Listed (TSX:LAM, ASX:LAM)
TORONTO, Oct. 8, 2014 /CNW/ - Laramide Resources Ltd. (TSX: LAM, ASX:LAM) is pleased to announce that it has entered into a Sale Purchase Agreement ("SPA") to acquire 100% of the Gulf JV tenement EL 29898 ("the Project") from Gulf Copper Pty Ltd ("Gulf").
Laramide currently has the right to earn 90% of the Project by carrying Gulf through completion of a bankable feasibility study and obtaining a mine permit. This agreement will be terminated when Laramide owns 100% of the Project.
Under the terms of the SPA the Laramide must pay to Gulf A$125,000 broken into three payments. A$25,000 immediately; a further A$25,000 subject to satisfactory completion of certain conditions; and, the balance of A$75,000 on transfer of the tenement title.
The SPA is conditional on receiving all necessary government and regulatory approval to complete the transaction.
The Gulf JV tenement covers an area of 227 km2 and lies adjacent to the Westmoreland deposit in the Northern territory. This acquisition is consistent with Laramide's long term strategy to consolidate the prospective tenure around the Westmoreland project on both sides of the Queensland-Northern Territory border.
To learn more about Laramide and for additional information on the Gulf JV tenement, please visit the Company's website at www.laramide.com.
Laramide is engaged in the exploration and development of high-quality uranium assets. Its wholly owned uranium assets are in Australia and the United States. Laramide's portfolio of advanced uranium projects have been chosen for their production potential. Its flagship project, Westmoreland, in Queensland, Australia, is one of the largest projects currently held by a junior mining company. Its U.S. assets include La Jara Mesa in Grants, New Mexico, and La Sal in the Lisbon Valley district of Utah. Its portfolio also includes joint venture, strategic equity positions and royalty participation in uranium development and exploration companies that provide additional geographic diversification and uranium exposure for shareholders.
SOURCE: Laramide Resources Ltd.
For further information: Marc Henderson, President and Chief Executive Officer, Toronto, Canada, +1 (416) 599 7363; Bryn Jones, Chief Operation Officer, Brisbane, Australia, P: (07) 3831 3407; Greg Ferron, Vice-President, Investor Relations, Toronto, Canada, +1 (416) 599 7363