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Prior to acquiring the project the company had been exploring the site under a farm-in agreement with RTX.
Laramide Resources (TSX:LAM,ASX:LAM) reports it has now completed all the requirements for the acquisition of the Murphy project from Rio Tinto Exploration Pty Limited (RTX). Laramide now holds a 100 percent interest in the Murphy uranium tenements in the Northern Territory of Australia.
Prior to acquiring the project the company had been exploring the site under a farm-in agreement with RTX.
As quoted from the press release:
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 U3O8over 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.
Terms of the Sale Purchase Agreement:
As consideration for the sale by RTX of its interest in the project to Laramide, the company has made a AU$150,000 cash payment to RTX and paid all necessary stamp duty associated with the transfer.
Under the SPA the company is also required to make the following payments:
- A further payment of AU$150,000 on or before the date which is 12 months from the closing date; and
- a further payment of AU$150,000 on or before the date which is 24 months from the closing date.
