Mr. Marc Henderson reports

LARAMIDE AWARDED US DEPARTMENT OF ENERGY GRANT FOR CHURCHROCK RESTORATION STUDY

Laramide Resources Ltd.'s United States subsidiary, NuFuels Inc., has been awarded a U.S. Department of Energy (DOE) grant in the amount of $1,756,778 (U.S.) to provide the funding for a joint research project with Los Alamos National Laboratory (LANL), to develop advanced in situ recovery (ISR)-related groundwater restoration technology.

Expenses for the DOE grant for the NuFuels/LANL project titled "Laboratory Groundwater Restoration R&D Bench Study with Natural Uranium Core and Groundwater" will be shared at a ratio of approximately 40 per cent by NuFuels, to pay for the costs of obtaining the core material, and laboratory equipment and supplies, and 60 per cent by DOE, to provide the LANL expertise and facilities, and fund research staff.

The project is designed to develop groundwater restoration technology in the laboratory that will address both the modern groundwater restoration standards in New Mexico, and have a significant impact on reducing the full cycle cost related to ISR by reducing the amount of water used during the groundwater restoration process through in-situ restoration techniques. In addition to the benefit to the uranium industry, the technology developed would benefit many DOE and legacy industrial sites where water-efficient remedial approaches to groundwater quality reclamation may be advantageous.

The project's objective is to demonstrate the capacity to restore groundwater geochemical conditions to background levels at uranium recovery operations through the application of restoration strategies to include: (1) groundwater sweeping; (2) active treatment through reverse osmosis and recirculation operations; (3) amendment injections; and (4) natural and enhanced attenuation processes.

The primary focus will be ISR restoration technologies that would result in reduced groundwater consumption during groundwater restoration activities following uranium ISR operations, though the results are likely to aid in the reduction of water usage at other uranium recovery-related groundwater restoration projects, such as legacy tailings operations. This study will be performed using uranium-rich core collected from the Nuclear Regulatory Commission-licenced ISR uranium properties owned by NuFuels in New Mexico.

Past operators' ISR facilities have performed laboratory studies demonstrating the capacity to restore groundwater concentrations of uranium to acceptable regulatory levels. Since that time, however, New Mexico state regulations have changed, and groundwater uranium concentrations are currently required to be materially lower. The project to be undertaken by NuFuels and LANL will largely repeat these previous laboratory demonstrations with the freshly collected core materials and modern chemical amendments, to address the current uranium groundwater restoration standard, thereby complying with state of New Mexico permitting requirements.

Marc Henderson, president of Laramide and NuFuels, commented: "We are honoured to have been awarded this grant by the DOE. Los Alamos National Laboratory is one of the premier research institutions in the world. We believe this project will result in cutting-edge groundwater restoration technology that will enhance post-ISR groundwater quality and be useful for groundwater restoration programs at other uranium-related legacy sites. NuFuels will reach out to stakeholders so they may be an integral part of the project as we move forward, and believe the work will be embraced by both the regulatory community and community in general."

About Laramide Resources Ltd.

Laramide is focused on exploring and developing high-quality uranium assets in Australia and the Western United States. The company's portfolio comprises five advanced uranium projects in districts with historical production or superior geological prospectivity. Each asset has been carefully chosen for its size and production potential, and are considered late-stage, low-technical-risk projects.

The Westmoreland project in Queensland, Australia, is one of the largest uranium development assets held by a junior mining company. This project has a preliminary economic assessment which describes an economically robust, open-pit mining project with a mine life of 13 years. Additionally, the adjacent Murphy project in the Northern Territory of Australia is a greenfield asset which Laramide strategically acquired to control the majority of the mineralized system along the Westmoreland trend.

In the United States, Laramide's assets include the NRC-licensed (U.S. Nuclear Regulatory Commission) Crownpoint-Churchrock uranium project, which is proposed to be developed using in situ recovery (ISR) production methodology. The company also owns the La Jara Mesa project in the historic Grants mining district of New Mexico and the fully permitted underground project, called La Sal, in Lisbon Valley, Utah.

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