Laramide Resources Ltd is pleased to announce that it intends to proceed with its previously announced acquisition of the Westmoreland copper/gold/uranium Project from private Australian company, Tackle Resources Pty. Limited ("Tackle"). Since announcing the acquisition on June 10, 2004 Laramide has completed extensive due diligence on the Project including discussions with both the Department of Natural Resources, Mines & Energy, and the Carpentaria Land Council representing the Traditional land owners.
Terms of the acquisition remain unchanged and call for Laramide to acquire the Project for cash payments totalling US $150,000 and the issuance of up to 4.5 million Laramide shares. Laramide has now filed documentation for the approval of the transaction with the Canadian Venture Exchange but pursuant to an agreement with Tackle dated July 27,2004 will not be required to issue the shares to Tackle until such time as Tackle receives formal granting of Exploration Permit 14558 - the permit covering the bulk of the Westmoreland deposits. Tackle has also applied for an adjacent exploration area which covers a number of smaller but prospective mineral occurrences and will also form part of the Laramide acquisition.
The Westmoreland Project was previously owned by a subsidiary of Rio Tinto plc and has been the subject of extensive exploration drilling - and a pre-feasibility study including metallurgical leaching testwork - since its discovery in 1956. Resource calculations by Rio Tinto are based on over 1,300 drill holes totalling more than 85 km of drilling.
The granting of EPM's in Queensland has become more challenging due to Native title claims by the traditional owners. However, in November 2003 the Queensland State Government introduced an Expedited Procedure which allows direct negotiation with Land Councils and the traditional owners to establish a land use agreement (under Section 31). Tackle and Laramide are being pro-active to fast track a Section 31 agreement by establishing early contact with the Land Council and are sensitive to requirements of the traditional owners. The ratification of a Section 31 agreement is the last step in the formal granting of EPM 14558.
For further information: contact
Marc C. Henderson, President,
Tel: (416) 599-4133
or visit our web site at www.Laramide.com