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Laramide Resources to pursue large greenfield exploration opportunity in Kazakhstan: Acquires option on 6,000 km² land position in prolific Chu-Sarysu Basin
September 5, 2024
- 22 subsoil use license applications for approximately 6,000 km2 comprising the Chu-Sarysu Project (as defined below) located in the Suzak District of the South Kazakhstan Oblast, Republic of Kazakhstan.
- Proximal to some of Kazatomprom largest uranium deposits and operational mines such as Inkai, Budenovskoye and Muyunkum-Tortkuduk.
- The Chu-Sarysu Project area includes a number of mapped, paleo-channel roll-fronts, associated with uranium deposits and amenable to ISR mining.
- Laramide to operate and fund exploration program towards discovery of a viable uranium resource.
- Following the definitive grant to Aral of all license applications related to the Chu-Sarysu Project and approval from the TSX, Laramide will make a one-time payment of US$450,000 in cash and shares to the Optionors and annual payments of US$150,000 payable in cash on each anniversary of the Option Agreement, commencing on the first anniversary.
- The Option is exercisable for a term of three years and may be extended for an additional one-year term with a one-time payment of US$400,000 in cash and shares.
- The Option can be exercised by Laramide at any time during the term of the agreement through a one-time payment of US$14,000,000 in cash and shares.
- The Option Agreement also contemplates and allows for an alternative mechanism to develop this opportunity by way of a spin-off transaction.