Laramide Resources Ltd.
TSX : LAM

Laramide Resources Ltd.

June 18, 2008 16:28 ET

Laramide Intersects Gold Mineralization at Its Westmoreland Uranium Project

TORONTO, ONTARIO--(Marketwire - June 18, 2008) - Laramide Resources Ltd. (TSX:LAM) is pleased to release results for gold assays at its 100 % owned Westmoreland property for the first 28 drill holes completed during 2007 and 2008. These results included drill hole WDD08-023 which intersected 4 metres at 1.30g/t Au from 38 metres and 19 metres at 1.09g/t Au from 54 metres.

All 28 drill holes were drilled with either NQ or HQ core into The Garee Lens, which forms part of the Redtree Deposit at The Westmoreland project. Mineralisation within the Garee lens is flat lying and hence the true width of mineralisation is generally between 75 % and 100 % of the intersection within the drill holes.



Uranium assays have been reported already, with gold assay results
tabulated below:
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Drill Hole AMG AMG Azi- Dip RL From To Inte- Au True
East(1) North(1) muth (deg- (m) (m) (m) rval (g/t) Width
(deg- rees) (m) (m)
rees)
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WDD08-004 192333 8060495 90 -60 167 47 55 8 0.68 6
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WDD08-005 192334 8060495 90 -45 167 54 58 4 1.50 3
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WDD08-007 192302 8060522 90 -75 164 69 72 3 2.75 3
----------------------------------------------------------------------------
WDD08-013 192360 8060552 94 -60 168 66 70 4 0.73 3
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WDD08-014 192360 8060522 94 -45 168 61 67 6 1.14 4
----------------------------------------------------------------------------
WDD08-018 192480 8060726 90 -70 151 40 43 3 1.67 3
----------------------------------------------------------------------------
WDD08-019 192479 8060728 0 -90 151 49 56 7 0.91 7
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WDD08-023 192522 8060762 270 -60 149 38 42 4 1.30 3
----------------------------------------------------------------------------
AND 54 73 19 1.09 16
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WDD08-025 192525 8060760 90 -45 149 11 22 11 1.29 8
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INCLUDING 11 14 3 3.19
----------------------------------------------------------------------------
WDD08-027 192498 8060747 90 -70 151 39 44 5 1.10 4
----------------------------------------------------------------------------
WDD08-028 192498 8060746 90 -45 151 22 28 6 0.58 4
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(1) Intersections calculated using an 0.3g/t Au cut-off and minimum
intersection of 3 metres.


Peter Mullens, VP Exploration, views these results as very encouraging for separate gold mineralization at the Westmoreland deposit. He stated, "Historically, gold assays were undertaken selectively and assumed that gold was associated with high grade uranium and also in steep structures near the dyke. Hence, gold assaying has not been systematic. The tabled results are not all associated with high grade uranium, in fact in most cases the U3O8 is less than 0.1% and frequently less than 0.02%.

Gold intersected so far has not been associated with steep structures or with the mafic dyke. Gold is associated with flat lying sandstone which is weakly to moderately chlorite/hematite alteration.

Mullens further states the gold mineralisation appears to be partly at least spatially separate from high grade uranium mineralization. To date it is not clear what is controlling the gold mineralisation; however the mineralisation could be distal to uranium. This opens up the possibility of a separate substantial gold deposit. Work is continuing on trying to understand the impact of these gold results.

Drilling is continuing with 3 drill rigs, a Longyear LF 70 Drill Rig and a man portable diamond drilling rig are operating on single shifts with helicopter assistance at Redtree. A second LF 70 drill rig operating on two shifts is drilling at the Junnagunna prospect. Junnagunna is a flat lying zone of mineralisation, which is between 5 and 10 meters thick, is located close to surface and is located approximately 5 kms to the north of the Garee lens along the Westmoreland dyke structure.

As of June 18 2008, Laramide had completed a total of 80 diamond drill holes for a total of 6,861 meters at Redtree and 22 drill holes for 2,211 metres at Junnagunna. The first phase of the current drill program is expected to be completed by mid July 2008. 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.

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