Laramide Completes First Phase of Drilling at Westmoreland: Financial News

Laramide Completes First Phase of Drilling at Westmoreland
Tuesday August 5, 2008 1:44 pm ET

TORONTO, ONTARIO--(MARKET WIRE)--Aug 5, 2008 -- Laramide Resources Ltd. (Toronto:LAM.TO - News) is pleased to announce that it has completed 11,248 metres of diamond drilling on its 100 % owned Westmoreland project located in Northwest Queensland, Australia. This was the first phase of drilling completed by Laramide at the project. Eighty-seven holes for 7,980 metres were completed on the Redtree area and 34 holes for 3,268 metres were completed on the Junnagunna area. A second round of drilling at Redtree and Junnagunna is planned to commence in September 2008. All drill core has been logged and sent for assay with ALS Chemex Laboratory located in Brisbane, Australia.

Laramide is pleased to report the results from the next nine drill holes from Redtree and the initial seven drill holes from Junnagunna. Fourteen of the sixteen drill holes intersected significant uranium mineralization with drill hole WDD08-045 drilled into the Garee Lens at Redtree intersecting 39 metres @ 0.09 (% U)3(O)8 (from a depth of 17 metres.)

In addition to the results from Redtree, results from the first seven holes drilled into the Junnagunna project area are reported below. These results included drill hole JDD08-002 which intersected 11 metres at 0.21% U3O8 (from 52 metres depth and) (10 metres at 0.36% U3O8 (from) 82 metres depth.

All 16 drill holes were drilled with either NQ or HQ core.

Peter Mullens, VP Exploration, stated "The results from Junnagunna were particularly interesting as they have intersected mineralization within steeper structures which have acted as feeder zones to the generally flat mineralization known from Junnagunna. This leads to the possibility of being able to increase the overall size of the resource at Junnagunna, although we do not yet know the magnitude of the possible increase. We are continuing the geological interpretation of the Junnagunna mineralization."

It should be noted that Junnagunna occurs approximately 6 kilometres north of the Redtree deposit along a structural corridor which hosts the Redtree dyke. Mullens further stated "We consider the entire seven kilometre length of the Redtree dyke structure to be prospective for uranium mineralization. Currently mineral resources are only known from about 50% of this strike length of the dyke. Future drilling will target other potential zones of mineralization located along this dyke structure or parallel to it." (See attached figure for details).

 

Latest Drill Assay Results from Redtree and Junnagunna.

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                                                       Inte-
 Drill    AMG     AMG  Azimuth   Dip    RL  From    To  rval  U3O8    True
  Hole   East   North (degrees)(deg-    (m)   (m)   (m)   (m)   (%)  Width
           (i)     (i)          rees)                                   (m)
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   REDTREE
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WDD08
 -045  192390 8060476      270   -70 171.0    17    56    39  0.09      37
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WDD08
 -046  192298 8060443      270   -70 165.1     9    24    15  0.28      14
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WDD08
 -047  192297 8060441      220   -70 165.2   No significant intersections
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WDD08
 -048  192345 8060563      180   -45 167.5    26    40    14  0.05      10
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And                                           46    55     9  0.07       6
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And                                           80   105    25  0.08      18
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WDD08
 -049  192345 8060564      180   -70 167.6    20    42    22  0.05      20
---------------------------------------------------------------------------
And                                           53    75    22  0.05      20
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WDD08
 -050  192345 8060561      270   -45 168.0    24    32     8  0.05       6
---------------------------------------------------------------------------
And                                           83    89     6  0.03       4
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WDD08
 -051  192344 8060567      270   -70 167.5    21    24     3  0.17       3
---------------------------------------------------------------------------
And                                           28    33     5  0.06       4
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WDD08
 -052  192390 8060476      360   -90 171.0     4    21    17  0.21      17
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WDD08
 -053  192347 8060567      360   -45 167.5       Results not yet received
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WDD08
 -054  192348 8060568      360   -70 167.7    20    25     5  0.10       4
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   JUNNAGUNNA
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JDD08
 -001  196410 8065365       90   -60  75.4    20    30    10  0.04       8
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And                                          103   113    10  0.10       6
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JDD08
 -002  196410 8065364       90   -45  75.5    52    63    11  0.21       7
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And                                           82    92    10  0.36       7
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JDD08
 -003  196409 8065365       90   -73  75.4    70    76     6  0.18       4
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And                                           86    89     3  0.10       2
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JDD08
 -004  196408 8065365      270   -60  75.4   No significant intersections
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JDD08
 -005  196488 8065417       90   -80  74.9   No significant intersections
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JDD08
 -006  196490 8065416       90   -65  75.0    59    65     6  0.09       4
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JDD08
 -008  196489 8065418      270   -70  75.1    20    24     4  0.08       3
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(i) Datum is AGD66
(i) Intersections calculated using a 0.02%U308 cut-off and minimum
    intersection of 3 metres.

See figs 1 to 3 for location of drill holes at Redtree and Junnagunna and for cross sections.

Laramide is currently completing interpretations of the new geological information derived from this first phase of diamond drilling. It is planned to commence a further 6,000 metre drill program in early September 2008. Following this, a revised mineral resource update will be completed and is expected to be published in the first quarter of 2009, incorporating assays from both the first and second round of drilling.

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.

About Laramide:

Laramide is engaged in the exploration and development of high quality uranium assets. Its wholly owned uranium assets are in Australia and the United States. Laramide's portfolio of advanced uranium projects have been chosen for their production potential. Its flagship project, Westmoreland, in Queensland, Australia, is one of the largest projects currently held by a junior mining company. Its U.S. assets include La Jara Mesa in Grants, New Mexico and La Sal in the Lisbon Valley district of Utah. Its portfolio also includes joint venture, strategic equity positions and royalty participation in uranium

development and exploration companies that provide additional geographic diversification and uranium exposure for shareholders.

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 figure 1, please visit the following link: http://media3.marketwire.com/docs/LaraF1.pdf

To view figure 1, please visit the following link: http://media3.marketwire.com/docs/LaraF2.pdf

To view figure 1, please visit the following link: http://media3.marketwire.com/docs/LaraF3.pdf