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Laramide Resources Provides Update on Rio Tinto Exploration Farm-in and Joint Venture and its Equity Investment in Khan Resources
Laramide Resources Provides Update on Rio Tinto Exploration Farm-in and Joint Venture and ...
About this update from Laramide Resources Ltd.
[{"type":"text","content":"\n\n\n\nLaramide Resources Provides Update on Rio Tinto Exploration Farm-in and Joint Venture and its Equity Investment in Khan Resources\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\nLaramide Resources Provides Update on Rio Tinto Exploration Farm-in and Joint Venture and its Equity Investment in Khan Resources\nCanada NewsWire\nTORONTO, May 24, 2016\n\n\n\nListed on TSX/ASX:LAM\n\n\n\nTORONTO, May 24, 2016 /CNW/ - Laramide Resources Ltd. is pleased to confirm that it has received an extension from Rio Tinto Exploration Pty Limited (RTX) to complete certain work programs and satisfy minimum expenditure obligations related to the earn-in periods on the Rio Tinto Murphy Farm-In and Joint Venture tenements in the Northern Territory of Australia (\"RTX Murphy tenements\"). \n\nFurther, the Company plans to commence an exploration program on this highly prospective ground consisting of geochemical sampling and field mapping of targets identified in the 2014 airborne geophysical survey on the RTX Murphy tenements which consisted of 16,281 line km.  The exploration program will define targets for follow up drilling however remains subject to certain approvals.\n\nRTX Murphy tenements are along strike from Laramide's flagship Westmoreland Project in northwest Queensland, and are situated geologically within the Murphy Uranium Province in the Northern Territory, Australia. The tenements cover an area of 966 km2. \n\nAmendments related to the variation agreement include:\n\n\nThe initial earn-in commitment to spend $1 million in exploration activities (inclusive of expenditures to date of approximately $600,000) has a completion date of November 13, 2016 \nThe other earn-in periods over the 4-year farm-in period received corresponding extensions from the original completion dates. \n\nConsideration for this extension to RTX is a fee of A$100,000.   \n\nIn addition, the Company is pleased to congratulate Khan Resources Inc. (\"Khan\") (CSE: KRI) on a very successful outcome with the government of Mongolia regarding the longstanding litigation and internationa...