Listed (TSX:LAM; ASX:LAM)
TORONTO, Oct. 22, 2020 /CNW/ - Laramide Resources Ltd.
("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) is
pleased to announce it has now completed the terms of a sale and
purchase agreement for the acquisition of the Murphy Project from
Rio Tinto Exploration Pty Limited ("RTX"). The Company holds a 100%
interest in the Murphy Uranium Tenements in the Northern Territory
of Australia (the "Project"),
following the issuance of an aggregate of 608,520 common shares of
the Company as the final payment of AUD$150,000 pursuant to section
2.2(c) of the Agreement (see press releases 16 July 2018 and
November 6, 2018).
The common shares are issued to RTX at a price which is at a
discount of 10% to the value of the weighted average price of the
common shares on the TSX over the 10 days prior to the date of
issue.
The strategically located Project consists of 683.5
km2 of granted exploration tenure, which lies contiguous
to and along strike from Laramide's Westmoreland Project in
northwest Queensland. The Project
will enhance Laramide's dominant landholding in a highly
prospective and underexplored uranium province.
The Northern Territory of Australia is a jurisdiction that is supportive
of both uranium development and mining and hosts several well-known
deposits including the Ranger Mine which has produced in excess of
120,000 tonnes of U3O8 over a 35-year
period.
The Project comprises exploration licences, EL 9319 (411
km2) and EL 9414 (272 km2), together with
several associated exploration licence applications, which are
situated geologically within the highly prospective Murphy Uranium
Province. 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.
To learn more about Laramide, please visit the Company's website
at www.laramide.com.
About Laramide Resources:
Laramide is a Canadian-based company with diversified uranium
assets strategically positioned in the
United States and Australia
that have been chosen for their low-cost production potential.
Laramide's Churchrock and Crownpoint properties form a leading In-Situ
Recovery (ISR) division that benefits from significant mineral
resources and near-term development potential. Additional U.S.
assets include La Jara Mesa in Grants,
New Mexico, and La Sal in
the Lisbon Valley district of Utah. The Company's Australian advanced stage
Westmoreland is one of the largest
uranium projects currently held by a junior mining company.
Laramide is listed on the TSX: LAM and ASX: LAM.
Forward-looking Statements and Cautionary Language
This News Release contains forward looking statements which are
subject to a variety of risks and uncertainties which could cause
actual events or results to differ materially from those reflected
in the forward looking statements. The Company does not intend to
update this information and disclaims any legal liability to the
contrary.
SOURCE Laramide Resources Ltd.