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Gold/Mining/Energy : Uranium Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Taikun who wrote (1377)	9/22/2005 11:43:07 AM
From: mimur	Read Replies (2) \| Respond to of 30114

more to LAM than Australia Laramide to buy Homestake's uranium properties 2005-08-09 09:24 ET - News Release Mr. Marc Henderson reports LARAMIDE TO ACQUIRE HOMESTAKE URANIUM PORTFOLIO Laramide Resources Ltd. has entered into an agreement with Homestake Mining Company of California and La Jara Mesa Mining Company, both being wholly owned subsidiaries of Barrick Gold Corp., to acquire Homestake's uranium portfolio in the western United States. Homestake was a significant United States uranium producer from the 1950s to the late 1980s. The properties to be acquired (the La Jara Mesa, Los Ochos, Melrich and La Sal properties) have been kept in good standing by Homestake throughout the long bear market for uranium, which has now ended. The properties are located in the Colorado Plateau in Colorado and Utah and in the Grants district of New Mexico. The La Jara Mesa property located in Cibola county, New Mexico, is the most significant property in the portfolio. La Jara Mesa is a sandstone-hosted, roll-front-type deposit that has been extensively explored by Homestake and others including Pathfinder and Power Resources. Since the early 1980s approximately 500 rotary holes and 18 diamond drill holes were drilled on the property; preliminary metallurgical testwork and initial mine planning have also been completed. There is a historical resource on the property but it was developed prior to the implementation of NI Policy 43-101 and cannot be used by Laramide. Upon completion of the acquisition, Laramide intends to immediately commission an independent engineering report in NI 43-101 format. This report will validate and update the existing resource as well as provide recommendations for further exploration and development work. Terms of the transaction require Laramide to pay Homestake a total of $3.75-million (U.S.) in cash, $1-million (U.S.) of which is due at closing with the balance represented by milestone payments tied to the permitting of the projects and commencement of commercial production. In addition Laramide has committed to expend $1.5-million (U.S.) over the next two years on the properties and to pay a royalty of 25 U.S. cents per pound U3O8 on any production in excess of eight million pounds from the La Jara properties. Laramide has advanced $50,000 (U.S.) of the purchase price; closing is expected to occur on the earlier of 60 days from Oct. 7 or the completion of Laramide's due diligence process.