Laramide Resources Provides Update on Churchrock Uranium Project and Commences NI 43-101 Resource Estimate
Mar 29, 2017
Listed (TSX:LAM; ASX:LAM)
TORONTO, March 29, 2017 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") is pleased to announce it has engaged SRK Consulting (U.S.), Inc. of Denver, Colorado ("SRK") to prepare an independent NI 43-101 Technical Report on the mineral resources for the Company's 100% owned Churchrock and Mancos Properties (the "Properties"), located in New Mexico, United States ( the "Resource Estimate").
The work is intended to address the resource estimation with respect to planned In Situ Recovery (ISR) of uranium. Further, the Resource Estimate will consolidate previously prepared NI 43-101 resource estimates on the Properties and more importantly, the significant work completed by previous operators on these properties which are considered "historical estimates" for purposes of NI 43-101 and, therefore, cannot be considered current mineral resources. There are three historical resource estimates from 2005 to 2011, summarized in a table at the end of the release.
The Company is working toward completion of the Resource Estimate in the second quarter of 2017.
Upon completion of the Resource Estimate, the Properties would be advanced to a Preliminary Economic Assessment ("PEA"). This will be the first economic study on the consolidated Properties, and that would include the elimination of certain royalties owned by Laramide (including the up to 25% NSR) on certain portions of the Properties. The PEA will also have the benefit of the previously completed Feasibility Study on Section 8 completed by a previous operator.
The Resource Estimate will not include the Company's 100% owned Crownpoint project, located 30 miles from Churchrock. A resource estimate on the Crownpoint project is planned for the second half of 2017.
Historical Resource Estimates
The table below summarizes the historical resource estimates which are applicable to the Properties.
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.
About Laramide Resources:
Laramide Resources Ltd., headquartered in Toronto and listed on the TSX: LAM and ASX: LAM, is engaged in the exploration and development of high-quality uranium assets. Laramide's portfolio of advanced uranium projects have been chosen for their production potential. Major U.S. assets include the Churchrock and Crownpoint In Situ Recovery (ISR) projects and La Jara Mesa in Grants, New Mexico, as well as La Sal in the Lisbon Valley district of Utah. The recently acquired Churchrock and Crownpoint properties, with near-term development potential and significant mineral resources, form a leading ISR division operating in a tier one jurisdiction with enhanced overall project economics. The Company's Australian advanced stage Westmoreland is one of the largest projects currently held by a junior mining company.
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.
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, Toronto, Canada, +1 (416) 599 7363