Lakeland Expands Northern Basin Project Portfolio
June 25, 2014 (Source: CNW) — Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (OTCQX: LRESF) (the “Company” or “Lakeland”) is pleased to announce that it has entered into an option agreement to acquire a 100% interest, subject to TSX Venture Exchange (“Exchange”) acceptance, in the Fond du Lac Property (the “Property”), located in the northern Athabasca Basin region, Saskatchewan. The Property consists of one mineral claim, and is 2,827 hectares in size.
The property is situated at the margin of the Athabasca Basin where the depth to the unconformity is relatively shallow. The historic and recent exploration has identified the presence of an optimal geological setting for the formation of unconformity-style mineralization.
Historic exploration was conducted in the 1976 to 1984 era by a Saskatchewan Mining and Development Corporation (SMDC) and Urangesellschaft Canada Ltd. Exploration consisted of regional airborne and geochemical surveys, followed by detailed ground EM, magnetic and gravity surveys and drilling of one hole in 1984.
Recent exploration by the property vendor, Anthem Resources, and its predecessors and Joint Venture partners (Denison) has confirmed the presence of a conductive target with a regional airborne GeoTEM survey. Regional and detailed geochemical surveying has confirmed the presence of uranium and pathfinder element geochemical anomalies on the Property that are roughly coincident with the conductive target.
Lakeland is in the process of designing a summer exploration program on the property in order to take advantage of the positive exploration results on this relatively un-tested property.
About the Transaction
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Lakeland has the right to earn a 100% interest in the Property by issuing 200,000 common shares to the Vendor on the closing date of the transaction. The purchase agreement is subject to Exchange acceptance.The Vendor will retain a 1.5% NSR.
NI 43-101 Disclosure
The technical information above has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Neil McCallum, P.Geo., a qualified person, of Dahrouge Geological Consulting Ltd. and a Director of Lakeland.
The Company would also like to announce that on May 30, 2014 the Company’s common shares commenced trading today on the OTCQX in the United States under the ticker symbol “LRESF.”
“We are pleased to be able to provide our current and potential U.S. investors an improved platform to access our company’s securities,” stated Jonathan Armes, President of Lakeland. The OTCQX is a highly visible trading platform that has emerged as the world’s leading, premier cross-listing venture for international issuers that wish to benefit from U.S. trading and investor demand without diluting their current shareholder base.
Investors can find current financial disclosure and real-time level two quotes for the company’s OTCQX listing on www.otcmarkets.com. Burns, Figa and Will P.C. serves as Lakeland’s Principal American Liaison (“PAL”) on OTCQX, responsible for providing guidance on OTCQX requirements.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a pure play uranium exploration company focused on the Athabasca Basin in Saskatchewan, Canada, home to some of the world’s largest and richest high-grade uranium deposits. The Company’s common shares trade on the TSX Venture Exchange under the symbol “LK”, on the OTCQX under the symbol “LRESF” and on the Frankfurt Stock Exchange under the symbol “6LL”.
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include that the optimal geological setting for formation of uncomformity-style mineralization; references to the depth of the unconformity; the designing and carrying out of a summer exploration program on the property; all references to historical results including the presence of a conductive target,.
It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include economic, competitive, governmental, environmental and technological factors that may affect the Company’s operations, markets, products and prices. Factors that could cause actual results to differ materially may include misinterpretation of data; that we may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our intended exploration and development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; that market prices may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>