Published on Monday April 29 2013 (AEST)
Laramide will hit the ASX boards at 12.00pm EST on Tuesday 30th April 2013, and will have 73.3 million Chess Depositary Interests (CDI) on issue, at a ratio of 1 CDI representing 1 fully paid ordinary share. The recent prospectus offered up to 12 million CDI's at $0.85 to raise up to $10.2 million.
The Canadian company is engaged in the exploration and development of uranium assets based in Australia and the U.S., which includes its main asset of the wholly-owned Westmoreland Project, which is a sandstone-hosted conventional, open-cut deposit located in north-west Queensland near the Northern Territory border.
Laramide has spent over $30 million on Westmoreland since acquiring the project in 2005, which has expanded the work carried out by its former owner and advancing the project through a series of drilling campaigns, updated resource estimates, environmental studies and metallurgical studies. Westmoreland currently has a JORC Indicated Resource of 36 million pounds of uranium (U3O8) contained in 18.7 million tonnes at 0.089% U3O8, and a further Inferred Resource of 15.9 million pounds of U3O8 contained in 9.0 million tonnes at 0.083% U3O8.
A benefit for the project is that recent metallurgical test work demonstrated a uranium recovery rate of over 90% utilising conventional technologies. Other Australian interests for the company include being in three Northern Territory joint ventures that border Queensland.
These include the Murphy Tenement Farm-in and Joint Venture with Rio Tinto Exploration Pty Ltd on a number of tenements, situated geologically within the Murphy Uranium Province and along strike from Westmoreland. United States exposure Laramide's interests in the U.S. include La Jara Mesa in Grants, New Mexico and La Sal in the Lisbon Valley district of Utah, and are both at the permitting stage and exploration and development activities have included metallurgical testing, mine infrastructure and resource estimates.
The La Sal project is expected to be the first of the U.S. tenements to enter into commercial production, with the company recently entering into a toll milling agreement with Energy Fuels Inc. for the processing of ore at the White Mesa Mill.
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