TSXv: LK FSE: 6LL
VANCOUVER, May 2, 2013 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") is pleased to announce the establishment of an Advisory Board and the appointment of Richard T. Kusmirski, M.Sc., P.Geo., an experienced uranium geoscientist, and Thomas S. Drolet, B.Eng., M.Sc., DIC, a nuclear energy and uranium industry specialist, as initial members.
"We are deeply honored to have Mr. Kusmirski and Mr. Drolet on our Advisory Board," said Jonathan Armes, Director of Lakeland. "They are well respected leaders in the uranium industry and their experience and expertise will be invaluable to the future development of the Company and our assets in the Athabasca Basin."
Mr. Richard Kusmirski has over 40 years of exploration experience in North America and overseas, and has actively participated in the discovery of a number of uranium, gold and base metal deposits. For several years, in his capacity as Exploration Manager, he directed Cameco Corporation's (TSX: CCO) uranium exploration projects in the Athabasca Basin.
In 1999, Rick joined JNR Resources Inc. becoming Vice President of Exploration in 2000. Subsequently, he directed the exploration program that led to the discovery of the Maverick Zone on the Moore Lake uranium joint venture in the Athabasca Basin with partner Kennecott Canada. Rick became JNR's President and CEO in January of 2001. In February of 2013, Denison Mines Corp. (TSX: DML) successfully acquired all of the outstanding shares of JNR by way of a friendly all-share take-over bid.
Mr. Thomas Drolet is a uranium and nuclear industry specialist and principal of energy consultancy Drolet & Associates Energy Services Inc. Mr. Drolet has had a 40+ year career in the energy sector, where he spent 26 years with Ontario Hydro in various engineering, research and operations functions. He formed and headed Canada's Research and Development program into Fusion (CFFTP) in 1982 and then moved into International Commercial work with Ontario Hydro International, where he was named President and CEO in 1993. Mr. Drolet was then appointed Managing Director of American Electric Power Canada, and President of Canadian Energy Opportunities, Inc. where he was involved in mergers, acquisitions and other consulting activities in the Canadian and US power sectors. Mr. Drolet earned a Bachelor's Degree in chemical engineering from Royal Military College of Canada, a Master's of Science degree in nuclear technology/chemical engineering and a DIC from Imperial College, University of London, England. He is a frequent guest and keynote speaker on nuclear energy at global conferences.
The Advisory Board will consult with the Lakeland Board of Directors and management on the development of the Company's exploration projects, business and finance opportunities and increasing the Company's global profile.
As part of their appointments to the Advisory Board, the Company has granted Mr. Kusmirski and Mr. Drolet each 100,000 incentive stock options exercisable for a period of five years from the date of grant at a price of $0.10 per share.
Through staking, Lakeland has acquired 5 uranium properties totaling approximately 100,000 hectares of land in the Athabasca Basin. The Athabasca Basin is host to some of the world's largest and richest high-grade uranium deposits; and as evidenced by several recent discoveries (eg. Fission/Alpha - PLS, Hathor - Roughrider, Denison - Phoenix) is considered by the Company to be significantly prospective and underexplored. Lakeland 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$40.25/lb U3O8 (Source: UxC). There are currently approximately 435 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 164 planned and 317 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.
Update on Letter of Intent:
On March 1, 2013, Lakeland announced that it had entered into a letter agreement with 877384 Alberta Ltd. for the exclusive rights to acquire eight uranium projects located within the Athabasca Basin of northern Saskatchewan and Alberta. Lakeland and the vendors have agreed to extend the date by which the definitive agreement is to be negotiated and closed from April 30, 2013 to on or before June 15, 2013.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a newly formed pure play uranium exploration company focused on the Athabasca Basin in Saskatchewan and Alberta, 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 the Advisory Board will consult with the Lakeland Board of Directors and Management on the development of the Company's exploration projects, business and finance opportunities and increasing the Company's global profile; that Lakeland will benefit from the substantial historic exploration expenditures incurred on its properties as well as improving fundamentals for the uranium sector; that global electricity demand is expected to grow significantly through 2030; and that 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.
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 inability to come to terms with sellers of the project; that the technical report does not show sufficient promise for the projects; misinterpretation of data; 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: firstname.lastname@example.org