Toronto, Canada – Laramide Resources Ltd. (“Laramide” or the “Company”) (TSX:LAM) is pleased to announce that it has received the final report from The Australian Nuclear Science and Technology Organisation (“ANSTO”) for comprehensive metallurgical test work carried out on its 100% owned Westmoreland Project located in Queensland, Australia. The ANSTO report, which was commissioned by Laramide in late 2010, is intended to identify definitive process route options for the Westmoreland Project and to provide engineering design data sufficient to support a pre-feasibility level of study. The ANSTO report will be made available on SEDAR (www.sedar.com).
Report highlights include:
“We are very pleased with results of the metallurgical test work recently completed by ANSTO,” stated Marc Henderson, President and CEO of Laramide. “They corroborate and improve on earlier test work done by ANSTO and confirm our belief in the merits and economics of the project. Very high recoveries of uranium were achieved with the use of a conventional metallurgical processing route and the positive results of the ion exchange loading studies will merit further study as they introduce the possibility of a meaningful reduction in capital costs. Whatever process route is ultimately decided, Westmoreland is clearly a very robust, low technical risk project and only requires political change in Queensland to proceed.”
In anticipation of such change, Laramide intends to update the Scoping Study on the project, which was most recently completed by Minproc, in March 2007. The new study – which will incorporate the ANSTO results as well as the voluminous amount of drill and other data compiled by Laramide in the past three years – will be done by Jacobs Engineering Group Inc. Brisbane office. In addition to updating costs and other economic parameters, the new study will benefit from the upgrading and expansion of the resource base since the Minproc study, and Laramide believes this should allow for an increase in the scale of the Westmoreland project from the three million pound U3O8 base case presented in 2007. The Jacobs study is expected to be completed in approximately four to five months.
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, the URI Royalty in Churchrock, 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:
Marc Henderson, President and CEO Peter Mullens, Vice President and Director
Greg Ferron, Vice President, Corp Dev Brisbane, Australia +61 (07) 3831 3407
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.