TORONTO, Canada June 26, 2008 – Laramide Resources Ltd. (“Laramide”) (TSX:LAM) and its wholly owned subsidiary Treasury Metals Inc. (“Treasury Metals”), are pleased to announce that Treasury Metals has filed a preliminary prospectus for an initial public offering. The preliminary prospectus has been filed with the Canadian securities regulators in British Columbia and Ontario to qualify the distribution of (i) up to 2,934,482 common shares and 912,750 warrants of Treasury Metals issuable upon the automatic exercise of 1,825,500 issued and outstanding “unit” special warrants and 652,607 issued and outstanding “flow-through” special warrants, and (ii) 161,077 broker warrants issuable upon the automatic exercise of 161,077 issued and outstanding compensation options. The preliminary prospectus also qualifies the distribution of up to 20,567,258 common shares in the capital of Treasury Metals by Laramide by way of a return of capital to shareholders of record of Laramide on a date to be determined by the directors of Laramide (the "Record Date"). It is anticipated that the Record Date will be the day that is seven days after Treasury Metals becomes a reporting issuer in any province of Canada. The number of Treasury Metals common shares to be distributed by Laramide will be determined by the directors of Laramide and announced prior to the Record Date. Treasury Metals has filed materials with the Toronto Stock Exchange ("TSX") in order to list the common shares of Treasury Metals on the TSX. Shareholders of Treasury Metals and Laramide should note that such listing is dependent on a number of conditions and factors and the formal approval by the TSX cannot be assured. The preliminary prospectus is available on Laramide’s website at www.laramide.com, Treasury Metals website at www.treasurymetals.com and on SEDAR at www.sedar.com. About Treasury Metals Treasury Metals is a mineral exploration and development company with a growth-orientated strategy focused on the acquisition and development of precious and base metals assets in Canada. The company activities are currently focused on two exploration projects: the Goliath Project, an advanced stage, high-grade gold deposit near Dryden, Ontario; and the Lara Project, an advanced stage, high-grade base metal deposit on Vancouver Island, British Columbia. In addition to these projects, Treasury Metals holds rights to receive a net smelter royalty in connection with the Sierra Minerals Cerro Colorado mine located in Mexico and various investments acquired from 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 certain of Laramide’s non-uranium assets to Treasury Metals 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 more information please contact:
Investor Relations for Laramide
Investor Relations for Treasury Metals
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