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« Uranium Stocks Attracting More Interest | Main | Extract Resources Limited: An exciting Prospect! »
Monday
Apr272009

Laramide Resources Limited Up 32.77% Today

LAM Chart 28 apr 09.JPG


Chart courtesy of StockCharts.com



On the 23rd April 2009 Laramide updated their NI 43-101 with the following news release:


Laramide Resources Ltd. is pleased to results of an updated NI 43-101 compliant Technical Report (“Technical Report”) completed by Mining Associates of Australia (“Mining Associates”) on its Westmoreland uranium property located in North West Queensland, Australia. The results are as follows, with the Technical Report to be SEDAR-filed within the next thirty days.


The primary focus of the 2008 drilling program was to upgrade existing Inferred uranium resources to Indicated resources. This objective was achieved, as Mining Associates has reported an Indicated mineral resource totaling 36.0 million pounds of uranium (U3O8) contained in 18.7 million tonnes at an average grade of 0.089% U3O8, and an additional Inferred mineral resource totaling 15.9 million pounds of uranium (U3O8) contained in 9.0 million tonnes at an average grade of 0.083 % U3O8 on the property. All of the mineralization occurs in flat and steep lying zones within 100 metres depth, with 60 % of the mineralization occurring above 30 metres depth. The flat lying mineralization is between 5 and 30 metres thick and lies between 5 and 30 metres below the surface. Pitchblende is the main uranium mineralization and occurs within both the Westmoreland conglomerate and within altered steep dykes which acted as a reductant to precipitate the mineralization.

Click here to read the report in full. At the time of this report being issued the stock price was $1.52 and has increased steadily until today when it took off.





As we can see from the above chart Laramide has jumped forward on steadily increasing volume. The RSI is now above '70' which suggests that LAM is overbought so we could see a slight pull back.

Other Uraniums performing today include:

Strathmore Minerals Corp.
(Public, CVE:STM) Up 38.30%

Uranerz Energy Corp.
(Public, AMEX:URZ) Up 33.96%

Bayswater Uranium Corp.
(Public, CVE:BAY) Up 33.33%

Ur-Energy Inc.
(Public, TSE:URE) Up 14%


Laramide Resources Limited has a market capitalization of $159 million, with 62.55 million shares outstanding, Laramide closed yesterday at $2.35.

Laramide trades on the Toronto Stock Exchange under the symbol of LAM.

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