Laramide Resources Ltd. (TSE:LAM) reports the signing of a binding farm-in and JV term sheet with Rio Tinto Exploration Pty Limited.
Laramide Resources Ltd. (TSX:LAM) reports the signing of a binding farm-in and JV term sheet with Rio Tinto Exploration Pty Limited.
The press release is quoted as saying:
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.
Laramide’s President and CEO, Marc Henderson says:
“We believe continuing exploration will result in further discoveries in the District and exploration costs and ultimately operating parameters should benefit significantly from the proximity to Westmoreland. An important aspect of the transaction is the location of the properties in Northern Territory: a jurisdiction that is supportive of both uranium development and mining.”