Laramide Resources Ltd.

Laramide Resources Ltd.

October 30, 2006 10:25 ET

Laramide Commences Drilling in Northern Territory, Australia

TORONTO, ONTARIO--(CCNMatthews - Oct. 30, 2006) - Laramide Resources Ltd. (TSX:LAM) is pleased to announce that it has commenced drilling at the Lagoon Creek Project in the Northern Territory of Australia. A drilling program of approximately 3,000 metres is planned over the coming month representing the initial phase of drilling under its joint venture agreement with Arafura Resources NL (ASX:ARU).

Lagoon Creek is located about 200 kilometres from Booroloola in the gulf region of the Northern Territory of Australia. The project lies along strike from Laramide's 100% owned Westmoreland Uranium Project in the neighbouring territory of Queensland. Both projects have the potential for high grade, uncomformity-style uranium mineralization. A 21,000km aeromagnetic survey conducted by the Company in late 2005 defined several previously unknown uranium anomalies that will be the priority targets for this current program. Results from this program will be made public as they become available.

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.

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Contact Information

  • Laramide Resources Ltd. - Toronto, Canada
    Marc C. Henderson
    (416) 599-7363
    Laramide Resources Ltd. - Brisbane, Australia
    Peter Mullens
    VP Exploration
    +61 (7) 3831 3407