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2008 Press Releases

Treasury Metals Reports Further Results from Phase I Drill Program at its Goliath Project in Northwestern Ontario

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Treasury Metals Reports Further Results from Phase I Drill Program at its Goliath Project in Northwestern Ontario:
Intersects 6.67 g/t Au over 6.0 m including 0.55 m grading 38.63 g/t Au

Laramide Resources Ltd. (TSX: LAM) ("Laramide") and its wholly owned subsidiary, Treasury Metals Inc. ("Treasury Metals"), are pleased to announce the most recent drilling results from the Treasury Metals Thunder Lake Property at the Goliath Project near Dryden, Ontario.

The Phase I drill program began mid-February 2008 and to date 25 holes, totalling 5,549 metres, have been completed on the historic Main Zone of the Thunder Lake Gold Deposit. Results from 16 drill holes have been received to date and highlights from the most recent 8 drill holes include:

Drill Hole From (m) To (m) Int (m) Au (g/t) Ag (g/t) Pb (%) Zn (%)
TL0807 50.00 55.00 5.00 1.62 7.1 0.02 0.03
TL0807 141.50 142.20 0.70 4.33 25.6 0.27 0.59
incl. 142.00 142.20 0.20 13.14 89.7 0.91 1.84
TL0809 26.00 32.00 6.00 1.37 6.2 0.06 0.12
incl. 31.00 31.50 0.50 6.58 52.4 0.42 0.73
TL0809 37.00 39.00 2.00 3.50 9.1 0.04 0.05
incl. 37.00 37.30 0.30 10.85 41.9 0.16 0.22
TL0809 119.00 131.50 12.50 1.38 1.0 0.03 0.05
incl. 125.00 125.70 0.70 6.41 0.0 0.03 0.04
TL0810 67.00 76.00 9.00 1.19 3.0 0.02 0.03
incl. 73.50 74.00 0.50 5.03 7.8 0.08 0.12
TL0811 15.00 15.50 0.50 7.01 0.0 0.01 0.03
TL0811 102.50 107.00 4.50 1.62 1.6 0.06 0.16
incl. 105.00 105.50 0.50 4.69 1.4 0.07 0.14
TL0812 135.00 139.00 4.00 1.05 1.3 0.07 0.12
incl. 138.50 139.00 0.50 4.34 10.4 0.25 0.47
TL0813 122.00 122.50 0.50 7.35 16.7 0.18 0.14
TL0814 71.00 77.00 6.00 6.67 4.6 0.09 0.14
incl. 73.05 73.60 0.55 38.63 44.6 0.61 1.04
TL0815 50.00 51.50 1.50 9.56 1.6 0.16 0.29
incl. 50.80 51.00 0.20 69.11 6.6 0.48 0.79

"These results confirm the high-grade nature of the Thunder Lake Deposit in terms of gold, but also show this deposit’s potential for additional value through silver and base metals", said Scott Jobin-Bevans, President and CEO of Treasury Metals. "With two drills now turning on the Property, we are well on our way to producing a National Instrument 43-101 compliant mineral resource estimate. In the process, we are also gaining a much better understanding of the deposit and the exciting exploration and development opportunities that this Property and district have to offer."

Work in Progress

  • Two diamond drill rigs are currently operating on the Property with the second, larger rig targeting deeper portions of the Thunder Lake Deposit. Drilling by the smaller rig is being performed on a grid pattern of 25-50 metre centres, delineating the upper 400 metres of the deposit. The larger rig is drilling on a grid pattern of 100 metre centres and utilizing wedges, targeting the deposit below 400 metres.

  • Surface geophysical surveys (deep-section induced-polarization and detailed magnetics) totalling approximately 75 line kilometres are being completed; borehole geophysical surveys are also being considered.
  • Structural study on the basis of oriented drill core from current diamond drilling for the purposes of targeting on the Thunder Lake Deposit and to develop new property-wide targets.

  • Ongoing data compilation and targeting on the basis of 3D geological modelling and review of the historic mineral resource estimate.

  • Interpretation and integration of recently completed high-resolution airborne magnetometer survey. This data will be integrated with the detailed ground magnetometer survey.

  • Property-wide targeting in preparation for summer field program which will include geological mapping, geophysical surveys and surface trenching.

The objectives of current Phase I, 25,000 m drill program are to verify and increase results from previous drilling, extend the lateral and down-dip directions of the deposit, in-fill areas of the historic mineral resource estimate where little or no information exists, and to complete a National Instrument 43-101 compliant mineral resource estimate.

The historical Inferred Mineral Resource Estimate (non-compliant with NI43-101) of the Thunder Lake Deposit is reported to be 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 the ongoing exploration.

Details of drill hole locations, assay results and other relevant information are posted on the Treasury Metals website (www.treasurymetals.com).

 

Other Information

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. 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.

About Treasury Metals

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; a preliminary prospectus will be filed shortly.

Quality Control

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’s 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’s President and CEO, who serves as the Qualified Person (QP) under the definitions of National Instrument 43-101. Dr. Jobin-Bevans has reviewed and approved the technical content of this release.

About Laramide
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 flora@laramide.com

Linda Montgomery, Investor Relations for Treasury Metals
(416) 599-7363 Ext. 2404 linda@treasurymetals.com

More information is available 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.

 

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<p align="center"><em>THIS NEWS RELEASE  IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR  DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE  UNITED STATES.</em><strong></strong></p>
<p align="center" class="style1">Treasury Metals Reports Further Results  from Phase I Drill Program at its Goliath Project in Northwestern Ontario: <br>
Intersects 6.67 g/t Au over 6.0 m  including 0.55 m grading 38.63 g/t Au</p>
<p>Laramide Resources Ltd. (TSX: LAM) ("Laramide") and its wholly owned  subsidiary, Treasury Metals Inc. ("Treasury Metals"), are pleased to announce  the most recent drilling results from the Treasury Metals Thunder Lake Property  at the Goliath Project near Dryden, Ontario.</p>
<p>The Phase I drill program began mid-February 2008 and  to date 25 holes, totalling 5,549 metres, have been completed on the historic  Main Zone of the Thunder Lake Gold Deposit.  Results from 16 drill holes have been received to date and highlights  from the most recent 8 drill holes include:</p>
<table border="1" cellspacing="0" cellpadding="5" width="100%">
  <tr>
    <td ><p align="center"><strong>Drill    Hole</strong></p></td>
    <td ><p align="center"><strong>From    (m)</strong></p></td>
    <td><p align="center"><strong>To    (m)</strong></p></td>
    <td ><p align="center"><strong>Int    (m)</strong></p></td>
    <td><p align="center"><strong>Au    (g/t)</strong></p></td>
    <td><p align="center"><strong>Ag    (g/t)</strong></p></td>
    <td><p align="center"><strong>Pb    (%)</strong></p></td>
    <td ><p align="center"><strong>Zn    (%)</strong></p></td>
  </tr>
  <tr>
    <td ><p align="center">TL0807</p></td>
    <td ><p align="center">50.00</p></td>
    <td><p align="center">55.00</p></td>
    <td ><p align="center">5.00</p></td>
    <td><p align="center">1.62</p></td>
    <td><p align="center">7.1</p></td>
    <td><p align="center">0.02</p></td>
    <td ><p align="center">0.03</p></td>
  </tr>
  <tr>
    <td ><p align="center">TL0807</p></td>
    <td ><p align="center">141.50</p></td>
    <td><p align="center">142.20</p></td>
    <td ><p align="center">0.70</p></td>
    <td><p align="center">4.33</p></td>
    <td><p align="center">25.6</p></td>
    <td><p align="center">0.27</p></td>
    <td ><p align="center">0.59</p></td>
  </tr>
  <tr>
    <td ><p align="center">incl.</p></td>
    <td ><p align="center">142.00</p></td>
    <td><p align="center">142.20</p></td>
    <td ><p align="center">0.20</p></td>
    <td><p align="center">13.14</p></td>
    <td><p align="center">89.7</p></td>
    <td><p align="center">0.91</p></td>
    <td ><p align="center">1.84</p></td>
  </tr>
  <tr>
    <td ><p align="center">TL0809</p></td>
    <td ><p align="center">26.00</p></td>
    <td><p align="center">32.00</p></td>
    <td ><p align="center">6.00</p></td>
    <td><p align="center">1.37</p></td>
    <td><p align="center">6.2</p></td>
    <td><p align="center">0.06</p></td>
    <td ><p align="center">0.12</p></td>
  </tr>
  <tr>
    <td ><p align="center">incl.</p></td>
    <td ><p align="center">31.00</p></td>
    <td><p align="center">31.50</p></td>
    <td ><p align="center">0.50</p></td>
    <td><p align="center">6.58</p></td>
    <td><p align="center">52.4</p></td>
    <td><p align="center">0.42</p></td>
    <td ><p align="center">0.73</p></td>
  </tr>
  <tr>
    <td ><p align="center">TL0809</p></td>
    <td ><p align="center">37.00</p></td>
    <td><p align="center">39.00</p></td>
    <td ><p align="center">2.00</p></td>
    <td><p align="center">3.50</p></td>
    <td><p align="center">9.1</p></td>
    <td><p align="center">0.04</p></td>
    <td ><p align="center">0.05</p></td>
  </tr>
  <tr>
    <td ><p align="center">incl.</p></td>
    <td ><p align="center">37.00</p></td>
    <td><p align="center">37.30</p></td>
    <td ><p align="center">0.30</p></td>
    <td><p align="center">10.85</p></td>
    <td><p align="center">41.9</p></td>
    <td><p align="center">0.16</p></td>
    <td ><p align="center">0.22</p></td>
  </tr>
  <tr>
    <td ><p align="center">TL0809</p></td>
    <td ><p align="center">119.00</p></td>
    <td><p align="center">131.50</p></td>
    <td ><p align="center">12.50</p></td>
    <td><p align="center">1.38</p></td>
    <td><p align="center">1.0</p></td>
    <td><p align="center">0.03</p></td>
    <td ><p align="center">0.05</p></td>
  </tr>
  <tr>
    <td ><p align="center">incl.</p></td>
    <td ><p align="center">125.00</p></td>
    <td><p align="center">125.70</p></td>
    <td ><p align="center">0.70</p></td>
    <td><p align="center">6.41</p></td>
    <td><p align="center">0.0</p></td>
    <td><p align="center">0.03</p></td>
    <td ><p align="center">0.04</p></td>
  </tr>
  <tr>
    <td ><p align="center">TL0810</p></td>
    <td ><p align="center">67.00</p></td>
    <td><p align="center">76.00</p></td>
    <td ><p align="center">9.00</p></td>
    <td><p align="center">1.19</p></td>
    <td><p align="center">3.0</p></td>
    <td><p align="center">0.02</p></td>
    <td ><p align="center">0.03</p></td>
  </tr>
  <tr>
    <td ><p align="center">incl.</p></td>
    <td ><p align="center">73.50</p></td>
    <td><p align="center">74.00</p></td>
    <td ><p align="center">0.50</p></td>
    <td><p align="center">5.03</p></td>
    <td><p align="center">7.8</p></td>
    <td><p align="center">0.08</p></td>
    <td ><p align="center">0.12</p></td>
  </tr>
  <tr>
    <td ><p align="center">TL0811</p></td>
    <td ><p align="center">15.00</p></td>
    <td><p align="center">15.50</p></td>
    <td ><p align="center">0.50</p></td>
    <td><p align="center">7.01</p></td>
    <td><p align="center">0.0</p></td>
    <td><p align="center">0.01</p></td>
    <td ><p align="center">0.03</p></td>
  </tr>
  <tr>
    <td ><p align="center">TL0811</p></td>
    <td ><p align="center">102.50</p></td>
    <td><p align="center">107.00</p></td>
    <td ><p align="center">4.50</p></td>
    <td><p align="center">1.62</p></td>
    <td><p align="center">1.6</p></td>
    <td><p align="center">0.06</p></td>
    <td ><p align="center">0.16</p></td>
  </tr>
  <tr>
    <td ><p align="center">incl.</p></td>
    <td ><p align="center">105.00</p></td>
    <td><p align="center">105.50</p></td>
    <td ><p align="center">0.50</p></td>
    <td><p align="center">4.69</p></td>
    <td><p align="center">1.4</p></td>
    <td><p align="center">0.07</p></td>
    <td ><p align="center">0.14</p></td>
  </tr>
  <tr>
    <td ><p align="center">TL0812</p></td>
    <td ><p align="center">135.00</p></td>
    <td><p align="center">139.00</p></td>
    <td ><p align="center">4.00</p></td>
    <td><p align="center">1.05</p></td>
    <td><p align="center">1.3</p></td>
    <td><p align="center">0.07</p></td>
    <td ><p align="center">0.12</p></td>
  </tr>
  <tr>
    <td ><p align="center">incl.</p></td>
    <td ><p align="center">138.50</p></td>
    <td><p align="center">139.00</p></td>
    <td ><p align="center">0.50</p></td>
    <td><p align="center">4.34</p></td>
    <td><p align="center">10.4</p></td>
    <td><p align="center">0.25</p></td>
    <td ><p align="center">0.47</p></td>
  </tr>
  <tr>
    <td ><p align="center">TL0813</p></td>
    <td ><p align="center">122.00</p></td>
    <td><p align="center">122.50</p></td>
    <td ><p align="center">0.50</p></td>
    <td><p align="center">7.35</p></td>
    <td><p align="center">16.7</p></td>
    <td><p align="center">0.18</p></td>
    <td ><p align="center">0.14</p></td>
  </tr>
  <tr>
    <td ><p align="center">TL0814</p></td>
    <td ><p align="center">71.00</p></td>
    <td><p align="center">77.00</p></td>
    <td ><p align="center">6.00</p></td>
    <td><p align="center">6.67</p></td>
    <td><p align="center">4.6</p></td>
    <td><p align="center">0.09</p></td>
    <td ><p align="center">0.14</p></td>
  </tr>
  <tr>
    <td ><p align="center">incl.</p></td>
    <td ><p align="center">73.05</p></td>
    <td><p align="center">73.60</p></td>
    <td ><p align="center">0.55</p></td>
    <td><p align="center">38.63</p></td>
    <td><p align="center">44.6</p></td>
    <td><p align="center">0.61</p></td>
    <td ><p align="center">1.04</p></td>
  </tr>
  <tr>
    <td ><p align="center">TL0815</p></td>
    <td ><p align="center">50.00</p></td>
    <td><p align="center">51.50</p></td>
    <td ><p align="center">1.50</p></td>
    <td><p align="center">9.56</p></td>
    <td><p align="center">1.6</p></td>
    <td><p align="center">0.16</p></td>
    <td ><p align="center">0.29</p></td>
  </tr>
  <tr>
    <td ><p align="center">incl.</p></td>
    <td ><p align="center">50.80</p></td>
    <td><p align="center">51.00</p></td>
    <td ><p align="center">0.20</p></td>
    <td><p align="center">69.11</p></td>
    <td><p align="center">6.6</p></td>
    <td><p align="center">0.48</p></td>
    <td ><p align="center">0.79</p></td>
  </tr>
</table>
<p>"These results confirm the high-grade nature of the  Thunder Lake Deposit in terms of gold, but also show this deposit&rsquo;s potential  for additional value through silver and base metals", said Scott Jobin-Bevans,  President and CEO of Treasury Metals.  "With two drills now turning on the Property, we are well on our way to  producing a National Instrument 43-101 compliant mineral resource estimate. In the process, we are also gaining a much  better understanding of the deposit and the exciting exploration and  development opportunities that this Property and district have to offer."</p>
<p><strong><em>Work in Progress</em></strong> </p>
<ul type="disc">
  <li>Two diamond drill rigs are currently       operating on the Property with the second, larger rig targeting deeper       portions of the Thunder Lake Deposit.       Drilling by the smaller rig is being performed on a grid pattern of       25-50 metre centres, delineating the upper 400 metres of the deposit. The       larger rig is drilling on a grid pattern of 100 metre centres and       utilizing wedges, targeting the deposit below 400 metres.</li>
<br>

  <li>Surface geophysical surveys       (deep-section induced-polarization and detailed magnetics) totalling       approximately 75 line kilometres are being completed; borehole geophysical       surveys are also being considered.</li>
</ul>
<ul type="disc">
  <li>Structural study on the basis of       oriented drill core from current diamond drilling for the purposes of       targeting on the Thunder Lake Deposit and to develop new property-wide       targets.</li><br>

  <li>Ongoing data compilation and targeting       on the basis of 3D geological modelling and review of the historic mineral       resource estimate.</li>
<br>

  <li>Interpretation and integration of       recently completed high-resolution airborne magnetometer survey. This data       will be integrated with the detailed ground magnetometer survey.</li>
<br><li>Property-wide targeting in preparation       for summer field program which will include geological mapping,       geophysical surveys and surface trenching.</li>
</ul>
<p>The objectives of current Phase I, 25,000 m drill  program are to verify and increase results from previous drilling, extend the  lateral and down-dip directions of the deposit, in-fill areas of the historic  mineral resource estimate where little or no information exists, and to  complete a National Instrument 43-101 compliant mineral resource estimate.</p>
<p>The historical Inferred Mineral Resource Estimate (<strong>non-compliant  with NI43-101</strong>) of the Thunder Lake Deposit is reported to be 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 the ongoing exploration.</p>
<p>Details of drill hole locations, assay results and  other relevant information are posted on the Treasury Metals website (<a href="http://www.treasurymetals.com">www.treasurymetals.com</a>).</p>
<p></p>
<p><strong><em>Other Information</em></strong></p>
<p>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. 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. </p>
<p><strong><em>About Treasury Metals</em></strong></p>
<p>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; a preliminary prospectus will be filed  shortly.</p>
<p><strong><em>Quality Control</em></strong></p>
<p>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&rsquo;s 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&rsquo;s President and CEO, who serves as the Qualified Person (QP) under the  definitions of National Instrument 43-101.  Dr. Jobin-Bevans has reviewed and approved the technical content of this  release.</p>
<p><strong><em>About  Laramide</em></strong><br>
  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&rsquo;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.<br>
  The reorganization and spin-off of Laramide&rsquo;s non-uranium  assets is designed to improve the identification and valuation of specific  Laramide properties, to enhance Laramide&rsquo;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.<br>
  For further  information contact:</p>
<p>Flora Wood,  Investor Relations for Laramide<br>
  (416) 599-7363 <a href="mailto:flora@laramide.com">flora@laramide.com</a></p>
<p>Linda Montgomery,  Investor Relations for Treasury Metals<br>
  (416) 599-7363  Ext. 2404 <a href="mailto:linda@treasurymetals.com">linda@treasurymetals.com</a></p>
<p>More information  is available at <em><a href="http://www.laramide.com">www.laramide.com</a> </em>or  at <em>www.treasurymetals.com</em></p>
<p><em></em></p>
<p><em>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. </em></p>
<p></p>