Laramide Commences Exploration Program at Rio Tinto Murphy Farm-In and Joint
Venture in Northern Territory, Australia
Listed on TSX (Symbol: LAM)
TORONTO, Nov. 21, 2012 /CNW/ - Laramide Resources Ltd. is pleased to confirm
that all approvals and conditions precedent under the Rio Tinto Murphy Farm-In
and Joint Venture agreement (the "Agreement"), including with traditional land
owners, have been successfully completed. The Rio Tinto Murphy tenements are
along strike from Laramide's flagship Westmoreland Project in northwest
Queensland, and are situated geologically within the Murphy Uranium Province.
A property map, which highlights the tenements and the Westmorland Project, is
Marc Henderson, President and Chief Executive Officer, commented, "We are
pleased to have finalized these conditions in order to commence exploration
activities on this very large strategic land package. Situated adjacent to our
flagship Westmoreland project in Queensland, the addition of the Murphy joint
venture ground creates a truly district scale opportunity. The timing, which
coincides with the recent government policy change to allow uranium mining in
Queensland, is highly fortuitous for Laramide shareholders and recent
exploration success at Westmoreland (see press release dated October 17, 2012)
further enhances this very positive picture."
The program at the Rio Tinto Murphy tenements will commence in due course with
a fixed wing geophysical survey and will be followed by more advanced
exploration activities such as surface sampling and drilling to cover
potential target areas as highlighted by the airborne survey.
The Agreement comprises six tenements covering 1,115 km(2). The Murphy Uranium
Province produced high-grade uranium during the 1950s and stands out amongst
the world's attractive underexplored uranium provinces, having not seen any
meaningful exploration since the 1970s. Under the terms of the Agreement,
Laramide is committed to spending $1 million in exploration activities in the
next 12 months now that the relevant conditions precedents have been met.
Laramide can earn 51 per cent in the Project with the expenditure of AUD$10
million over a 4-year period on exploration and development.
Under the guidelines of the National Instrument 43-101, the Qualified Person
for the Westmoreland Uranium Project is Mr. Peter Mullens who is a Fellow of
the Australian Institute of Mining and Metallurgy. Mr. Mullens has reviewed
and approved the technical content of this release.
To learn more about Laramide, please visit the Company's website at
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.
This press release contains forward-looking statements. The actual results
could differ materially from a conclusion, forecast or projection in the
forward-looking information. Certain material factors or assumptions are
applied in drawing a conclusion or making a forecast or projection as
reflected in the forward-looking information.
Marc Henderson, President and CEO Toronto, Canada +1 (416) 599 7363
Peter Mullens, Director and Vice-President, Exploration Brisbane, Australia +1
Greg Ferron, Vice-President, Corp. Dev and IR Toronto, Canada +1 (416) 599
PDF available at:
SOURCE: Laramide Resources Ltd.
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CO: Laramide Resources Ltd.
NI: MNG FIELD
-0- Nov/21/2012 12:43 GMT
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