TORONTO, February 10 /CNW/ Laramide Resources Ltd. has confirmed that there are no corporate developments or undisclosed material changes involving the corporation to account for the recent rise in its share price.
However, the corporation also notes that it has been the object of renewed institutional investor interest recently, primarily due to its pending acquisition of the Westmoreland copper/ gold/uranium project in Queensland, Australia.
While the uranium sector has been one of the strongest performing sectors in the marketplace in the past six months, until recently, companies with Australian uranium assets have been laggards within this peer group. Xstrata plc’s US $6.5 billion hostile takeover bid for WMC Resources Ltd., and its world class Olympic Dam copper-uranium deposit, have sparked renewed awareness that Australia is the world’s largest source of uranium with 28 percent of global known recoverable resources. This increased interest in Australian uranium assets is also based on changing investor perceptions with respect to the risk associated with the public policy and permitting issues that would apply to any prospective new uranium project.
Laramide reports good progress in advancing the Westmoreland acquisition and, as previously noted in its third quarter, 2004 financial disclosure, expects to close this acquisition no sooner than the end of the current quarter.
For further information contact:
Marc C. Henderson, President or Sarah Vaughan-Jackson, Communications Manager
Tel: 416 599 7363
Or visit our web site at www.Laramide.com
Forward Looking Statements
This press release includes certain forward-looking statements. All statements regarding the status of the Westmoreland acquisition, and the completion of same, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that the Westmoreland acquisition will be completed.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.