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News: Lakeland Resources Inc Broadens Uranium Expertise with Addition of Richard Kusmirski & Thomas Drolet as Advisors
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News: Lakeland Resources Inc Broadens Uranium Expertise with Addition of Richard Kusmirski & Thomas Drolet as Advisors


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Lakeland Resources Inc. (TSXv: LK) announced the establishment of an Advisory Board and the appointment of Richard Kusmirski and Thomas Drolet as initial members. …

Lakeland Resources Inc. (TSXv: LK) announced the establishment of an Advisory Board and the appointment of Richard Kusmirski and Thomas Drolet as initial members.

Lakeland Resources Inc. is a uranium exploration company focused on the Athabasca Basin in Saskatchewan and Alberta, Canada.

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  • 1. TSXv: LK FSE: 6LLLakeland Resources Inc. Broadens Uranium Expertise with Addition ofRichard Kusmirski & Thomas Drolet as AdvisorsMay 2, 2013 – Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the “Company” or“Lakeland”) is pleased to announce the establishment of an Advisory Board and the appointmentof Richard T. Kusmirski, M.Sc., P.Geo., an experienced uranium geoscientist, and Thomas S.Drolet, B.Eng., M.Sc., DIC, a nuclear energy and uranium industry specialist, as initial members.“We are deeply honored to have Mr. Kusmirski and Mr. Drolet on our Advisory Board,” saidJonathan Armes, Director of Lakeland. “They are well respected leaders in the uranium industryand their experience and expertise will be invaluable to the future development of the Companyand our assets in the Athabasca Basin.”Mr. Richard Kusmirski has over 40 years of exploration experience in North America andoverseas, and has actively participated in the discovery of a number of uranium, gold and basemetal deposits. For several years, in his capacity as Exploration Manager, he directed CamecoCorporation’s (TSX: CCO) uranium exploration projects in the Athabasca Basin.In 1999, Rick joined JNR Resources Inc. becoming Vice President of Exploration in 2000.Subsequently, he directed the exploration program that led to the discovery of the MaverickZone on the Moore Lake uranium joint venture in the Athabasca Basin with partner KennecottCanada. Rick became JNRs President and CEO in January of 2001. In February of 2013,Denison Mines Corp. (TSX: DML) successfully acquired all of the outstanding shares of JNR byway of a friendly all-share take-over bid.Mr. Thomas Drolet is a uranium and nuclear industry specialist and principal of energyconsultancy Drolet & Associates Energy Services Inc. Mr. Drolet has had a 40+ year career inthe energy sector, where he spent 26 years with Ontario Hydro in various engineering, researchand operations functions. He formed and headed Canadas Research and Development programinto Fusion (CFFTP) in 1982 and then moved into International Commercial work with OntarioHydro International, where he was named President and CEO in 1993. Mr. Drolet was thenappointed Managing Director of American Electric Power Canada, and President of CanadianEnergy Opportunities, Inc. where he was involved in mergers, acquisitions and other consultingactivities in the Canadian and US power sectors. Mr. Drolet earned a Bachelors Degree inchemical engineering from Royal Military College of Canada, a Masters of Science degree in
  • 2. TSXv: LK FSE: 6LLnuclear technology/chemical engineering and a DIC from Imperial College, University ofLondon, England. He is a frequent guest and keynote speaker on nuclear energy at globalconferences.The Advisory Board will consult with the Lakeland Board of Directors and management on thedevelopment of the Company’s exploration projects, business and finance opportunities andincreasing the Company’s global profile.As part of their appointments to the Advisory Board, the Company has granted Mr. Kusmirskiand Mr. Drolet each 100,000 incentive stock options exercisable for a period of five years fromthe date of grant at a price of $0.10 per share.Through staking, Lakeland has acquired 5 uranium properties totaling approximately 100,000hectares of land in the Athabasca Basin. The Athabasca Basin is host to some of the world’slargest and richest high-grade uranium deposits; and as evidenced by several recent discoveries(eg. Fission/Alpha – PLS, Hathor – Roughrider, Denison – Phoenix) is considered by theCompany to be significantly prospective and underexplored. Lakeland will benefit from thesubstantial historic exploration expenditures incurred on the properties as well as improvingfundamentals for the uranium sector.Uranium Market:Uranium demand is largely driven by energy demands. The spot price of uranium is currentlyUS$40.25/lb U3O8 (Source: UxC). There are currently approximately 435 nuclear reactors inoperation world-wide. Global electricity demand is expected to grow significantly through 2030and the number of nuclear reactors is rising to meet it. 67 new reactors are now underconstruction – new build levels not seen since the 1970s – as well as an additional 164 plannedand 317 proposed to 2030 (Source: World Nuclear Association). The bulk of the new units are infour countries – China, India, Russia and Korea. Several near term catalysts for the uraniummarket include (i) increased clarity on Japanese restarts; (ii) increased Chinese utility buying;and (iii) the culmination of the Russian HEU “Megatons to Megawatts” agreement by year-end(Source: Raymond James). Sentiment for the uranium market appears to be on the upswing withseveral significant M&A transactions over the last few years including Rio Tinto’sapproximately $650M acquisition of Hathor Exploration Ltd. in 2011 and Russia’s ARMZ recent$1.3 billion bid to take Uranium One private.Update on Letter of Intent:
  • 3. TSXv: LK FSE: 6LLOn March 1, 2013, Lakeland announced that it had entered into a letter agreement with 877384Alberta Ltd. for the exclusive rights to acquire eight uranium projects located within theAthabasca Basin of northern Saskatchewan and Alberta. Lakeland and the vendors have agreedto extend the date by which the definitive agreement is to be negotiated and closed from April30, 2013 to on or before June 15, 2013.About Lakeland Resources Inc.Lakeland Resources Inc. is a newly formed pure play uranium exploration company focused onthe Athabasca Basin in Saskatchewan and Alberta, Canada.For more information, please visit the corporate website at orcontact Roger Leschuk, Corporate Communications at Ph: 604.681.1568 or TF: 1.877.377.6222or Email: roger@lakelandresources.comOn Behalf of the Board of DirectorsLAKELAND RESOURCES INC.“Jonathan Armes”Jonathan ArmesPresident, CEO and DirectorCell: 416.708.0243Ph: 604.681.1568TF: 1.877.377.6222Email: jarmes@lakelandresources.comWeb: http://www.lakelandresources.comNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of theTSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward Looking Statements. Statements in this document which are not purely historical are forward-lookingstatements, including any statements regarding beliefs, plans, expectations or intentions regarding the future.Forward looking statements in this news release include that the Advisory Board will consult with the LakelandBoard of Directors and Management on the development of the Company’s exploration projects, business andfinance opportunities and increasing the Company’s global profile; that Lakeland will benefit from the substantialhistoric exploration expenditures incurred on its properties as well as improving fundamentals for the uraniumsector; that global electricity demand is expected to grow significantly through 2030; and that several near termcatalysts for the uranium market include (i) increased clarity on Japanese restarts; (ii) increased Chinese utilitybuying; and (iii) the culmination of the Russian HEU “Megatons to Megawatts” agreement by year-end.
  • 4. TSXv: LK FSE: 6LLIt is important to note that actual outcomes and the Companys actual results could differ materially from those insuch forward-looking statements. Risks and uncertainties include economic, competitive, governmental,environmental and technological factors that may affect the Companys operations, markets, products and prices.Factors that could cause actual results to differ materially may include inability to come to terms with sellers of theproject; that the technical report does not show sufficient promise for the projects; misinterpretation of data; thatwe may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds tocomplete 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 analysis of data may not be possibleaccurately and at depth; that results which we or others have found in any particular location are not necessarilyindicative of larger areas of our properties; that we may not complete environmental programs in a timely manneror at all; that market prices may not justify commercial production costs; and that despite encouraging data theremay be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosuresoutlined in the Companys Management Discussion & Analysis of its audited financial statements filed with theBritish Columbia Securities Commission.