Laramide Resources Announces Consolidation of Interest in the Gulf JV in the Westmoreland District
Oct 8, 2014
Listed (TSX:LAM, ASX:LAM)
TORONTO, Oct. 8, 2014 /CNW/ - Laramide Resources Ltd. (TSX: LAM, ASX:LAM) is pleased to announce that it has entered into a Sale Purchase Agreement ("SPA") to acquire 100% of the Gulf JV tenement EL 29898 ("the Project") from Gulf Copper Pty Ltd ("Gulf").
Laramide currently has the right to earn 90% of the Project by carrying Gulf through completion of a bankable feasibility study and obtaining a mine permit. This agreement will be terminated when Laramide owns 100% of the Project.
Under the terms of the SPA the Laramide must pay to Gulf A$125,000 broken into three payments. A$25,000 immediately; a further A$25,000 subject to satisfactory completion of certain conditions; and, the balance of A$75,000 on transfer of the tenement title.
The SPA is conditional on receiving all necessary government and regulatory approval to complete the transaction.
The Gulf JV tenement covers an area of 227 km2 and lies adjacent to the Westmoreland deposit in the Northern territory. This acquisition is consistent with Laramide's long term strategy to consolidate the prospective tenure around the Westmoreland project on both sides of the Queensland-Northern Territory border.
To learn more about Laramide and for additional information on the Gulf JV tenement, please visit the Company's website at www.laramide.com.
SOURCE Laramide Resources Ltd.
For further information: Marc Henderson, President and Chief Executive Officer, Toronto, Canada, +1 (416) 599 7363; Bryn Jones, Chief Operation Officer, Brisbane, Australia, P: (07) 3831 3407; Greg Ferron, Vice-President, Investor Relations, Toronto, Canada, +1 (416) 599 7363