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TORONTO, Canada: Laramide Resources Ltd. ("Laramide") (TSX: LAM) and its wholly owned subsidiary, Treasury Metals Inc. ("Treasury Metals") are pleased to announce the initial assay results from the ongoing drill program at the Goliath Project in Dryden, Ontario.
Highlights from assays for the first 6 drill holes include:
In addition to the higher grade intercepts, all 6 drill holes contain anomalous (>100 ppb Au) gold values throughout the lengths of the holes, defining a broad zone of intense alteration. These results not only demonstrate the high-grade nature of the deposit, but also show the potential to develop additional value through the elevated silver, zinc and lead concentrations.
To date, 17 drill holes have been completed in the region of the Thunder Lake Deposit and further results are expected in the coming weeks; a second drill rig is expected to be operating before the end of April. Details of the drill hole locations and results will be posted on the Treasury Metals website (www.treasurymetals.com) in a timely manner.
One component of the current 25,000 metre drill program, is to confirm and increase the historical Inferred Mineral Resource (non-compliant with NI43-101), of the Thunder Lake Deposit, which contains a reported 2.974 million tonnes grading 6.47 g/t Au, calculated using a cut-off of 3.0 g/t Au and a minimum thickness of 3.0 metres (CAMH, 2007). Treasury Metals has not independently analyzed the results of the previous exploration; therefore the historical results should not be relied upon. Treasury Metals believes these historical results provide an indication of the potential of the property and are relevant to ongoing exploration.
New drill core assays, along with the historical database provided by Teck Cominco Limited, will allow for a new NI43-101 compliant Mineral Resource Estimate that will consider not only gold but also potential value from associated silver, zinc and lead. Mineralization at the Thunder Lake Deposit is open along strike to the east, west and at depth. It is being reviewed with the potential to develop an open pit and/or underground bulk tonnage resource
A second component of the drill program is to aggressively target the deeper (>400 m), down dip extent of known mineralization and to test numerous exploration targets, characterized by similar geology, alteration and anomalous gold, along strike from the Thunder Lake Deposit.
In addition to ongoing drilling, a high-resolution airborne magnetometer survey was recently completed by Firefly Aviation Ltd. and ground geophysical surveys (deep-section IP and detailed magnetometer) are underway.
The Goliath Project combines the Thunder Lake Property, acquired from Corona Gold Corporation and Teck Cominco Limited in October 2007, with the historic Laramide Property, allowing for exploration of the down-dip potential of the Thunder Lake Gold Deposit.
Treasury Metals is a Canadian based mineral exploration and development company, with a growth-oriented strategy focused on acquiring and developing gold and base metals properties in Canada. Laramide recently announced the spin-off of Treasury Metals and the closing of the Treasury Metals pre-IPO financing; more information is contained in previous press releases. Treasury Metals intends to file a preliminary prospectus shortly.
The quality assurance/quality control of the assay data was monitored by a series of sample standards and sample blanks which were routinely inserted into the sample sequences that were consigned for assaying to Accurassay Laboratories in Thunder Bay, Ontario. Accurassay is an ISO/IEC guideline 17025 accredited facility. Treasury Metals’ exploration programs and pertinent disclosure of a scientific nature are prepared and/or designed and carried out under the supervision of Scott Jobin-Bevans, P.Geo., Treasury Metals’ President and CEO, who serves as the Qualified Person (QP) under the definitions of National Instrument 43-101.
Laramide Resources is engaged in the exploration and development of high quality uranium assets. Its wholly owned uranium assets are in Australia and 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.
The reorganization and spin-off of Laramide’s non-uranium assets is designed to improve the identification and valuation of specific Laramide properties, to enhance Laramide’s ability to divest specific properties through simpler 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.
For further information contact:
Flora Wood, Investor Relations for Laramide
(416) 599-7363 firstname.lastname@example.org
Linda Montgomery, Investor Relations for Treasury Metals Inc.
(416) 599-7363 Ext. 2404 email@example.com
More information may be found at www.Laramide.com or at www.treasurymetals.com
This press release contains forward-looking statements. Forward-looking statements involve known or unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those projected by such forward-looking statements. Such factors include, among others, the actual results of current exploration activities, access to capital and future prices of uranium, gold and other base metals and those factors disclosed under the heading "Risk Factors" and elsewhere in Laramide documents filed from time to time with applicable regulatory authorities.