Laramide has today announced drilling results from the summer 2007 diamond drilling program on the Gulf Mines Limited “Gulf Mines”) Joint Venture Project ( EL 10335 ) in the Northern Territory, Australia. Gulf Mines was the acquirer of Hartz Range Mines Pty Ltd. which own the major exploration tenements covered by the Joint Venture. The Northern Territory property is adjacent to Laramide’s Westmoreland project in Queensland – see location map at www.laramide.com. Drilling was conducted within the El Hussen prospect area.
Best results from El Hussen include:
The Gulf Mines Joint Venture program at the El Hussen target consisted of 15 diamond drill holes in total 2453.6m of NQ core. Fifty six samples were assayed on the basis of scintillometer readings and of these 18 samples returned assay results equalling or exceeding 100ppm (0.01%) U3O8 (see the table below) and a further 12 samples returned values between 50 and 100 ppm U3O8. The highest uranium result of 0.5m @ 0.056% U3O8 was from EH 1, from 17.75m. A table of all drill holes is available on our website.
The NQ core was cut using a diamond saw, with half metre sample intervals being dispatched for assay by ALS Chemex, Townsville by method ME-MS61. The ME-MS61 assay involves a four acid (HF, HNO3, HCLO4 and HCL) “near total” digestion followed by a 48 element ICPMS scan, giving a detection range of 0.1-10,000ppm uranium. Table: Assay results ≥100 ppm U3O8.
These results are considered encouraging given the extensive regional uranium mineralised system and the tenor of mineralisation at the Redtree target in Westmoreland in the Queensland portion of the system. The drilling program at Westmoreland was suspended over the traditional Australian Christmas and New Year period and the recommencement was delayed due to weather conditions during the tropical wet season. Drilling recommenced February 2, 2008, and by February 19th, seven holes for a total of 590 metres were completed on the Redtree deposit. The drill program continues at Redtree. The holes are now being prepared for dispatch to the assay laboratories and results will be published when available. Core samples from this program will also be used for conducting initial metallurgical test work.
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.
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 website at www.laramide.com