Laramide Provides La Sal Project Update

TORONTO, Oct. 25, 2012 /CNW/ – Laramide Resources Ltd. is pleased to provide an operations update on La Sal Uranium Project in Utah, following La Sal’s permit issuance from the State of Utah and positive Record of Decision from the U.S. Department of Interior Bureau of Land Management (“BLM”).

The permit issuance from the State and BLM’s approval for the Plan of Operations (see press release dated June 18, 2012) allow Laramide to commence underground exploration and development activities, and with positive results, could ultimately lead towards commercial production at La Sal. La Sal is located in close proximity to Energy Fuels’ White Mesa Mill in Blanding, Utah, and White Mesa may be available to process bulk samples to determine metallurgical and mill compatibility.

Laramide has commenced on-site programs leading towards the rehabilitation of the existing decline and ventilation raise, along with the installation of temporary surface support facilities. These activities also include: site access road work, development of safety procedures/plans, and sourcing of a contract mining company to reopen the mine site. The La Sal Uranium Project is located in the Lisbon Valley Uranium District in San Juan County, Utah and was previously permitted and developed by Homestake. A ventilation raise at site and 1,200 meter access drive was completed by Homestake in the early 1980s when they delivered an estimate of 46,000 tons of uranium ore to off-site mills.

The Company also recently completed royalty unit holder payments on the production from the La Sal Project following the offer to purchase the royalty units under various elections. Further details have been provided in the Company’s most recent financial statements, dated September 30, 2012.

To learn more about Laramide, please visit the Company’s website at www.laramide.com.

About Laramide:

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 ventures in the Northern Territory, strategic equity positions and a portfolio of uranium royalties in the Grants Mineral District of New Mexico.

For further information:

Marc Henderson, President and CEO
Toronto, Canada +1 (416) 599 7363

Greg Ferron, Vice-President, Corporate Development and IR
Toronto, Canada +1 (416) 599 7363

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.

SOURCE: Laramide Resources Ltd.