Laramide Resources Provides Update on Rio Tinto Exploration

Laramide Resources (TSX:LAM) has announced that it has received an extension from Rio Tinto Exploration to complete certain work programs and meet 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.
As quoted in the press release:

Further, 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.
RTX 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.
Amendments related to the variation agreement include:

• The 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
• The other earn-in periods over the 4-year farm-in period received corresponding extensions from the original completion dates.

Consideration for this extension to RTX is a fee of A$100,000.

Click here to read the full press release.