Laramide Resources Ltd. (TSX: LAM) ("Laramide" or the "Company") is pleased to announce that as a result of open market purchases of 80,000 shares completed February 11, 2008, it now owns 7.1 million shares, or approximately 10% of the outstanding common shares of Sierra Minerals Inc. (TSX: SIM) ("Sierra"). Laramide also owns a 2.5% Net Smelter Royalty on Sierra’s Cerro Colorado Mine in Sonora, Mexico and has had a long association with the exploration and development of Cerro Colorado, which produced over 17,000 ounces of gold in 2007. Both the royalty and the equity position in SIM will be transferred to Laramide’s Treasury Metals subsidiary which is in the process of going public and will be spun off to shareholders in a transaction expected to be completed during the second quarter of 2008 (see LAM news release dated January 22, 2008).
Laramide acquired the above-noted shares of Sierra for investment purposes as management continues to believe that Sierra is substantially undervalued. Laramide or Treasury Metals may, depending on market and other conditions, increase their beneficial ownership, control or direction over the common shares or other securities of Sierra, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.
For further information contact:
Scott Jobin-Bevans, President and CEO
|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. 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.