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Laramide Closes Acquisition of Rio Tinto´s Australia-Based Murphy Uranium Tenements
Friday 09 November 2018

9 November 2018 - Canada-based uranium assets company Laramide Resources Ltd. (TSX: LAM) (ASX: LAM) has closed a sale and purchase agreement with Australia-based Rio Tinto Exploration Pty Ltd. (RTX) to acquire a 100% interest in the Murphy Uranium Tenements in Northern Territory of Australia, the company said.

As consideration for the sale by RTX of its interest in the Project to Laramide, the company shall make the following payments: AUD 150,000 within 25 Business Days of the closing date; a further payment of AUD 150,000 on or before the date which is 12 months from the closing date; and a further payment of AUD 150,000 on or before the date which is 24 months from the closing date.

The new agreement replaces an existing farm-in and joint venture on the project between Laramide and RTX. That earlier agreement has now been terminated and superseded by the Agreement with terms as further detailed below.

The acquired project will enhance Laramide's dominant landholding in a highly prospective and underexplored uranium province.

The Northern Territory of Australia is a jurisdiction that is supportive of both uranium development and mining and hosts several well-known deposits including the Ranger Mine which has produced in excess of 120,000 tons of U3O8 over a 35-year period.

The new Agreement is structured to incentivise a return to active exploration on the Project while providing RTX with an opportunity to participate should a world class discovery be made.

This project comprises exploration licences, together with several associated exploration licence applications, which are situated geologically within the highly prospective Murphy Uranium Province.

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.
Date Published: 09/11/2018
Target: Murphy Uranium Tenements in Northern Territory of,  Australia
Country: Australia
Deal Size: 333,582 (USD)
Sector: Metals/Mining
Type: Corporate acquisition
Financing: Cash
Status: Closed
Vendor: Rio Tinto Exploration
Buyer: Laramide Resources