Laramide receives extension of earn-in period for Rio Tinto exploration farm-in and JV

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Laramide Resources has received an extension on the earn-in periods to complete certain work programs and satisfy minimum expenditure obligations on the Rio Tinto Murphy Farm-In and Joint Venture tenements in the Northern Territory.

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The initial agreement, which commenced in November 2012, required Laramide to spend AUD$10 million over a 4-year period on exploration and development to earn 51% in the Project.

“The initial earn-in commitment to spend $1 million in exploration activities (inclusive of expenditure ($600,000) has a completion date of November 13, 2016,” the company told the ASX.

“The other earn-in periods over the 4-year farm-in period received corresponding extensions from the original completion dates.”

The Project comprises tenement applications, EL 9319 (724 km2) and EL 9414 (387 km2) that are situated geologically within the highly prospective Murphy Uranium Province and are along strike from Laramide’s flagship Westmoreland Project in northwest Queensland.

The Murphy Uranium Province produced high-grade uranium during the 1950s and stands out amongst the world’s attractive underexplored uranium provinces, having not seen any meaningful exploration since the 1970s.