Laramide Resources Ltd.
TSX : LAM

Laramide Resources Ltd.

December 12, 2007 13:40 ET

Laramide Commences Drilling at Westmoreland

TORONTO, ONTARIO--(Marketwire - Dec. 12, 2007) - Laramide Resources Ltd. (TSX:LAM) is pleased to announce the start of an initial 12,000 metre drill program on its development stage Westmoreland Project located in Queensland, Australia. The program continues the larger 30,000 metre program which commenced in the second quarter this year on two Northern Territory Joint Venture projects, one with NuPower Resources Limited, (ASX:NUP) and the other Gulf Mines Ltd (ASX:GLM)(formally Hartz Range Mines).

Peter Mullens, VP Exploration, states "Laramide has received clearance from the Carpentaria Land Council Aboriginal Corporation - representing the traditional owners - to proceed with this initial drill program on both the Redtree and Junnagunna deposits which form part of the larger Westmoreland project. Drilling at Westmoreland which commenced on December 10th will be completed with a Longyear LF 70 diamond drill rig, which is for our exclusive use for the duration of the program. The drill program comprises 100 holes, ranging from 60 to 200 metres long with NQ size core. We expect to announce assay results at regular intervals starting in the first quarter 2008. While this program is being executed, we will also be conducting initial metallurgical test work and mine engineering studies."

The Northern Territory drill program on the Joint Venture ("JV") projects described above has enabled Laramide to meet earn-in commitments. This drill program was planned to test both the North East Westmoreland target zone and The El Hussen target zone located within two JV project areas. The first target was the North East Westmoreland target which forms part of the JV with NuPower Resources Limited ("NuPower"). Drilling on the North East Westmoreland target followed up initial work in late 2006, where drill hole NEWM 204 intercepted 5 metres @ 0.18 % U3O8. An additional 12 drill holes for 2125 meters were drilled into this target zone in July and August 2007. Assays are still pending from this work.

The El Hussen zone target was also drill tested, straddling the boundary between the NuPower JV and the Gulf Mines Ltd. ("Gulf Mines") JV. Here a NW trending structure with small scale pits and workings on the surface was drilled. A total of 13 holes for 2127 meters were drilled on the Gulf Mines northern section of the target zone while seven holes for 1034 meters were drilled on the NuPower southern section of the target zone. In both cases, results are pending, expected within the next four weeks.

Laramide is also pleased to announce the appointment of The Honourable Tony McGrady to its Advisory Board. Mr. McGrady is a former Australian Labor Party ("ALP") Member of Parliament for Queensland (Mount Isa) whose most recent ministry was Minister for State Development and Innovation (until his recent retirement in 2006 after the state election. From 1989 when he was first elected to Parliament until 2001, his ministries were Mines and Energy and later Police.

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.

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.

Contact Information

  • Laramide Resources Ltd.
    Flora Wood
    Investor Relations
    (416) 599-7363
    or
    Laramide Resources Ltd.
    Peter Mullens
    VP Exploration/Corporate Development
    +61 (7) 3831 3407
    Website: www.Laramide.com