Listed on TSX (Symbol: LAM)
TORONTO, June 18, 2012 /CNW/ - Laramide Resources Ltd. ("Laramide" or
the "Company") is pleased to provide a significant permitting update on
the La Sal Uranium Project in San Juan County, Utah. The United States
Bureau of Land Management ("BLM") issued a Record of Decision approving
the Plan of Operations at the Company's La Sal Project in Utah. The
issuance of this permit from the BLM allows Laramide to commence
underground exploration and development activities which if positive,
could ultimately lead towards commercial production. In addition, as a
result of the BLM's finding of no significant impact, the preparation
of an environmental impact statement will not be required.
A copy of the Final Environmental Assessment ("EA") will be made
available on Laramide's Website (www.Laramide.com). The Record of Decision including Conditions of Approval and Finding
of no Significant Impact can be found at the following link to the
BLM's Utah Website:
To initiate and support the permitting process, Laramide submitted a
Plan of Operations for the La Sal Project to the BLM for an underground
exploration and development program in December 2010. The Plan of
Operations, which is available on the Company's website, was deemed
administratively complete by the BLM on April 15, 2011. The BLM also
completed its review of the EA and initiated the final 30-day public
comment period on October 7, 2011. When Laramide submitted its Plan of
Operations to the BLM, a small mine permit application was also
submitted to the Utah State Division of Oil, Gas and Mining. The state
permit has also been reviewed and approval was pending issuance of the
BLM's approval of the Plan of Operations and payment of the reclamation
financial assurance (Bond) amount.
Marc Henderson, President and CEO, commented, "We are pleased to finally
receive our permit for La Sal which positions us to meet our stated
objective of near-term production visibility from our U.S. asset base.
Combined with the press release on May 22, 2012 of our EIS for La Jara
Mesa in New Mexico, and continuing progress towards a late 2013
production start-up at Uranium Resources Churchrock, we are now well
positioned to generate significant value and cash flow in the U.S."
The extensive historical work done at La Sal by Homestake Mining Company
("Homestake"), a wholly owned subsidiary of Barrick Gold Corporation,
will facilitate future development now that a permit has been granted
to Laramide. The La Sal Uranium Project is located in the Lisbon Valley
Uranium District in San Juan County, Utah and was previously permitted
and developed by Homestake. A ventilation raise at site and 1,200 meter
access drive was completed by Homestake in the early 1980s and they
delivered an estimate of 46,000 tons of uranium ore to off-site mills.
Homestake chose not to enter into commercial production in the early
1980s because of steep declines in the price of uranium. The La Sal
Uranium Project is located 40 miles from Denison's White Mesa mill at
To learn more about Laramide, please visit the Company's website at www.laramide.com.
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 ventures in the
Northern Territory, strategic equity positions and a portfolio of
uranium royalties in the Grants Mineral District of New Mexico.
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.
SOURCE Laramide Resources Ltd.
For further information:
Marc Henderson, President and CEO
Toronto, Canada +1 (416) 599 7363
Greg Ferron, Vice-President, Corporate Development and IR
Toronto, Canada +1 (416) 599 7363