Laramide announces board appointment; acknowledges completion of US Department of Commerce probe into uranium imports
Listed (TSX:LAM; ASX:LAM)
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TORONTO, April 23, 2019 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") is pleased to announce the appointment of Mr. Raffi Babikian to its Board of Directors effective immediately. Mr. Babikian has broad and extensive nuclear fuel cycle industry experience, including having provided corporate finance and marketing advisory services to uranium mining companies across the globe for the past 12 years, both as an investment banker and as an independent consultant. He began his career at AREVA SA (now Orano SA), the French nuclear fuel cycle company and has previously served on the Board of Directors of Khan Resources Inc. and Fission Uranium Corp. Mr. Babikian holds a Bachelor of Engineering from McGill University, a Masters from the Massachusetts Institute of Technology and an MBA from the Collège des Ingénieurs in Paris.
Commenting on Mr. Babikian's appointment, Laramide President and CEO Marc Henderson stated, "We are pleased that Raffi has accepted the invitation to join our board at this time. His experience and relationships within the uranium industry should prove very valuable to us as we seek to accelerate development of our portfolio of uranium projects in Australia and the United States."
Mr. Henderson added, "It is a potentially very opportune time for shareholders in uranium companies as years of underinvestment in potential future supply have created an unsustainable supply /demand balance that is likely to be resolved by higher uranium prices, regulatory action, or both." In this regard, Laramide notes the completion last week of the US Department of Commerce's (DOC) investigation into the national security implications of reliance on imported uranium. This "Section 232" investigation resulted in a confidential report and set of recommendations which have been forwarded by DOC to the White House. The President now has 90 days to decide whether to take action on the matter, a timeline which concludes on July 14, 2019.
While the petitioners of this action requested 25% quotas as the proposed remedy to their perceived US security of supply concerns, a range of outcomes are possible, including no action. Should any pro-active action be taken which supports US domestic production capabilities, Laramide believes it is well positioned to benefit as one of a small group of companies with material US development assets.
The Company also announces the granting of 3,500,000 stock options to employees, directors, and consultants for a period of three years at an exercise price of $0.40 per share.
To learn more about Laramide, please visit the Company's website at www.laramide.com.
About Laramide Resources:
Laramide is a Canadian-based company with diversified uranium assets strategically positioned in the United States and Australia that have been chosen for their low-cost production potential. Laramide's recently acquired Church Rock and Crownpoint properties form a leading In-Situ Recovery (ISR) division that benefits from significant mineral resources and near-term development potential. Additional U.S. assets include La Jara Mesa in Grants, New Mexico, and La Sal in the Lisbon Valley district of Utah. The Company's Australian advanced stage Westmoreland is one of the largest uranium projects currently held by a junior mining company. Laramide is listed on the TSX: LAM and ASX: LAM.
Forward-looking Statements and Cautionary Language
This News Release contains forward looking statements which are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward looking statements. The Company does not intend to update this information and disclaims any legal liability to the contrary.
SOURCE Laramide Resources Ltd.
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