Mr. Jonathan Armes reports LK-TSX Venture http://www.lakelandresources.com
LAKELAND RESOURCES INC. ENTERS INTO AGREEMENT TO ACQUIRE EIGHT URANIUM PROPERTIES IN THE ATHABASCA BASIN, SASKATCHEWAN AND ALBERTA
Lakeland Resources Inc. has entered into a letter agreement dated Feb. 26, 2013, with 877384 Alberta Ltd. for the exclusive rights to acquire eight uranium projects located within the Athabasca basin of Northern Saskatchewan and Alberta. The Athabasca Basin is host to some of the world's largest and richest high-grade uranium deposits; and as evidenced by several recent discoveries, is considered by the Company to be significantly prospective and underexplored.
Under the terms of the letter agreement, Lakeland has until April 30, 2013 to negotiate the purchase of the projects. The purchase price remains to be finalized and will depend on the results and recommendations of a NI 43-101 report on the properties currently in process. It is expected that the Company will pay in the range of 7,500,000 shares and some cash, plus a royalty to the sellers. In addition, the Company would be expected to conduct a work program and would contract Dahrouge Geological Consulting Ltd. to perform exploration work on our behalf.