LAM.TO · 2022-12-13 12:00:00

Laramide Initiates New Mexico Drill Program

Exploration Programs

TORONTO

Dec. 13, 2022

/CNW/ - Laramide Resources Ltd. ("Laramide") is pleased to announce

the commencement of a diamond drill program at its NRC licensed Crownpoint Uranium Project,

near

Gallup, New Mexico

, USA ("Crownpoint"). The work programs are being managed and

executed by NuFuels, Inc., a subsidiary of Laramide Resources Ltd.

Crownpoint

consists of two

discrete ISR-amenable deposits

Crownpoint

and Churchrock covered by a single NRC licence (sua-

1580).

Marc Henderson

, President and CEO of Laramide Resources Ltd., commented, "Throughout the

prolonged downturn of the uranium market, we maintained and enhanced our asset base as well as

our core technical capability and that strategy has paid off, allowing us to now re-start our

development plans at several of the company's US Assets. The retention of key professional and

technical staff along with our new General Manager for US Operations ensures that our team now

possess the diverse skills to launch our return to active development status."

This initial drilling, which will consist of seven drill holes located within our NRC-licensed areas, will

confirm and potentially expand our understanding of the mineralized resources and optimize our

planned ISR production processes. The program also combines phase I maintenance at our existing

Crownpoint

site to support the drilling program. Results from the current program, expected in

Q1/2023 will inform the detailed planning and Preliminary Economic Assessment ("PEA") required to

advance for full ISR production. With the fundamental shift in the uranium market now becoming

increasingly entrenched and validated by utility action, we are now taking active measures to better

prepare for additional start up activities and investment when warranted.

NuFuels will conduct additional Laboratory testing on the Core samples with the objective of the

laboratory-scale program to demonstrate the capacity to restore groundwater geochemical

conditions to levels that existed prior to uranium recovery through the application of ISR methods.

We will conduct a bench level demonstration, through an independent laboratory, of ISR, post ISR

restoration and post restoration stability characteristics using core samples collected from multiple

representative locations within the Churchrock deposit. The objectives for this program are as

follows:

Complete a bench level testing program in support of the

New Mexico State

discharge permit

application.

Replicate the in-situ uranium chemistry and recovery characteristics at the laboratory scale;

Determine ISR mining reaction kinetics data specific to the ore body

Duplicate expected reverse osmosis (RO) restoration chemistry characteristics and evaluate the

results;

Examine uranium and other trace element concentrations after simulated reverse osmosis

treatment and sulfide treatment;

Record pH and clay mineralogy of the (laboratory) leached samples.

Examine uranium and other potential trace metals concentrations for rebound during a post

restoration stability period.

"We are pleased to be drilling and actively working again in the

USA

and our renewed activity in

New

Mexico

culminates what has been an active year for the Company. We completed two separate

drilling programs at our Westmoreland Project in

Queensland, Australia

– both awaiting assay

results – and we also recently completed an ILUA (Indigenous land use agreement) and ancillary

agreement with the Gangalidda & Garawa Native Title Aboriginal Corporation (GGNTAC) for the

Westmoreland Uranium Project. Our increasing pace of project activity is directly related to our

confidence that the dramatic improvement in the uranium price that began in early 2021 is still in its

early innings as utilities and capital market players finally react to the very tight supply /demand

fundamentals in the sector," said Marc Henderson, President and CEO of Laramide Resources.

"These uranium sector dynamics are occurring within broader global energy supply constraints, a

renewed emphasis on energy security of supply (including the provenance of supply), and the focus

on transitioning to the production of cleaner energy – all trends which are expected to continue for

years. For this reason, we expect activity levels at Laramide to remain high, and potentially

accelerate in 2023."

To learn more about Laramide, please visit the Company's website at

www.laramide.com

contact:

Marc Henderson

, President and CEO

Toronto, Canada

, +1 (416) 599 7363

Ann Baines

, Director, Investor Relations

Toronto, Canada

, +1 (647) 832-9904

About Laramide Resources Ltd.:

Laramide is engaged in the exploration and development of high-quality uranium assets. Its wholly

owned uranium assets are in

Australia

and

the United States

. Each of Laramide's portfolio of five

advanced uranium projects have been chosen for their production potential. Laramide's

Westmoreland

project, in

Queensland, Australia

, is one of the largest projects currently held by a

junior mining company. Its U.S. assets include Churchrock/

Crownpoint

, a large ISR project, and the

La Jara Mesa in the historic

Grants, New Mexico

mining district.

This press release contains forward-looking statements. The actual results could differ materially

from a conclusion, forecast or projection in the forward-looking information. Certain material factors

or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected

in the forward-looking information.

SOURCE

Laramide Resources Ltd.

View original content:

http://www.newswire.ca/en/releases/archive/December2022/13/c6456.html

%SEDAR: 00003540E

CO: Laramide Resources Ltd.

CNW 09:14e 13-DEC-22

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