LAM.TO · 2023-01-23 12:00:00

Laramide Resources Ltd. Announces the Engagement of SLR International Corporation to Produce a Preliminary Economic Assessment on the Crownpoint/Churchrock Uranium Project

Economic Studies

Laramide Resources Ltd. Announces the

Engagement of SLR International Corporation

to Produce a Preliminary Economic

Assessment on the Crownpoint/Churchrock

Uranium Project

TORONTO

Jan. 23, 2023

/CNW/ - Laramide Resources Ltd. ("

Laramide

" or the "

Company

(TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is pleased to announce that its wholly owned

subsidiary, NuFuels, Inc. has engaged SLR International Corporation ("SLR") of

Denver, Colorado

complete an NI 43-101 Preliminary Economic Assessment ("PEA") on Laramide's 100% owned

Crownpoint

/Churchrock Uranium Project in

New Mexico

("Churchrock" or "The Project").

Laramide has commissioned the PEA Study to produce a current economic analysis based on the

Mineral Resources at Churchrock with processing at the

Crownpoint

facilities. Parameters of the

study include contribution from seven new drill hole results to confirm and validate previously

reported drilling results and radiometric equilibrium used in the

September 2017

Mineral Resource

estimate. The PEA will focus on generating an in-situ recovery ("ISR") production schedule with

several phases of expansion and a scoping level design for an ISR well field, eventual plant and

supporting structure, as well as a preliminary economic evaluation for the Project.

"Churchrock and

Crownpoint

are large mineral assets which Laramide strategically acquired in 2017

while uranium prices were depressed, and in light of rapidly improving sector fundamentals Laramide

is now moving deliberately to position the asset for future production. This PEA, which will be the

first economic study prepared to NI 43-101 and JORC standards, will provide the market with a

broad overview of the scale, quality, and longevity of an ISR asset that we believe has the potential

to become a meaningful contributor to future US domestic security of supply. This is an issue of

increasing importance in US energy policy considerations and one which appears to have bipartisan

domestic support as witnessed by the recent passage of the IRA (Inflation Reduction Act) in which

nuclear power featured quite prominently," says

Marc Henderson

, President and CEO of Laramide

Resources Ltd.

"We are pleased to announce the appointment of SLR (formerly Roscoe Postle Associates, "RPA")

for this assignment. SLR brings a unique depth of knowledge and experience on uranium mining

which is a relatively niche mining sector. The SLR team has direct experience with more than ninety

uranium projects around the world including all major assets in the U.S.,

Canada

Kazakhstan

Mongolia

and

Africa

," says

David Thomas

, General Manager U.S. Operations, NuFuels, Inc.,

Laramide's fully owned U.S. subsidiary.

Background on

Crownpoint

/Churchrock Uranium Project:

The

Crownpoint

/Churchrock Uranium Project consists of 3,458 acres within the historic Grants

Mining District in

McKinley County, New Mexico

. The Project is a compilation of significant historical

work completed by major mining and energy companies.

The United States Nuclear Regulatory Commission (NRC) has granted a license for production of

uranium from sections of Churchrock.

In 2017, SLR as Roscoe Postle Associates Inc. ("RPA") produced a Technical Report on the

Churchrock properties from drill hole data available as of

September 2017

. Data from previous

operators was consolidated and digitized resulting in a database of 1,667 drill holes totaling

approximately 1,841,545 feet of drilling. Using a 0.5 ft-% eU

Grade Thickness (GT) cut-off, the

Inferred Mineral Resource totals 33.9 Mst at an average grade of 0.08% eU

for a contained

metal of 50.8 Mlb U

The current Mineral Resource is classified as Inferred based on the historic nature of the drilling data

and drill hole density along mineralized trends contained within the sandstone units of the Brushy

Basing and Westwater Canyon Members of the Morrison Formation.

A discharge permit for the underground injection and control associated with the Project will be

required by New Mexico Water Quality Control Commission rules. To complete the New Mexico

Environmental Department Groundwater Discharge Plan requirements, the Company must

demonstrate in a laboratory environment the ability, post leaching, to restore groundwater in the

mining aquifer to an acceptable level. To complete this leach study, fresh core is required from the

Project.

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

Crownpoint

/Churchrock which covers two project

areas including, a large ISR project and a former uranium mining operation; the La Jara Mesa in the

historic

Grants, New Mexico

mining district; and

La Sal

, a fully permitted, underground project in

Lisbon Valley,

Utah

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.

The technical information contained in this news release has been reviewed and approved by

Mark

B. Mathisen

, C.P.G., Principal Geologist, SLR Consulting International Corp. who is considered to

be a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral

Projects.

SOURCE

Laramide Resources Ltd.

View original content:

http://www.newswire.ca/en/releases/archive/January2023/23/c4151.html

%SEDAR: 00003540E

For further information:

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

www.laramide.com or contact: Marc Henderson, President and CEO, Toronto, Canada, +1 (416)

599 7363; Ann Baines, Director, Investor Relations, Toronto, Canada

+1 (647) 832-9904;

on Twitter @LaramideRes

CO: Laramide Resources Ltd.

CNW 07:30e 23-JAN-23

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