Laramide Resources Ltd.

Laramide Resources Ltd.

October 17, 2006 13:05 ET

Laramide Expands Management Team; Announces Shareholding in Sierra Minerals Inc.

TORONTO, ONTARIO--(CCNMatthews - Oct. 17, 2006) - Laramide Resources Ltd. (TSX:LAM) is pleased to announce it has appointed Mr. William Smith and Mr. Evan Hughes to its management team. Mr. Smith joins Laramide as Vice President of Corporate Development and Mr. Hughes is the new General Manager for the Company's Australian operations with both gentlemen based in the Company's Brisbane, Australian office where the Conmpany's wholly owned Lagoon Creek Resources Pty subsidiary is headquartered.

Mr. Smith brings with him over 30 years of financial and commercial management experience, primarily in the resource sector. Mr. Smith holds an MBA from McGill University, and a Bachelor of Science (Honours) from University of Queensland. Throughout his career, Mr. Smith has held several senior management positions, including roles with Ontario Hydro, Newcrest Mining, BP Minerals (Australia) and more recently TVX Hellas (Greece). He has broad based experience in the uranium sector, having been involved in strategic and marketing assessments of the Olympic Dam Project in Australia and for Ontario Hydro in relation to assessing their nuclear fuel requirements.

Mr. Hughes is a Chartered Accountant and has more than 15 years of corporate managerial and consulting experience for mining and minerals resource companies. His past positions include managing CEO of CH Warman Slurry Technologies (the international distribution center for CH Warman Pump Group), and Managing Director for L&M Mining Limited, a New Zealand based gold producer. During his tenure at L&M Mining, Mr. Hughes was responsible for overseeing the operational and development aspects of the company, which saw the construction of five new mines over a five year period.

Laramide also wishes to announce that it recently received 6,628,527 shares of Sierra Minerals Inc ("Sierra") in connection with the completed Reverse Take Over ("RTO") of Minera Secotec SA by Sierra. Laramide held a US $500,000 convertible note in Secotec (representing 12.5% of Secotec's equity on conversion) and now owns approximately 9% of Sierra which listed on the TSX on September 26, 2006 and has the producing Cerro Colorado gold mine in Sonora, Mexico as its principal asset. Laramide also continues to own an NSR (net smelter royalty) on gold production from Cerro Colorado with the current royalty rate being 2.5%.

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.

Shares Outstanding: 50,439,728

Contact Information

  • Laramide Resources Ltd.
    Marc C. Henderson
    (416) 599-7363