Westmoreland Uranium Project Has 34% Increase In Indicated Resources

TORONTO - Laramide Resources Ltd. reported on the updated Mineral Resource Estimate (MRE) for the Westmoreland Project in northwest Queensland Australia. The updated Mineral Resource Estimate represents a 34% increase in Indicated Resources and an 11% increase in Inferred Resources, compared to the 2009 estimate.  The updated MRE now reports Total Indicated Resource of 48.1 million pounds of U3O8 and Total Inferred 17.7 million pounds across four deposits: Redtree, Huarabagoo, Junnagunna and Long Pocket.

President and CEO, Marc Henderson said, "This updated MRE reiterates our long-held view that Westmoreland is a genuinely world class deposit. At 65-plus million pounds it ranks as one of the largest undeveloped uranium deposits in the world and has the potential to be a top 10 global uranium mine. It has demonstrable attributes that support a long-life mining operation that could support ongoing jobs and regional development in North-West Queensland while providing the world with the raw materials required for the burgeoning Nuclear Power industry and drive towards Net Zero. Moreover, we have identified extensions to mineralisation and targets in the mineral system so have a clear line of sight to adding yet more pounds.

"Building on a few years of significant effort and work, this update is a credit to our Australian Exploration team and all contractors involved.

"Pending the support of the new Liberal Queensland Government, we will look forward to quickly transitioning the Project to a Development Phase while concurrently continuing with high-impact exploration to further grow the resource base."

The Westmoreland Uranium Project is located in far northwest Queensland, Australia, approximately 380km northwest of the mining township of Mt Isa. The Project is 100% owned by Laramide Resources through its wholly owned subsidiary Tackle Resources Pty Ltd. The Project comprises three granted and contiguous Exploration Permits for Minerals (EPMs) – EPM 14558, EPM 14672 and EPM 28807. Also, a Mineral Development Licence (MDL), MDL 2026, is pending grant.