Laramide Concludes Binding Joint Venture Term Sheet with Rio Tinto on Northern Territory Properties
Toronto, Canada – Laramide Resources Ltd. (“Laramide” or the “Company”) (TSX:LAM) is pleased to announce the signing of a Binding Farm-In and Joint Venture Term Sheet with Rio Tinto Exploration Pty Limited (RTX) pursuant to which the Company can joint venture two strategically located uranium tenements in the Northern Territory of Australia (Project). The Project comprises tenement applications, EL 9319 (724 km2) and EL 9414 (387 km2) that are situated geologically within the highly prospective Murphy Uranium Province and are along strike from Laramide’s flagship Westmoreland Project in northwest Queensland. 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 can earn 51 per cent in the Project with the expenditure of AUD$10 million over a 4-year period on exploration and development. The first AUD$1 million of this earn-in is a firm commitment by Laramide, and it will be dedicated to a large-scale helicopter supported airborne survey that will include magnetics and radiometrics. RTX is finalizing the Exploration Agreements with traditional landowners necessary for the program to commence, including approval for uranium exploration. Laramide intends to commence an exploration program on the Project during 2011.
Click on the PDF to continue reading.