Laramide exercises option to acquire La Sal assets in Utah

This payment will be followed by a further payment of $250,000 required upon successfully permitting the La Sal property, and a final payment of $500,000 upon the La Sal property commencing commercial production.

The La Sal property had been encumbered since 2005 preventing Laramide from developing the asset despite its advanced status as a previously permitted project with a 1,200 m access drive constructed and with access to a commercial mill.

The La Sal property contains a historic resource estimated by technical consultants engaged by the previous owner for purposes of mine planning, before the implementation of NI 43-101 requirements (see full disclaimer below).

The historical resource consisted of 440,000 tons grading 0.31% U3O8, for 2.7 million contained pounds U3O8.

The resource was estimated using a minimum undiluted thickness of 6ft at a cut-off grade of 0.16% U3O8.

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