Lakeland Resources Inc. Enters Into Option Agreement on Fond Du Lac Uranium Property
VANCOUVER, Dec. 30, 2014 /CNW/ - Lakeland Resources Inc. (TSXv: LK; FSE: 6LL; OTCQX: LRESF) (the "Company") is pleased to announce that it has entered into an option agreement with Takara Resources Inc. ("Takara") where Takara can acquire a 50% 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.
Takara has the right to earn a 50% interest in the Property by issuing 1,500,000 common shares to Lakeland on the closing date of the transaction and by spending $100,000 on exploration on the property and by issuing an additional 250,000 shares by June 1, 2015. The property is subject to a 1.5% NSR to the original vendor. The purchase option agreement is subject to Exchange approval.
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., of Dahrouge Geological Consulting Ltd., a qualified person.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a uranium and mineral 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 is well funded to carry out its near term exploration programs.
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
"Jonathan Armes"
Jonathan Armes