Riou Lake and Otherside Properties where three priority targets have been outlined for fieldwork and drilling. The Company will benefit from the substantial historic exploration expenditures incurred on the properties as well as improving fundamentals for the uranium sector.
Uranium demand is largely driven by energy demands. The spot price of uranium is currently US$39.85/lb U3O8 (Source: UxC). There are currently approximately 434 nuclear reactors in operation world-wide. Global electricity demand is expected to grow significantly through 2030 and the number of nuclear reactors is rising to meet it. 67 new reactors are now under construction - new build levels not seen since the 1970s - as well as an additional 159 planned and 318 proposed to 2030 (Source: World Nuclear Association). The bulk of the new units are in four countries - China, India, Russia and Korea. Several near term catalysts for the uranium market include (i) increased clarity on Japanese restarts; (ii) increased Chinese utility buying; and (iii) the culmination of the Russian HEU "Megatons to Megawatts" agreement by year-end (Source: Raymond James). Sentiment for the uranium market appears to be on the upswing with several significant M&A transactions over the last few years including Rio Tinto's approximately $650M acquisition of Hathor Exploration Ltd. in 2011 and Russia's ARMZ recent $1.3 billion bid to take Uranium One private.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a newly formed pure play uranium exploration company focused on the Athabasca Basin in Saskatchewan, Canada.
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements: Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include that initial exploration will focus on the South Pine, Riou Lake and Otherside Properties where three priority targets have been outlined for fieldwork and drilling and that the Company will benefit from the substantial historic exploration expenditures incurred on the properties as well as improving fundamentals for the uranium sector.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Factors that could cause actual results to differ materially may include that we may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our intended exploration and development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; that market prices may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures outlined in the Company's Management Discussion & Analysis of its audited financial statements filed with the British Columbia Securities Commission.
SOURCE: Lakeland Resources Inc.
For further information:
For more information, please visit the corporate website at http://www.lakelandresources.com or contact Roger Leschuk, Corporate Communications at Ph: 604.681.1568 or TF: 1.877.377.6222 or Email: [email protected]