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« Portfolio Update 08 April 2008 | Main | Urenco secures new loan of 125 million Euro »

Laramide reports good intersects at Westmoreland

LAM chart 08 April 2008

Laramide is pleased to report results of five diamond drill holes from its Westmoreland project located in North West Queensland, Australia, according to Marketwire.

Worthy of note was the result of Drill Hole WDD07-3 which intersected 66 metres @ 0.29 % U3O8 from a depth of 10 metres.

In a quote from the VP for Exploration, Peter Mullens said:

"The results confirm continuity of mineralization identified in historical drilling and also indicates the potential for high grade lenses within the broader mineralized envelope. In addition, the results reaffirm our strong belief in the technical strength of the project."

These are good results and with the planned introduction of a second drill rig to accelerate the drilling programme, the news flow should gather some pace. A drill programme of 12,000 metres is planned for completion this summer.

Taking a quick look at the chart we can see that Laramide may have found some support at the $3.00 level and a good news stream should help it to progress from here. The MACD also looks positive for this uranium stock so maybe the worst is behind us now and we can look forward to some reasonable progress.

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