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2006 Press Releases

Laramide to acquire major strategic interest in new Australian uranium company

Laramide Resources Ltd. (LAM: TSX-v) is pleased to announce that it has committed to become the lead investor in a new Australian uranium company called Uranium Equities Limited (“UEL or the Company”). UEL will be the new name of an existing publicly listed ASX explorer and developer called Bullion Minerals Ltd (ASX: BLN) and will focus its activities solely on uranium exploration and development. BLN’s other assets will be spun off to existing shareholders.

The new company will be headed up by Mr. Mark Chalmers who will be appointed as Managing Director of the Company. Until recently Mark was Senior Vice President and General Manager of Heathgate Resources, owner and operator of Australia’s third uranium mine, the largest and most technically advanced in-situ leach uranium mine in the western world.

Under Mark’s leadership, the Company will apply more than 30 years of uranium industry knowledge and expertise towards the evaluation of the Company’s uranium project portfolio and the execution of a program to identify and acquire other high quality exploration and development projects both within Australia and overseas. Bullion has a portfolio of 19 uranium projects, covering over 10,000km2 in 3 Australian states. The largest of these is Mt Evelyn in the Northern Territory, which covers over 4,900km2 in West Arnhem Land, 50-100km southeast of the Ranger, Jabiluka and Koongarra uranium deposits.

Uranium Equities Limited will also possess the skills and experience to advance the Mulga Rock Uranium-Polymetallic Project in Western Australia. Mulga Rock is currently subject to Supreme Court proceedings in which the Company seeks an order confirming that it has a binding agreement to acquire 50% of the project.

On completion of the reorganisation of Bullion, which will require shareholder approval and is not expected to be completed until Q2/2006, Laramide will become the largest single shareholder of UEL by acquiring AUD $3 million of new equity in a private placement at 15 cents per share. Laramide will also receive 10 million warrants to acquire additional UEL shares for two years at 35 cents.

As part of the new relationship between Laramide and the Company, UEL has also agreed to provide strategic advisory services to Laramide in relation to its uranium assets, including the large Westmoreland uranium deposit in Queensland. In addition, Mr. Mark Chalmers has now 2 joined the advisory board of Laramide – a development announced by news release earlier this week. As a term of Mark Chalmers’ appointment, Bullion will acquire a company controlled by Mark and associates in return for the issue of 5.35 million fully paid ordinary shares and 21.35 million non-voting, non-transferable Performance Shares (each paid to AUD$0.075 with a further AUD$0.075 to pay).

These performance shares align the interests of investors and management as they are only capable of conversion to ordinary shares on achievement of performance hurdles dependent on the Company’s ASX share price averaging over AUD$0.25 (8 million performance shares), AUD$0.35 (8 million performance shares) and AUD$0.45 (5.35 million performance shares) respectively.

On completion of the new capital raisings UEL expects to have approximately AUD$7.0 million of cash and liquid assets on hand. The Company’s head office will move to Adelaide and Board changes will be made to reflect the Company’s new focus.

Commenting on the announcement, Laramide CEO Marc Henderson stated “This is an exciting opportunity for us and should position Laramide as one of the leaders in the resurgent Australian uranium sector. The global scramble for existing high quality uranium assets is largely concluded, in our opinion, and the next phase will be all about execution. For this reason, we are delighted to back UEL and Mark Chalmers and his team, as few people have the level of experience in the sector that they will bring to the table.”

Laramide is a Toronto-based resource company specializing in the acquisition and development of precious and base metal properties. Laramide has a diverse portfolio of assets, all of which are leveraged to improve commodity fundamentals. The Company’s lead project is the Westmoreland Project, Queensland, Australia.

For further information contact:

Marc C. Henderson, President
Toronto, Canada +1 (416) 599 7363

Peter Mullens, VP Exploration/Corporate Development
Brisbane, Australia +61 (7) 3831 3407

Or visit our web site at www.Laramide.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information and there is no certainty that the UEL transaction will be concluded.