Laramide Resources Limited Doubles in 4 Months
Monday, October 18, 2010 at 5:21PM
Uranium Stocks in Uranium Mining Stocks
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.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.

To stay updated on our market commentary, which gold stocks we are buying and why, please subscribe to The Gold Prices Newsletter, completely FREE of charge. Simply click here and enter your email address. (Winners of the GoldDrivers Stock Picking Competition 2007)

For those readers who are also interested in the silver bull market that is currently unfolding, you may want to subscribe to our Free Silver Prices Newsletter.

For those readers who are also interested in the nuclear power sector you may want to subscribe to our Free Uranium Stocks Newsletter, just click here.
Article originally appeared on Uranium Stocks (
See website for complete article licensing information.