Laramide Resources Ltd. (TSX: LAM), as of December 17th, 2007, has submitted for SEDAR filing, Independent Technical Reports for the Thunder Lake (Goliath Project) and Lara properties, as well as a Mineral Resource Estimate for the Lara Property. Both reports were completed by Caracle Creek International Consulting Inc. ("CCIC") of Sudbury, Ontario.
The Thunder Lake Property, located in northwestern Ontario, was acquired by Laramide from Corona Gold Corporation and Teck Cominco Limited in a transaction first announced in October 2007; this property adjoins Laramide’s wholly owned Laramide Property (historically referred to as the Goliath Gold Property). It is CCIC’s professional opinion the these properties present excellent exploration and potential development targets for gold, silver and base metal (Zn-Pb- Cu) mineralization, and recommend further exploration on both properties.
The Lara VMS Property, located on Vancouver Island, British Columbia, approximately 75 km north of the city of Victoria, covers 6,844 ha and encompasses the Lara Deposit, a volcanogenic massive sulphide deposit with anomalous gold and silver, . CCIC completed an Independent Mineral Resource Estimate (the "Estimate") on the Coronation Trend; one of 5 mineralized zones on the property. A brief summary of the Estimate is as follows:
Mineral Resource Estimate
The above Estimate was generated using a database of 500 historic drill holes completed between 1984 and 1989. The Coronation Trend is defined by 70 of the holes. A program of core re-sampling and verification of field data was completed by CCIC in 2006. Three-dimensional modelling of the Coronation Trend, which has a strike length of approximately 1,180 m and a true width of approximately 5 m, was completed using a 1% zinc-equivalent cut-off. The estimate, which conforms to the National Instrument 43-101 Standards of Disclosure for Mineral Projects, was calculated using the inverse squared power of distance method and by capping silver grades to 400 g/t Ag and gold grades to 30 g/t Au. The Mineral Resource Estimate quoted herein is not a mineral reserve and, as such, does not demonstrate economic viability.
Earlier this year (Press Release: April 3, 2007) Laramide announced a reorganization and "spinoff" of its non-uranium assets into a new entity ("NewGoldCo"). This was designed to improve the identification and valuation of specific Laramide properties, and to enable Laramide to separately finance and develop its various assets. As such, the Thunder Lake and Lara properties will be transferred to NewGoldCo, and the Thunder Lake Property (Goliath Project) will represent the flagship asset for NewGoldCo. It was in preparation for the spin-off that Laramide commissioned these reports, bringing both properties up to NI43-101 reporting standards, and defining the Lara Property as the Property of Merit for NewGoldCo, as defined by the National Instrument. All of Laramide’s other non-uranium assets will also be transferred to NewGoldCo which will become a separately listed public entity. Laramide proposes to distribute a portion of shares of the new company to its shareholders by way of a dividend. Laramide will provide an update on this transaction including capital terms early in the coming year.
The summary table provided in this release is approved by CCIC, and is included in the Independent Mineral Resource Estimate report for the Lara Polymetallic Property. Iain Kelso, P.Geo., CCIC’s Operations Manager (Eastern Canada), is the principal author of the Mineral Resource Estimate report (Lara) and co-author for the Thunder Lake report. Mr. Kelso is a Qualified Person as defined by the National Instrument and has reviewed and approved the contents of this release.
For further information contact:
|Flora Wood, Investor Relations
Toronto, Canada +1 (416) 599 7363
Or visit our web site at www.Laramide.com
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.