Laramide Resources Ltd.
TSX : LAM

Laramide Resources Ltd.

August 05, 2008 13:44 ET

Laramide Completes First Phase of Drilling at Westmoreland

Releases Initial Results from Junnagunna Zone

TORONTO, ONTARIO--(Marketwire - Aug. 5, 2008) - Laramide Resources Ltd. (TSX:LAM) is pleased to announce that it has completed 11,248 metres of diamond drilling on its 100 % owned Westmoreland project located in Northwest Queensland, Australia. This was the first phase of drilling completed by Laramide at the project. Eighty-seven holes for 7,980 metres were completed on the Redtree area and 34 holes for 3,268 metres were completed on the Junnagunna area. A second round of drilling at Redtree and Junnagunna is planned to commence in September 2008. All drill core has been logged and sent for assay with ALS Chemex Laboratory located in Brisbane, Australia.

Laramide is pleased to report the results from the next nine drill holes from Redtree and the initial seven drill holes from Junnagunna. Fourteen of the sixteen drill holes intersected significant uranium mineralization with drill hole WDD08-045 drilled into the Garee Lens at Redtree intersecting 39 metres @ 0.09 (% U)3(O)8 (from a depth of 17 metres.)

In addition to the results from Redtree, results from the first seven holes drilled into the Junnagunna project area are reported below. These results included drill hole JDD08-002 which intersected 11 metres at 0.21% U3O8 (from 52 metres depth and) (10 metres at 0.36% U3O8 (from) 82 metres depth.

All 16 drill holes were drilled with either NQ or HQ core.

Peter Mullens, VP Exploration, stated "The results from Junnagunna were particularly interesting as they have intersected mineralization within steeper structures which have acted as feeder zones to the generally flat mineralization known from Junnagunna. This leads to the possibility of being able to increase the overall size of the resource at Junnagunna, although we do not yet know the magnitude of the possible increase. We are continuing the geological interpretation of the Junnagunna mineralization."

It should be noted that Junnagunna occurs approximately 6 kilometres north of the Redtree deposit along a structural corridor which hosts the Redtree dyke. Mullens further stated "We consider the entire seven kilometre length of the Redtree dyke structure to be prospective for uranium mineralization. Currently mineral resources are only known from about 50% of this strike length of the dyke. Future drilling will target other potential zones of mineralization located along this dyke structure or parallel to it." (See attached figure for details).



Latest Drill Assay Results from Redtree and Junnagunna.

---------------------------------------------------------------------------
Inte-
Drill AMG AMG Azimuth Dip RL From To rval U3O8 True
Hole East North (degrees)(deg- (m) (m) (m) (m) (%) Width
(i) (i) rees) (m)
---------------------------------------------------------------------------
REDTREE
---------------------------------------------------------------------------
WDD08
-045 192390 8060476 270 -70 171.0 17 56 39 0.09 37
---------------------------------------------------------------------------
WDD08
-046 192298 8060443 270 -70 165.1 9 24 15 0.28 14
---------------------------------------------------------------------------
WDD08
-047 192297 8060441 220 -70 165.2 No significant intersections
---------------------------------------------------------------------------
WDD08
-048 192345 8060563 180 -45 167.5 26 40 14 0.05 10
---------------------------------------------------------------------------
And 46 55 9 0.07 6
---------------------------------------------------------------------------
And 80 105 25 0.08 18
---------------------------------------------------------------------------
WDD08
-049 192345 8060564 180 -70 167.6 20 42 22 0.05 20
---------------------------------------------------------------------------
And 53 75 22 0.05 20
---------------------------------------------------------------------------
WDD08
-050 192345 8060561 270 -45 168.0 24 32 8 0.05 6
---------------------------------------------------------------------------
And 83 89 6 0.03 4
---------------------------------------------------------------------------
WDD08
-051 192344 8060567 270 -70 167.5 21 24 3 0.17 3
---------------------------------------------------------------------------
And 28 33 5 0.06 4
---------------------------------------------------------------------------
WDD08
-052 192390 8060476 360 -90 171.0 4 21 17 0.21 17
---------------------------------------------------------------------------
WDD08
-053 192347 8060567 360 -45 167.5 Results not yet received
---------------------------------------------------------------------------
WDD08
-054 192348 8060568 360 -70 167.7 20 25 5 0.10 4
---------------------------------------------------------------------------
JUNNAGUNNA
---------------------------------------------------------------------------
JDD08
-001 196410 8065365 90 -60 75.4 20 30 10 0.04 8
---------------------------------------------------------------------------
And 103 113 10 0.10 6
---------------------------------------------------------------------------
JDD08
-002 196410 8065364 90 -45 75.5 52 63 11 0.21 7
---------------------------------------------------------------------------
And 82 92 10 0.36 7
---------------------------------------------------------------------------
JDD08
-003 196409 8065365 90 -73 75.4 70 76 6 0.18 4
---------------------------------------------------------------------------
And 86 89 3 0.10 2
---------------------------------------------------------------------------
JDD08
-004 196408 8065365 270 -60 75.4 No significant intersections
---------------------------------------------------------------------------
JDD08
-005 196488 8065417 90 -80 74.9 No significant intersections
---------------------------------------------------------------------------
JDD08
-006 196490 8065416 90 -65 75.0 59 65 6 0.09 4
---------------------------------------------------------------------------
JDD08
-008 196489 8065418 270 -70 75.1 20 24 4 0.08 3
---------------------------------------------------------------------------

(i) Datum is AGD66
(i) Intersections calculated using a 0.02%U308 cut-off and minimum
intersection of 3 metres.


See figs 1 to 3 for location of drill holes at Redtree and Junnagunna and for cross sections.

Laramide is currently completing interpretations of the new geological information derived from this first phase of diamond drilling. It is planned to commence a further 6,000 metre drill program in early September 2008. Following this, a revised mineral resource update will be completed and is expected to be published in the first quarter of 2009, incorporating assays from both the first and second round of drilling.

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.

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 venture, strategic equity positions and royalty participation in uranium
development and exploration companies that provide additional geographic diversification and uranium exposure for shareholders.

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.

To view figure 1, please visit the following link: http://media3.marketwire.com/docs/LaraF1.pdf

To view figure 2, please visit the following link: http://media3.marketwire.com/docs/LaraF2.pdf

To view figure 3, please visit the following link: http://media3.marketwire.com/docs/LaraF3.pdf

Contact Information

  • Laramide Resources Ltd.
    Flora Wood
    Investor Relations
    Toronto, Canada
    (416) 599-7363
    or
    Laramide Resources Ltd.
    Peter Mullens
    VP Exploration
    Brisbane, Australia
    +61 (7) 3831 3407
    Website: www.Laramide.com