Laramide Resumes Westmoreland Drilling on Schedule; Highlights Positive Implications From WA Election Outcome: Financial News

Laramide Resumes Westmoreland Drilling on Schedule; Highlights Positive Implications From WA Election Outcome
Wednesday September 17, 2008 3:24 pm ET

TORONTO, ONTARIO--(MARKET WIRE)--Sep 17, 2008 -- Laramide (Toronto:LAM.TO - News) ("Laramide" or "the Company") is pleased to confirm the re-opening of its Westmoreland drilling camp, which resumed operations in September, after a scheduled break in drilling. Drilling with two rigs has been underway for a week, and further assays from previously drilled holes are expected within the next ten days. To date, results have been released from 91 holes in the Phase One program which totalled 118 holes targeted mainly at confirmation and in-fill drilling to confirm the large historical resource developed by previous owners, included CRA, a subsidiary of Rio Tinto Ltd. The current drilling is focused on expanding the Redtree Zone, which has to date delivered significant widths of mineralization Highlights of the Red Tree drilling program are tabulated below:

 

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                            Azimuth    Dip               Inter-        True
Drill         AMG      AMG    (deg-  (deg-   RL From  To   val  U3O8  Width
 Hole      East(i) North(i)    rees)  rees)  (m)  (m) (m)   (m)   (%)    (m)
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WDD07-001  192332  8060501        0    -90  166   14  59    45  0.14
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 Including                                        45  59    14  0.29
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WDD07-002  192333  8060501      309    -60  166   13  90    77  0.12
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 Including                                        47  90    43  0.16
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WDD07-003  192328  8060496      309    -75  166   10  76    66  0.29
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 Including                                        39  76    37  0.45
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WDD08-011  192300  8060523      313    -45  164   33  91    58  0.12     41
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 Including                                        66  82    16  0.30     11
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WDD08-024  192525  8060760      129    -65  149    7  34    27  0.14     24
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WDD08-027  192498  8060747      129    -70  151    8  21    13  0.17     12
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 And                                              30  48    18  0.32     16
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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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WDD08-044  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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WDD08-045  192390  8060476      270    -70  171   17  56    39  0.09     37
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WDD08-058  192118  8060529        0    -90  176   22  51    29  0.18     29
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WDD08-062  192150  8060566      270    -70  169    7  11     4  0.13      4
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 And                                              25  46    21  0.15     20
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Laramide Resources Ltd. is also pleased to provide commentary on the results announced September 14, 2008 of the Western Australia (WA) election which resulted in a Liberal minority government. The significance of this result to uranium developers in Australia has been widely reported on by the Australian and international media. Marc Henderson, Laramide President & CEO, has the following statement:

"The recent change of government in Western Australia was a development that was almost completely unexpected by most political pundits and highlighted the fact that the risk discount on some Australian uranium projects had widened to an unwarranted extreme. Cameco and Mitsubishi's purchase of Kintyre from Rio Tinto in August for US $495 million looks particularly opportunistic in this context and, as a similar calibre project to our Westmoreland asset in Queensland, provides a useful valuation metric. The election of a pro-uranium development administration in WA moves the country one step closer to unanimity on policy and we continue to believe this outcome is inevitable and will allow Australia to assert its natural competitive advantage as the politically secure, low cost jurisdiction of choice for the world's nuclear utilities.

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.