Laramide Resources Ltd. (“LAM”) is pleased to provide an update with respect to its ownership interest in Alliance-Pacific Minerals Inc. (“APR”), and APR’s plans for its gold interests in China. Laramide is a significant shareholder in APR (see LAM news released dated August 1, 2003) which is a private, Toronto based company whose sole asset is an option to acquire an interest in a large mineral concession in the autonomous province of Xianjiang in western China. The concession is situated within a highly prospective geologic and metallogenic belt, which stretches from Kazakhstan into China and, into Mongolia.
In December, 2003 APR completed a $300,000 unit equity financing (in which Laramide participated) which is expected to be the last round of private financing prior to a “going public” transaction. The purpose of proceeds of this financing was to satisfy certain obligations pursuant to APR’s option with The Xianjiang Bureau of Geology, Mineral Resources Exploration and Development as well as to fund completion of an independent technical report in the prescribed National Policy Instrument 43-101 format. Norwest, an international consulting and engineering services company was retained by Alliance to complete the independent technical report and completed an extensive site visit to APR’s concession in Xianjiang in November, 2003. Their report is nearing completion and is expected to be final within the next week. APR is currently assessing various “going public” alternatives. As a result of its recent participation in the APR financing and certain arrangements entered into with the principals of Alliance-Pacific, Laramide’s equity position in APR is approaching 20% and will position LAM as the second largest shareholder of the Company.
Additionally, Laramide wishes to announce that two new directors were elected at Laramide’s shareholders meeting held in Toronto, Ontario on December 3, 2003. John Booth of Washington, DC and Peter Mullens of Lima, Peru were elected to the board in place of retiring directors Tor Jensen and David Miner. On behalf of the shareholders, Laramide thanks them for their long service and many contributions to the Company.
For further information contact:
Marc C. Henderson, President
Tel: (416) 599-4133
Or visit our web site at www.Laramide.com