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Laramide Purchases the Murphy Uranium Tenements from Rio Tinto Exploration in Australia's Northern Territory
Laramide Purchases the Murphy Uranium Tenements from Rio Tinto Exploration in Australia's ...
About this update from Laramide Resources Ltd.
[{"type":"text","content":"\n\n\n\nLaramide Purchases the Murphy Uranium Tenements from Rio Tinto Exploration in Australia's Northern Territory\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, July 16, 2018\n\n\n\nListed (TSX:LAM; ASX:LAM)\n\n\n\nTORONTO, July 16, 2018 /CNW/ - Laramide Resources Ltd. (\"Laramide\" or the \"Company\") (TSX:LAM; ASX:LAM) is pleased to announce it has entered into a sale and purchase agreement (the \"Agreement\") with Rio Tinto Exploration Pty Limited (\"RTX\") pursuant to which the Company will acquire a 100% interest in the Murphy Uranium Tenements in Northern Territory of Australia (the \"Project\"). The new Agreement replaces an existing Farm-In and Joint Venture on the Project between Laramide and RTX. That earlier agreement has now been terminated and superseded by the Agreement with terms as further detailed below. \n\n\n\nThe strategically located Project is 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. \n\nThe 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 new Agreement is structured to incentivize a return to active exploration on the Project while providing RTX with an opportunity to participate should a world class discovery be made. \n\nKey terms of the Agreement:\n\nAs consideration for the sale by RTX of its interest in the Project to Laramide, the Company shall make the following payments:\n\n\nAUD$150,000 within 25 Business Days of the closing date;\na further payment of AUD$150,000 on or before the date which is 12 months from the closing date; and \na further payment of AUD$150,000 on or before the date which is 24 months from the closing date.\n\nLaramide can elect to make these payments in cash or c...