Laramide Resources Ltd.
TSX : LAM

Laramide Resources Ltd.

June 26, 2008 12:00 ET

Laramide Resources Ltd.: First Phase of Diamond Drilling at Westmoreland Nears Completion; Hole WDD08-040 Returns 23 Metres @ 0.53 % U3O8 from 11 Metres Depth

TORONTO, ONTARIO--(Marketwire - June 26, 2008) - Laramide Resources Ltd. (TSX:LAM) is pleased to release results from the next 15 diamond drill at its 100 % owned Westmoreland project located in North West Queensland, Australia. These results included Drill Hole WDD08-40 which intersected 23 metres @ 0.53 % U3O8 from 11 metres depth and Drill Hole WDD08-44 which intersected 34 metres @ 0.28% U3O8 from 12 metres.

All 15 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. Mineralization within the Garee Lens is flat lying and hence the true width of mineralization is generally between 80% and 100% of the intersection within the drill holes.

Results of laboratory analysis of core samples up to and including WDD08-044 have been received. Results are tabulated below.



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Drill AMG AMG Azimuth Dip RL From To Inte- True
Hole East(i) North(i) (degrees) (degrees) (m) (m) (m) rval U3O8 Width
(m) (%) (m)
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WDD08-
029 192498 8060748 0 -90 151 9 18 9 0.19 9.0
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AND 33 46 13 0.10 13.0
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WDD08-
030 192495 8060749 270 -45 151 12 25 13 0.05 9.1
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WDD08-
031 192496 8060749 270 -60 151 13 23 10 0.06 8.7
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AND 34 44 10 0.06 8.7
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AND 53 61 8 0.06 7.0
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AND 65 71 6 0.04 5.2
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AND 84 87 3 0.14 2.6
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WDD08-
032 192495 8060749 270 -75 151 8 20 12 0.13 11.6
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AND 34 52 18 0.17 17.4
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WDD08-
033 192527 8060802 270 -45 145 46 51 5 0.05 3.5
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WDD08-
034 192527 8060802 270 -70 145 9 17 8 0.10 7.5
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AND 35 44 9 0.07 8.5
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WDD08-
035 192527 8060802 0 -90 145 12 20 8 0.04 8.0
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WDD08-
036 192527 8060802 90 -45 145 24 28 4 0.04 2.8
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AND 35 45 10 0.04 7.0
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WDD08-
037 192527 8060802 90 -70 145 12 36 24 0.06 22.6
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WDD08-
038 192396 8060606 90 -60 130 41 57 16 0.04 13.9
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AND 61 67 6 0.14 5.2
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AND 72 76 4 0.08 3.48
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WDD08-
039 192396 8060606 0 -90 130 24 29 5 0.07 5.0
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AND 34 42 8 0.05 8.0
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AND 47 68 21 0.05 21.0
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WDD08-
040 192291 8060446 270 -45 164 11 34 23 0.53 16.1
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AND 92 101 9 0.53 6.3
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WDD08-
041 192389 8060477 270 -45 136 23 54 31 0.12 21.7
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AND 66 105 39 0.10 27.3
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WDD08-
043 192291 8060466 0 -70 164 10 24 14 0.30 13.2
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WDD08-
044 192291 8060466 0 -45 164 12 46 34 0.28 23.8
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AND 51 57 6 0.06 4.2
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(i) Datum is AGD66
(i) Intersections calculated using a 0.02% U3O8 cut-off and minimum
intersection of 3 metres.


Drill Holes 29-36 are from the northern part of the Garee Lens where mineralization is not as strong as in the southern half of the Garee Lens, containing Drill Holes 37-44.

Peter Mullens, VP Exploration, stated "These results are generally within our range of expectation and continue to confirm our belief in the technical merits of the project. Mineralization is particularly encouraging in the southern half of the Garee Lens where the results have exceeded our expectations. This is encouraging for locating further mineralization and potentially increasing the overall size of the resource."

Drilling is continuing with three drill rigs. One 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.

As of June 24 2008, Laramide had completed a total of 84 diamond drill holes for a total of 7,213.2 metres at Redtree and 26 drill holes for 2,502.2 metres at Junnagunna. Most of the drilling has been completed with NQ sized core. Several holes were completed with HQ size core so that in addition to assaying, half of the core will also be used for metallurgical test work.

The current drill program is expected to be completed in early 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.

To view the Redtree Prospect map, please visit the following link: http://media3.marketwire.com/docs/lara3map.pdf

To view the Westmoreland Project map, please visit the following link: http://media3.marketwire.com/docs/lara4map.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