Laramide Resources Ltd. (TSX: LAM) is pleased to announce the first results from an initial 12,000 metre drill program on its development stage Westmoreland Project located in Queensland, Australia. The program launches the larger 30,000 metre program which was detailed by press release June 19, 2007.
Two diamond drill holes, for 160 metres were completed with an LF70 diamond drill rig operating on a single shift, prior to the Christmas break in 2007.
Laramide has received results from, these holes WDD07-1 and WDD07-2, which were drilled from the same drill pad into the Garee lens at Redtree (see diagrams on website for drill section and drill hole locations). Significant intersections of material averaging around 0.12% U3O8 (3 pounds per ton U3O8) were intersected in both holes. See Table 1 for results. Note both high grade intervals were located close to the surface being from 14 metres and 13 metres down hole. This reaffirms the potential of the Westmoreland uranium deposit, indicating large widths of near surface mineralization.
|Drill Hole||Easting||Northing||Azimuth (degrees)||Dip (degrees)||Total Depth (m)||From (m)||To (m)||Interval (m)||U3O8 (%)||U3O8 (lb/t)|
The drill program is expected to re-commence during the week of January 28, as the program was discontinued during the course of Cyclone Helen, which moved through the area without any damage to the Westmoreland camp or operations. It is expected to move from one shift per day to double shifts and eventually to two rigs as the drilling program continues. Monsoonal conditions currently prevail over Northern Australia resulting in heavy rainfall to the Westmoreland area over the next month. As a result, drilling progress may be hampered by weather conditions during this time. Further results are expected on a timely basis over the coming months.
Peter Mullens VP Exploration commented, “We are extremely happy to have commenced drilling on the Westmoreland Project in association with the Traditional Owners. The high grade initial results occurring close to surface strongly support our belief in the project.”
Laramide will continue with the infill drill program and with metallurgical test work drilling over the coming months. This work will allow Laramide to commence a feasibility study later in 2008.
Drilling was completed with NQ size drill core, which was cut using a diamond saw, with metre sample intervals then dispatched for assay by ALS Chemex, Townsville by method ME-XRF05. The ME-XRF05 assay method involves pressed pellet – wavelength dispersive x-ray fluorescence (XRF) with a detection range of 4-10,000 ppm uranium.
Laramide Resources is engaged in the exploration and development of high quality uranium assets. Its wholly owned uranium assets are in Australiaand the United States. Laramide’s portfolio of advanced uranium projects have been chosen for their production potential. Its flagship project is Westmoreland, in Queensland, Australia, one of the largest projects currently held by a junior mining company. Its U.S.assets include La Jara Mesa in Grants, New Mexico and La Sal in the Lisbon Valley district of Utah. Its portfolio also includes joint venture, strategic equity positions and royalty participation in uranium development and exploration companies that provide additional geographic diversification and uranium exposure for shareholders.
Laramide is currently in the process of spinning off its non-uranium assets to Treasury Metals Inc.. The reorganization and spin-off of these assets is designed to improve the identification and valuation of specific properties, to enhance Laramide’s ability to divest specific properties through similar corporate ownership, to enter into strategic joint venture agreements, and to enable Laramide to separately finance and develop its various assets, selectively reducing stock dilution.
Laramide has implemented a quality control program at Westmoreland to ensure best practices. Under the guidelines of the National Instrument 43-101, the Qualified Person for the Westmoreland Uranium Project is Mr. Peter Mullens, who is a member of the Australian Institute of Mining and Metallurgy. Mr. Mullens has reviewed and approved the technical content of this release.
For further information contact:
|Flora Wood, Investor Relations
Toronto, Canada +1 (416) 599 7363
|Peter Mullens, VP Exploration
Brisbane, Australia +61 (7) 3831 3407
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.