Laramide Resources Limited continued its rival with the stock price moving up to $4.89, a vast improvement on the $3.04 that it traded at earlier this month.

This uranium stock, along with MGA are the only two stocks that we have held ‘buy’ orders on throughout this difficult period for this sector, so we are pleased to see it coming back to life with a gain of almost 60% in a few short weeks.

Taking a quick look at the chart we can see the rapid improvement that this uranium stock has experienced as support at $3.00 held fast and a mini rally began.

The recently released results don’t look too bad either for the Westmoreland project located in North West Queensland, Australia, with this summary taken directly from Laramide’s web site:

“These results included drill hole WDD08-24 which intersected 27 metres @ 0.14 % U3O8 and drill hole WDD08-27 which intersected 13 metres @ 0.17% U3O8 from 8m plus 18 metres @ 0.32% U3O8 from 30m”

The Vice President of Exploration, Peter Mullens had this:

“The results are generally within ranges of expectation and continue to confirm our belief in the technical merits of the project. Mineralization in the northern part of the Garee Lens is generally lower in grade than the southern half; however current drilling has identified some higher grade material which was has previously not known. Higher grade mineralization in drill holes WDD08-27 and WDD08-28, confirms the presence for high grade pods within the broader moderate grade mineralized zone”.

Things are looking up!

Laramide has a Market Capitalisation of $287 million and trades on the Toronto Stock Exchange under the symbol of LAM

Have a good one.

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