Laramide Resources Ltd. (“Laramide” or “the Company”) is pleased to announce the start of a 2,300 metre drill program to be split between its joint venture property in the Northern Territory and its wholly owned Westmoreland flagship asset in northwest Queensland. The drill program is already underway in the Northern Territory, and will shift to Westmoreland when complete, expected in mid to late August. The objectives and targets of the program are as follows:
QUEENSLAND - WESTMORELAND
Westmoreland is an advanced, development-stage asset with an Indicated resource of 18.7M tonnes at 0.088% U3O8 for 36.0Mlbs and a further 9.02M tonnes at 0.083% U3O8 for 15.9Mlbs Inferred resource (footnote). This limited drill program (1,300 metres) will continue to test the Huarabagoo mineralized zone on the Redtree – Junnagunna trend, following up last drilling in 2009. Laramide will also perform its first drilling in the Sue-Outcamp zone, which has been drilled by past explorers. The area lies approximately 10 kilometres east of Junnagunna, and drilling will be conducted along the existing access track commencing at 203800E, 8064790N AGD66 at 100 metre intervals. A total of seven sites (700 metres) is planned. Initial drilling will provide drill core for assay and mineralogy studies prior to planning more comprehensive resource drilling. These studies will also enable drill targeting of large target zones of anomalous radiometric response defined by detailed airborne geophysics. These targets, which have not been previously drilled, are considered highly prospective.
At Huarabagoo, three holes will be drilled in a fan from two sites for 600m of core. Holes will be logged geologically and gamma probed with mineralized intervals half core sampled and sent for assay.
The Pad locations for HB in AGD66 Datum are:
Pad 1: 194540E 8063210N
Pad 2: 194602E 8063275N
These Pads are 90m and 180m along strike from drilling conducted last year.
NORTHERN TERRITORY – GULF MINES JOINT VENTURE
Exploration drilling has commenced on EL 10335 in the Northern Territory. Laramide is conducting exploration for Westmoreland style uranium mineralization on EL 10335 under an agreement with Hartz Range Mines Pty Ltd., a subsidiary of ASX listed Gulf Mines Ltd.
A planned 1,000m of diamond drilling will test three structural targets in the Westmoreland Sandstone beneath 20 to 60m of basalt cover. The three target fault structures have an associated radiometric signature along strike and are considered prospective. The three prospect areas will be targeted initially with a planned 11 drill holes with core to be logged and holes gamma probed. Mineralized zoned will be selected for assay.
METALLURGY TO BE CONDUCTED AT ANSTO
Metallurgical studies will also be performed under the supervision of Rolly Nice, consultant metallurgical engineer. Having worked in Elliot Lake, Canada, for Pancontinental Mining Ltd. at Jabiluka and on the 1996 Ranger plant expansion as well as a number of other deposits worldwide, Mr. Nice has developed considerable expertise in uranium mineral processing. The Australian Nuclear Science and Technology Organization (ANSTO) has been commissioned to undertake these studies from August to October 2010. The studies will be performed on two composite samples, one from Redtree and the other from Junnagunna, and will provide data optimized for process studies considering current technology.
Outputs will include;
Marc Henderson, President and CEO, commented “These tests will provide data for all of the engineering design required for a pre-feasibility level of study. This will position Laramide to quickly move to BFS level studies following a change in state government policy or government. The studies should provide sufficient data to select a process route and identify potential capital and operating cost savings.”
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 and Rolly Nice, consultant metallurgical engineer, have reviewed and approved the technical content of this release.
Laramide 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, Westmoreland, in Queensland, Australia, is 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.
For further information contact:
|Flora Wood, Investor Relations
Toronto, Canada +1 (416) 599 7363
|Marc Henderson, CEO
Toronto, Canada +1 (416) 599-7363
Or visit our web site at www.Laramide.com
This press release contains forward-looking statements. The 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.