Laramide Provides Church Rock Project Update /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO
Laramide Provides Church Rock Project Update
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
CANADA
ONLY AND IS NOT INTENDED FOR DISTRIBUTION
TO
UNITED STATES
NEWSWIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES
./
Listed
(TSX:LAM; ASX:LAM)
TORONTO
,
Jan. 12, 2018
/CNW/ - Laramide Resources Ltd. ("
Laramide
" or the "
Company
") is pleased to announce, further to its press
release dated
January 6, 2017
, it has made its anniversary payment to Westwater Resources Inc. (formerly Uranium Resources, Inc.)
("Westwater") pursuant to Laramide's acquisition of the
Church Rock
and
Crownpoint
uranium projects (the "Acquisition"). The
US$1.5 million
payment (the "Payment") consisted of a
US$750,000
cash payment and the issuance of 1,982,483 common shares based on the volume weighted
average price ("VWAP") of Laramide's common shares for the 20 days before the anniversary date of the Acquisition, which was
C$0.4724
per
share. The common shares issued pursuant to the Payment are subject to a statutory four-month hold period expiring on
May 13, 2018
. The
Payment reduced the outstanding promissory note (the "Note") to the principal amount of
US$3.5 million
, with two remaining payments, due in
January 2019
(
US$1.5 million
), and
January 2020
(
US$2.0 million
). Pursuant to the Note, Laramide has the right to elect to repay up to 50% of
the outstanding principal under the Note in the form of common shares of Laramide issued at a price equal to the 20-day VWAP at the time of
such payment.
Pursuant to the terms of the Acquisition, Westwater was granted a one-year option to acquire Laramide's
La Sal
uranium project in
Utah
and La
Jara Mesa in
New Mexico
for
US$3 million
and
US$5 million
, respectively (the "Option"). Laramide received notification by Westwater that they
have elected not to exercise and the Option has expired. Further information regarding the
La Sal
and La Jara Mesa projects is available on
Laramide's website at
www.laramide.com
.
Church Rock
and Crownpoint Projects Update:
On
October 10, 2017
, the Company announced the results of an independent Mineral Resource Estimate (the "Resource Estimate") for Church
Rock Uranium Project completed (the "Project" or "Church Rock") by Roscoe Postle Associates Inc. in
Denver
,
USA
, with the assistance of
Laramide's technical team. The Resource Estimate reported an Inferred Resource Estimate of 33.9 million tons at an average grade of 0.075%
eU
3
O
8
for a contained resource of 50.8 million pounds using a 0.5 ft-% Grade Thickness cutoff.
With completion of the Resource Estimate, the Company plans to commence core drilling and leach-restoration testing on
Church Rock
in 2018.
Completion of this program will allow Laramide to satisfy New Mexico Environmental Department Groundwater Discharge Plan requirements
whereby Laramide must demonstrate in a laboratory environment the ability, post leaching, to restore groundwater in the mining aquifer to an
acceptable level.
An exploration drilling program consisting of 15 holes is planned in conjunction with the core drilling for a total of approximately 20,000 ft (6,100
metres) of drilling. This program should allow areas of the present Inferred Mineral Resource to be elevated to Measured and Indicated
Resources, as well as lead to the potential identification of additional mineral resources. The exploration drilling is planned for areas noted in the
Resource Estimate technical report where wide-spaced drilling previously defined potential mineralization.
Separately, the Company is working towards completion of the process of digitizing significant data for Crownpoint Project ("Crownpoint") which
will allow for a resource estimate on
Crownpoint
planned for the second quarter of 2018.
Crownpoint
is located approximately 30 miles east of
Church Rock
and is 100% owned by Laramide.
Crownpoint
(and Church Rock Section 8 and 17) has a licence from the United States Nuclear
Regulatory Commission for production of uranium. Also, the United States Nuclear Regulatory Commission has approved the construction of a
Central Processing Plant at
Crownpoint
.
Laramide is also preparing to commence a Preliminary Economic Assessment ("PEA") on
Church Rock
. Details regarding the commencement
date and technical parameters of the PEA will be provided later in the first quarter.
Any securities issued to be pursuant to the repayment of the Note have not been, nor will they be, registered under the United States Securities
Act of 1933, as amended, and may not be offered or sold in
the United States
or to, or for the account or benefit of, U.S. persons absent
registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-
101. The information has been reviewed and approved by
Bryn Jones
, MMinEng, FAusIMM, a Qualified Person under the definition established
by National Instrument 43 101 and JORC. Mr. Jones is the Chief Operating Officer of the Company and a Fellow of the Australasian Institute of
Mining and Metallurgy.
To learn more about Laramide, please visit the Company's website at
www.laramide.com
.
Follow us on Twitter
@LaramideRes
About Laramide Resources:
Laramide is a Canadian-based company with diversified uranium assets strategically positioned in
the United States
and
Australia
that have been
chosen for their low-cost production potential. Laramide's recently acquired
Church Rock
and
Crownpoint
properties form a leading In-Situ
Recovery (ISR) division that benefits from significant mineral resources and near-term development potential. Additional U.S. assets include La
Jara Mesa in
Grants, New Mexico
, and
La Sal
in the Lisbon Valley district of
Utah
. The Company's Australian advanced stage
Westmoreland
is
one of the largest uranium projects currently held by a junior mining company. Laramide is listed on the TSX: LAM and ASX: LAM.
Forward-looking Statements and Cautionary Language
This News Release contains forward looking statements which are subject to a variety of risks and uncertainties which could cause actual events or
results to differ materially from those reflected in the forward looking statements. The Company does not intend to update this information and
disclaims any legal liability to the contrary.
SOURCE
Laramide Resources Ltd.
View original content: http://www.newswire.ca/en/releases/archive/January2018/12/c4054.html
%SEDAR: 00003540E
For further information:
Marc Henderson, President and Chief Executive Officer, Toronto, Canada +1 (416) 599 7363; Bryn Jones, Chief
Operating Officer, Brisbane, Australia, P: (07) 3831 3407; Greg Ferron, Vice-President, Investor Relations, Toronto, Canada +1 (416) 599
7363
CO: Laramide Resources Ltd.
CNW 10:17e 12-JAN-18