Laramide advancing with new energy

With demand for energy growing and oil reserves shrinking worldwide, nuclear power has become an increasingly viable option.

Six countries currently have the lead in uranium production (the element that fuels commercial nuclear power plants), with Australia possessing roughly 40 percent of the world's uranium resources.

China has shown increased interest in uranium as the number of nuclear power plants in the country grows.

Laramide Resources hopes to meet that demand through its flagship asset, the Westmoreland Uranium Project in Australia.

Marc Henderson, president and director of Laramide Resources since 1995, intends to build the company into a leading low cost producer of uranium.

"We have a 50-million-pound (in weight) uranium resource with additional deposits waiting to be discovered after further studies," said Henderson.

"The Westmoreland Uranium Project has been ranked as one of the 10 largest uranium deposits in Australia by the Mining Associates of Australia and we are advancing the project to a production decision. We want to hit the window to get attractively priced uranium contracts with utilities and the Chinese are among the most aggressive players. We see this as a race to production," he added.

While the initial mine life at Westmoreland stands at 11 years, according to the Preliminary Assessment Report filed in 2007, this could be increased to more than 15 years with further drilling.

Two joint ventures on projects in the neighboring Northern Territory have given Laramide access to 680,000 hectares of highly prospective properties.

Henderson is optimistic about the company's outlook.

www.laramide.com

(China Daily 11/13/2007 page27)