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Message: Laramide drills 10 m of 0.66% U3O8 at Redtree - 2008-12-08

Laramide drills 10 m of 0.66% U3O8 at Redtree - 2008-12-08

posted on Jan 25, 2009 07:23PM

Laramide drills 10 m of 0.66% U3O8 at Redtree

2008-12-08 13:48 ET - News Release

Mr. Peter Mullens reports

LARAMIDE REPORTS DRILL RESULTS AS 2008 PROGRAM CONCLUDES AT WESTMORELAND; HIGHLIGHTS INCLUDE HOLE WDD08-096 WITH 10 METRES GRADING 0.66% U3O8

Laramide Resources Ltd. has released further results from 21 of the 39 drill holes completed in the Redtree project area within the 100-per-cent-owned Westmoreland project in North Queensland, Australia. These results include WDD08-096, which contains 10 metres at 0.66 per cent U3O8 from 10 metres depth, WDD08-100, with eight metres at 0.25 per cent U3O8 from 10 metres, and WDD08-106, which intersected 10 metres at 0.23 per cent U3O8 from eight metres, all located within the Jack lens of the Redtree project area.

The second drill phase was completed in October and focused on the thinner Jack lens, which forms the western half of the Redtree deposit. The Jack lens is located very close to the surface at Westmoreland, generally within 10 metres. This allows for open pit mining and a low strip ratio, leading to robust economics of the deposit.

Peter Mullens, vice-president, exploration, stated: "The results continue to confirm our belief in the technical merits of the project. The shallow nature of the resource at Westmoreland means that a future operation can operate with an open cut technology, reducing costs and technical challenges of the project. The historic favourable metallurgical testwork also confirms the compelling economics of the project. Mineral processing at Westmoreland can be completed with conventional technology used currently in other uranium mines throughout the world, as detailed in our scoping study announced by press release April, 2007. Results from the remaining 18 holes will be announced when the assays are returned, and we expect to publish an updated resource estimate in the first quarter of 2009."

Mr. Mullens continued: "We strongly believe that Westmoreland is one of the more robust economic uranium projects held by a junior company. This is especially important during these challenging times with uranium developers, as a number of projects have been impacted by technical challenges and production issues."

All 21 drill holes reported in the table were drilled with either NQ or HQ core.



 LATEST DRILL ASSAY RESULTS FROM REDTREE

Drill       RL   From  To Inter- U3O8   True
hole        (m)    (m) (m)  val    (%) width
                             (m)          (m)
Redtree
WDD08-089  187.81      No significant assays
WDD08-090  191.46  14  17     3  0.04      3
WDD08-091  181.69      No significant assays
WDD08-092  182.96   0   8     8  0.16      8
WDD08-093  183.59   2  13    11  0.07     11
WDD08-094  180.25   5  10     5  0.04      5
WDD08-095  186.27   6  18    12  0.06     12
WDD08-096  185.99  10  20    10  0.66     10
WDD08-097  181.1    7  12     5  0.03      5
WDD08-098  188.04  11  20     9  0.19      9
WDD08-099  180.5    2  13    11  0.08     11
WDD08-100  182.41  10  18     8  0.25      8
WDD08-101  179.94   4  14    10  0.03     10
WDD08-102  182.27  12  18     6  0.12      6
WDD08-103  172.92   2   4     2  0.09      2
WDD08-104  181.41   5  21    16  0.12     16
WDD08-105  171.46      No significant assays
WDD08-106  178.09   8  18    10  0.23     10
WDD08-107  179.75   8  11     3  0.31      3
WDD08-108  177.6    8  10     2  0.09      2
WDD08-109  170.13      No significant assays


The second phase of drilling was completed with two small man-portable diamond drill rigs, which were moved from drill site to drill site with the assistance of a helicopter. Thirty-nine drill holes were completed in the program for 928.4 metres of drilling. Drilling was completed with HQ-size core. Certain holes have had half the core retained for metallurgical testwork to be completed in the first quarter of 2009.

In addition to the assays reported in the table, seven drill holes were completed for hydrological investigations with a reverse circulation rig. The bulk of these holes were approximately 100 metres deep and will be used to monitor groundwater within the Westmoreland project area. Water data are being compiled for inclusion in an environmental impact study, expected to commence during 2009.

Laramide has implemented a quality control program at Westmoreland to ensure best practices. Under the guidelines of National Instrument 43-101, the qualified person for the Westmoreland uranium project is Mr. 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.

We seek Safe Harbor.

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