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« Mickey Fulp: Hard Rock Geologist | Main | OptionTrader Closes 5 trades: Average Profit of 94% in 18 days »
Monday
Oct182010

Laramide Resources Limited Doubles in 4 Months

LAM Chart 19 October 2010.JPG

A good day for Laramide Resources Limited (LAM) as it gains 11.63% to close at $1.92, which is more than double what the stock price was in July 2010. The technical indicators are high at the moment and suggest that this stock is now overbought. In particular the RSI has just passed through the '70' level so Laramide may well take a breather shortly.

Laramide has acquired known uranium assets with drilled out resources. Currently Laramide has approximately 62 million pounds of U3O8 (uranium oxide) located in NI 43-101 compliant resources in Australia and the U.S. One U.S. asset is in the permit comment period with a second US asset to be developed when title transfer is finalized.

The Company’s main focus is the advancement of its flagship asset, the Westmoreland Uranium Project in Queensland, Australia. In 2009, Mining Associates of Australia completed a technical report that showed Westmoreland has an indicated resource of 36.0 M lbs @ 0.089% U3O8 and an inferred resource of 15.9 M lbs @ 0.083% U3O8 which ranks it as one of the ten largest uranium deposits in Australia and only one of a handful not under the control of a major mining company.


There isn't much in the way of news that we can detect other than the acquisition of the La Sal property in San Juan County, Utah for purchase consideration of US$500,000. However, the property had been encumbered since 2005 preventing Laramide from developing the asset despite its advanced status as a previously permitted project with a 1,200 metre access drive constructed and with access to a commercial mill. The La Sal property contains a historic resource estimated by technical consultants engaged by the previous owner for purposes of mine planning, before the implementation of NI 43-101 requirements (see full disclaimer below*). The historical resource consisted of 440,000 tons grading 0.31% U3O8, for 2.7 million contained pounds U3O8. The resource was estimated using a minimum undiluted thickness of six feet at a cut-off grade of 0.16% U3O8.


Not a great deal to report today other that it is pleasing to see this stock head a little higher, for now.

Laramide Resources Limited trades on the Toronto Stock Exchange under the symbol of LAM and has a Market Capitalization of $129.69 million, a 52 week trading range of $0.71to $1.98.


Back to our latest venture which was the launch of an Options trading service we are pleased to report that it is going very well so its a big thanks to all those who have signed up for it and the supportive emails that you have sent us.

Our premium options trading service, OptionTrader, closed 5 trades last week, banking profits of 100.00%, 101.34%, 101.49%, 85.05% and 81.43%

SK Chart 17 October 2010.JPG

The above progress chart is being updated constantly. However, to see exactly how it is going, please click this link.


Stay on your toes and have a good one.

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Reader Comments (2)

Great to see it moving up, but "overbought". This is where technical anlysis can sometimes prove wrong. In 2007 it was over $ 16.Quensland is still a no uranium mining state so caution is required

October 20, 2010 | Unregistered Commenteruranium bug

Point taken

October 20, 2010 | Unregistered CommenterUranium Stocks

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