TSXv: LK FSE: 6LL
VANCOUVER, June 25, 2014 /CNW/ - Lakeland Resources
Inc. (TSXv: LK) (FSE: 6LL) (OTCQX: LRESF) (the "Company" or
"Lakeland") is pleased to announce that it has entered into an
option agreement to acquire a 100% 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.
Recent exploration by the property vendor, Anthem Resources, and
its predecessors and Joint Venture partners (Denison) has confirmed
the presence of a conductive target with a regional airborne GeoTEM
survey. Regional and detailed geochemical surveying has
confirmed the presence of uranium and pathfinder element
geochemical anomalies on the Property that are roughly coincident
with the conductive target.
Lakeland is in the process of designing a summer exploration
program on the property in order to take advantage of the positive
exploration results on this relatively un-tested
property.
About the Transaction
Lakeland has the right to earn a 100% interest in the Property
by issuing 200,000 common shares to the Vendor on the closing date
of the transaction. The purchase agreement is subject to
Exchange acceptance.The Vendor will retain a 1.5% NSR.
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., a qualified
person, of Dahrouge Geological Consulting Ltd. and a Director of
Lakeland.
The Company would also like to announce that on May 30, 2014 the Company's common shares
commenced trading today on the OTCQX in the United States under the ticker symbol
"LRESF."
"We are pleased to be able to provide our current and potential
U.S. investors an improved platform to access our company's
securities," stated Jonathan Armes,
President of Lakeland. The OTCQX is a highly visible trading
platform that has emerged as the world's leading, premier
cross-listing venture for international issuers that wish to
benefit from U.S. trading and investor demand without diluting
their current shareholder base.
Investors can find current financial disclosure and real-time
level two quotes for the company's OTCQX listing on
www.otcmarkets.com. Burns, Figa and Will P.C. serves as Lakeland's
Principal American Liaison ("PAL") on OTCQX, responsible for
providing guidance on OTCQX requirements.
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", on the OTCQX under the symbol
"LRESF" and on the Frankfurt Stock Exchange under the symbol
"6LL".
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
"Jonathan Armes"
Jonathan Armes
President, CEO and Director
Cell: 416.708.0243
Ph: 604.681.1568
TF: 1.877.377.6222
Email: jarmes@lakelandresources.com
Web: http://www.lakelandresources.com
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 the
optimal geological setting for formation of uncomformity-style
mineralization; references to the depth of the unconformity;
the designing and carrying out of a summer exploration program on
the property; all references to historical results including the
presence of a conductive target,.
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.