Lakeland Resources Inc. Expands its Uranium Advisory Board with the Addition of John Gingerich, P.Geo.
October 23, 2013 (Source: CNW) – Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the “Company” or “Lakeland”) is pleased to announce that Mr. John Gingerich, P.Geo., a prominent professional geoscientist, has been added as the third member of the Company’s Advisory Board.
Mr. Gingerich’s career in the mining and exploration industry spans over 30 years, with a specialization in geophysics and technical innovation. Mr. Gingerich worked for Eldorado Nuclear from 1979-1986 – one of the predecessors to what is now Cameco. John spent most of his time between Stony Rapids and Fond du Lac covering the ground currently held by Lakeland making up the Riou Lake Property.
“Lakeland has assembled a driven, entrepreneurial team, backed by technical expertise specific to the Athabasca Basin,” stated Jon Armes, President. “We are pleased that John has joined us as he brings continuity from the historic work and insights into the potential of the property.”
Mr. Gingerich was past Director of Research, Technical Innovation and Exploration within the Noranda group, where he was part of the senior management team and involved in the evaluation, acquisition and development of mineral opportunities within Canada and around the world.
In 2002, John founded Geotechnical Business Solutions, a company dedicated to the development and financing of exploration opportunities and related technology. As a recognized leader within the mining and technology communities, John is a member of several industry and government boards and committees including the Exploration Division of the Canadian Mining Industry Research Organization (Chairman) and the Ontario Geological Survey Advisory Board (Chairman).
In conjunction with his appointment to the Advisory Board, the Company has granted Mr. Gingerich 100,000 incentive stock options exercisable for a period of five years from the date of grant at a price of $0.10 per share.
Lakeland recently commenced fieldwork at the Riou Lake Property located along the northern rim of the Athabasca Basin. The program is focused on the “Gibbon’s Creek” target and consists of surface prospecting and boulder sampling with hand-held scintillometers, a RadonEx™ soil gas radon survey, line-cutting and a ground DC resistivity geophysical survey. The current program, in combination with the extensive historic exploration data available, will define the targets for an anticipated initial drill program at Gibbon’s Creek in the winter Q1 2014.
The Riou Lake Property benefits from $3M+ of historic exploration including modern geophysics completed by the previous owner UEX Corp. in 2005 and work by Eldorado Nuclear. The property benefits from nearby infrastructure, with power lines and highways transecting the claims. Lakeland is focused on testing targets, such as Gibbon’s Creek, where the depth to the unconformity is known to be shallow (ie. ~50-250 metres) increasing the economics of exploration.
Second Tranche of Private Placement:
Lakeland also announces the closing of the final tranche of its previously announced non-brokered private placement (initial news release dated August 16, 2013) and first tranche closing on September 3, 2013. The Company issued an aggregate of 3,104,480 Units (340,000 flow-through units (“FT Unit”) for gross proceeds of C$318,948.
Each Unit consists of one common share of the Company and one common share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.15 per share for a period of 12 months following the date of issuance. Each FT Unit consists of one common share of the Company issued on a ‘flow-through’ basis and one Warrant.
Finder’s Fees of C$14,101.50 and 137,515 Finder’s Units were awarded in relation to this portion of the financing. Each Finder’s Unit consists of one common share and one share purchase warrant exercisable into one common share at $0.15 for one year from closing.
All of the securities issued under the second tranche of the offering are subject to a hold period expiring on February 17, 2014.
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” and on the Frankfurt Stock Exchange under the symbol “6LL”.
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
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 Lakeland has commenced fieldwork at Riou Lake and that the initial program will be focused on the “Gibbon’s Creek” target and consist of surface prospecting and boulder sampling with hand-held scintillometers, a RadonEx™ soil gas radon survey, line-cutting and a ground DC resistivity geophysical survey and that the current program, in combination with the extensive historic exploration data available, will define the targets for an anticipated initial drill program at Gibbon’s Creek in the winter Q1 2014.
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.
SOURCE Lakeland Resources Inc.
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