Laramide Resources Ltd. is poised to take full control of the Lagoon Creek uranium project in Australia's Northern Territory after agreeing to acquire joint venture partner Verdant Minerals Ltd.'s interest.
The 2005 farm-in and joint venture agreement governing the project will be terminated and superseded by the new deal, which is expected to close in the fourth quarter.
To acquire the remaining 50% stake, Laramide must pay A$25,000 within 14 days of closing and an additional A$100,000 once drilling is conducted on the property. A further payment is required upon the release of a measured and indicated resource equivalent to 5 cents per in place pound of U3O8, or the equivalent value of an alternative commodity.
The company can choose to make the further payments in cash or a combination of cash and shares, according to its Sept. 4 release.
Lagoon Creek comprises 190 square kilometers of granted exploration tenure, contiguous to and along strike from the company's Westmoreland uranium project in northwestern Queensland.
Laramide plans to undertake an airborne geophysical survey over its combined tenements in the Northern Territory and Queensland.
In July, Laramide agreed to fully acquire the Murphy uranium project, also in the Northern Territory, from a subsidiary of Rio Tinto.