TORONTO, April 26, 2013 /CNW/ - Laramide Resources Ltd. (TSX/ASX:LAM) is
pleased to announce that it has received approval today for admission to the
Official List of the Australian Securities Exchange ("ASX") and official
quotation of Laramide's shares for trading will commence on Tuesday, April 30,
2013 under the code "LAM".
Pursuant to the Replacement Prospectus lodged with the Australian Securities
and Investment Commission ("ASIC") on February 14, 2013 (including
Supplementary Prospectus' filed on February 25, March 1 and March 7, 2013) the
company issued 2,444,366 CHESS Depository Receipts ("CDIs") at A$0.75 per CDI
(approximately C$0.79), raising gross proceeds of A$1,833,274 (approximately
Each CDI is equivalent to and exchangeable for one Common Share in the capital
of Laramide. The CDIs will be tradable on the ASX upon listing and will
initially be subject to a four-month plus one day restriction from resale into
Canada. CDIs are traded in a similar manner to the Company's Common Shares
which will continue to trade on the Toronto Stock Exchange (TSX) under the
symbol "LAM". This issuance of CDIs will form the initial float of CDIs on the
Laramide Resources President and Chief Executive Officer Marc Henderson
stated: "We are delighted to see the Company's shares co-listed to trade on
the ASX, as our flagship Westmoreland Project is located in Queensland and
this listing should facilitate greater participation by retail and
institutional holders in Australia and Asia. We believe the timing is
particularly fortuitous given recent political developments in Queensland -
having recently ended a 30 year political ban on uranium mine development -
and on the medium term outlook for the uranium market which will require new
mines to bridge a substantial projected supply deficit."
Laramide has also appointed Computershare Investors Services to maintain a
share registry in Canada and Australia, and to facilitate the movement and
conversion of securities between the TSX and ASX within the prescribed
In addition to the ASX listing, the Company is pleased to report on the
significant progress that has been made in Queensland towards the
recommencement of uranium mining since the decision in October 2012 to
overturn the decades-long ban. On March 18, 2013, the independent Uranium
Mining Implementation Committee, which was established to examine the
responsible development and operation of uranium mining in Queensland, issued
a comprehensive report to the Natural Resources and Mines Minister outlining
how the uranium industry should be re-established in Queensland. The
recommendations focused primarily on: environmental management and protection,
health and safety, economic and community development, and the safe
transportation of uranium. The committee concluded that, with certain
adaptations, the recommencement of uranium mining can be conducted within the
existing policy and legislative frameworks in place in Queensland and at the
One particular recommendation proposed was a royalty rate of 2.5 per cent for
the first five years of a mine's life for new mines, in concession to the
application of a five per cent royalty regime with the possibility of a higher
rate upon the inclination of the price of uranium to a certain threshold.
"Queensland is re-establishing an $18-billion uranium resources industry(1),
which will include industry best practice policy and regulatory framework.
That's a major step towards realizing the industry's potential and, moreover,
the potential of our flagship Westmoreland, one of the best undeveloped
uranium deposits in the world," said Mr. Henderson.
A copy of the most recent release from the Queensland Minister of Natural
Resources and Mines can be found on Laramide's website (www.laramide.com). The
Queensland Government's report from its Uranium Implementation Committee can
be found at the attached link:
(1) Source - Australian Uranium Association
About Laramide Resources:
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
ventures in the Northern Territory, Australia, strategic equity positions and
a portfolio of uranium royalties in the Grants Mineral District of New Mexico.
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.
For further information on Laramide, please visit the Company's website
atwww.laramide.com or contact:
Marc Henderson, President and Chief Executive Officer Toronto, Canada +1
(416) 599 7363
Evan Hughes, General Manager, Australia Brisbane, Australia +61 (7) 3831 3407
Greg Ferron, Vice-President, Corporate Development and IR Toronto, Canada
+1 (416) 599 7363
SOURCE: Laramide Resources Ltd.
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-0- Apr/26/2013 12:14 GMT
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