Laramide Resources Ltd is pleased to announce that it’s acquisition of Tackle Resources Ltd. - a private Australian company that holds the rights to the Westmoreland copper-gold-uranium deposit in Queensland, Australia - is nearing completion. Tackle has advised Laramide that they have completed the section 31 Aboriginal agreement with the traditional land owners on Westmoreland. A section 31 Native Title Agreement is a tripartite agreement between the traditional land owners, the government, and the mining company. This governs the mining company’s exploration and development activities. Exploration permits (EPM’s), which secure title, cannot be granted without these agreements and their execution paves the way for Laramide to close the deal with Tackle, an event now expected to occur within two weeks.
Tackle are currently in the process of finalising the transfer of the Exploration Permits (EPM 14558, 14672, and 14589) on Westmoreland to Laramide Resources. On completion of this process the deal with Tackle will be finalised and Laramide’s wholly owned Australian subsidiary will hold the exploration permits for Westmoreland.
In addition, Laramide has finalised agreements on the two adjoining Joint Venture areas located in the Northern Territory. The joint venture agreements are with Hartz Range Resources, a private Australian company, and Arafura Resources a publicly listed Australian explorer and Laramide will be signatories to the existing AAPA (Aboriginal Areas Protection Authority) Sacred Site clearance certificate for the area covered by The Hartz Range Joint Venture. Field crews have been dispatched to set up a base camp in the Northern Territory and exploration work for the 2005 season will commence shortly. Laramide plans an extensive work program during 2005, which will include drilling up to 6,000 meters of high priority drill targets on the joint venture ground (see Laramide news release of May 25, 2005).
Hartz Range holds three leases which cover approximately 65,000 hectares of highly prospective exploration ground. The area is adjacent to Westmoreland and exhibits the same geology, with the Westmoreland Conglomerate and overlying Siegel Volcanics occurring throughout the Joint Venture area.
Phase one of Laramide’s exploration program for its Australian holdings will be a large scale geophysical program and the Company has contracted Universal Tracking Systems (“UTS”), a geophysical contract company, to complete a detailed, high resolution airborne magnetics and radiometrics survey. This survey will get underway on July 24, 2005 and the contract calls for 21,000 line kilometres. The flight height will be 50 meters with survey line spacing of 100 meters. This survey will be the first large scale, high resolution magnetic and radiometric airborne geophysical survey completed over the Westmoreland and Lagoon creek project areas.
Peter Mullens, Laramide’s VP Exploration and Corporate Development, stated “we are very excited by the commencement of work on the Hartz Range Joint Venture Area, particularly the UTS airborne geophysical survey. Results from this airborne program should lead to a pipeline of targets which will guide exploration over the coming months and years.”
To date, several high priority targets have been identified from previous exploration and once this information is combined with the geophysical survey information, drill targets will be selected for drill testing later this year. The Hartz Range project is expected to advance quickly to the drill test stage and details of the drilling campaign will be announced on commencement of the program.
Under the guidelines of the 43-101 National Instrument the required qualified person for the Westmoreland Project is Mr. Peter Mullens who is a member of the Australian Institute of Mining and Metallurgy. This press release contains forward looking statements.
For further information contact:
Marc C. Henderson, President
Tel: (416) 599-7363
Or visit our web site at www.Laramide.com