Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") is pleased to announce that the Company has signed a Joint Venture Agreement (the "JV Agreement") with Star Minerals Group Ltd. ("Star Minerals") granting Lakeland an option to acquire a 100% interest in two strategic claims totaling 1,092 hectares located in the Athabasca Basin, Saskatchewan.
The new claims tie onto the Company's Riou Lake Property and are adjacent and to the north of the Gibbon's Creek target where fieldwork is currently underway in preparation for an initial Q1 2014 winter drilling program. Management determined it prudent to acquire the ground ahead of field results and the commencement of drilling.
Lakeland recently commenced a field program at the Gibbon's Creek target with results from boulder sampling, a RadonEx survey and a ground DC resistivity geophysical survey pending.
Geologic maps showing the location of the new claims and the Riou Lake Property and Gibbon's Creek target will be uploaded to the Company website.
About the Transaction
Under the terms of the joint venture agreement, Lakeland has the right to earn a 100% interest in the two claims by making cash payments totaling $60,000 and issuing 600,000 common shares over a 12 month period. The Vendor will retain the option of a 25% buyback for 4 times the exploration monies spent by the Purchaser to the date that the buyback option is exercised. The buyback option will be exercisable at any time up to a 90 day period following the completion and publication of a 43-101 compliant resource estimate. The transaction is subject to acceptance by the TSX Venture Exchange.
About the Acquired Claims
The property consists of two mineral claims, S-108135 and S-107355, with a total size of approximately 1,092 hectares. The claims are located less than 2 kilometres from the settlement of Stony Rapids, which is approximately 485 km north of the town of La Ronge and is on the bank of the Fond du Lac River in northern Saskatchewan, Canada.
