Laramide Completes Acquisition of Rio Tinto’s Murphy Uranium Project, Australia
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Laramide Resources Ltd. has completed the conditions precedent for the acquisition of the Murphy Project from Rio Tinto Exploration Pty Limited. The company now holds a 100 percent interest in the Murphy Uranium Tenements in the Northern Territory of Australia, which it had previously been exploring under a farm-in agreement with RTX.
The strategically located Project consists of 683.5 km2 of granted exploration tenure, which lies contiguous to and along strike from Laramide’s Westmoreland Project in northwest Queensland. The 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 tonnes of U3O8 over a 35-year period. The new agreement is structured to incentivize a return to active exploration on the project while providing RTX with an opportunity to participate should a world class discovery be made.
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.
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