TORONTO, ONTARIO--(Marketwire - March 26, 2012) - Laramide Resources Ltd. (TSX:LAM.TO - News) ("Laramide" or the "Company") is pleased to provide the following update to shareholders in regards to the positive impact of the recent Queensland State election, which was held on Saturday, March 24th.
Laramide's flagship Westmoreland Project, situated in northwestern Queensland, has been unable to proceed to development while the Australian Labour Party ("ALP") was in power. Following five consecutive terms in office, the ALP was defeated in Saturday's election as the Liberal National Party ("LNP") and their leader, Campbell Newman, won a landslide victory, securing 77 of 89 seats in the state parliament.
While the new Queensland state government has not stated what its policy will be with respect to uranium development, were the state party to adopt the Federal LNP position, which is supportive of uranium mining, this would have materially positive implications for Laramide. Western Australia followed similar circumstances when the LNP state government defeated the ALP in 2008.
Marc Henderson, President and Chief Executive Officer, commented, "Westmoreland is one of the largest and highest quality uranium development projects in Australia - or in the world, for that matter - and would clearly benefit from clarity over its prospective development path and timeline. We look forward to a constructive dialogue and working relationship with the new Queensland government and congratulate Mr. Newman on his unprecedented victory."
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 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 ere applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.