60 million pounds of U3O8
Acquisition, discovery and development of uranium projects - USA & Australia.
Laramide Resources Ltd. Toronto, Ontario, TSX : LAM, is a Toronto-based resource company specializing in the acquisition, discovery and development of uranium projects.
Laramide has acquired an impressive list of known uranium assets with drilled out resources. Currently Laramide has approximately 60 million pounds of U3O8 (uranium oxide) located in NI 43-101 compliant resources. It also has some exciting exploration projects located in the USA and Australia, with the potential to double these known resources.
High Quality Uranium Assets
Westmoreland is one of the larger uranium deposits in the world not controlled by a major mining company. Its 43-101 compliant resources total 48.5 M lbs U3O8, composed of 15.6 M lbs. indicated, 32.9 M lbs. inferred.
Exploration is ongoing and a new resource estimate should be published in Q1 2009.
Diversification by Geography and Stage of Development
100% owned assets in the USA and Australia (Queensland and Northern Territory) and minority stakes in publicly traded uranium companies.
Positioned to Serve Emerging Economies
Australia is positioned to be a preferred supplier for the 83 operating nuclear power plants, 60 plants under construction or planned, and 86 proposed plants in major Asian markets.* * Plant data per August 2008 World Nuclear Association statistics
Exploration is ongoing in Queensland with results meeting or exceeding expectations.
Broad Management Experience
Management, the Board of Directors and the Advisory Board are comprised of experienced executives with backgrounds in uranium business strategy, exploration, mine development, financing and metals marketing.
The equity financing in June 2008 raised gross proceeds of CAD $14.85 million which will be used to continue the exploration program at Westmoreland and to commence the pre-feasibility study.
What’s Ahead for Laramide
Westmoreland + U.S. Assets = 60 million lbs U3O8
Resource Calculation Q1 2009
Resource Expansion Drilling
Permitting La Jara Mesa, Grants District, New Mexico
Completion of La Sal Transaction, Lisbon Valley Mining District, Utah
Strategic Investor in Uranium Equities Limited (Australia) and Khan Resources Inc. (Mongolia)
Potential Consolidation Opportunities
The Company’s current main focus is the advancement of its flagship asset, the Westmoreland Uranium Project in Queensland, Australia. In October 2006, Mining Associates of Australia completed NI 43-101 compliant technical report that showed Westmoreland has an indicated resource of 15.6 M lbs @ 0.088% U3O8 and an inferred resource of 32.9 M lbs @ 0.094% U3O8 which ranks it as one of the ten largest uranium deposits in Australia and the only one not under the control of a major mining company.
GRD Minproc completed a scoping study on Westmoreland in early 2007 which indicates that the project is economically robust.
The study estimates annual production of around 3.0 million pounds of U3O8 at production costs of approximately US$20 per pound. The initial mine life of 11 years could be increased to more than 15 years with further drilling currently underway.
The direct and indirect capital cost for the project is estimated at US$214 million. Using long term contractprices, payback would occur in approximately 2 years. The proposed mining method is conventional open pit and would take place using the acid leach method. Both are conventional mining methods which are not considered technically challenging.
In addition, Laramide participates in two joint ventures on projects which fall adjacent to the Westmoreland Project, located within the Northern Territory. Laramide now holds in excess of 680,000 hectares of highly prospective tenements located in the Northern Territory and Queensland.
In 2008, further drilling at Westmoreland was completed in the second quarter to expand the resource base. A second drill program was completed during the fourth quarter of 2008 which, combined with the earlier program, will support a new resource calculation. Subsequently that data will be incorporated into a prefeasibility study.
Laramide also holds 4 advanced uranium projects located in the USA, purchased from Homestake Mining, a subsidiary of Barrick Mining.
The two most important of these projects are the La Sal Project located in Utah, and the La Jara Mesa Project located in the Grants mining district of New Mexico. In April 2008 Laramide submitted amendments to its current plan of operations for the development of the la Jara Mesa Uranium Project to the USDA Forest Service ("Forest Service").
Laramide plans to advance both the La Sal and La Jara Mesa Projects towards permitting and a production decision as quickly as possible.