Laramide Receives Draft EIS and Updates Permitting Status for La Jara Mesa Project

Listed on TSX (LAM.TO

TORONTO , May 22, 2012 /CNW/ – («Laramide» or the
«Company» is pleased to provide the following update to shareholders
on the permitting status of the project in Grants, New
Mexico . On May 18, 2012 , the U.S. Forest Service («» issued a
Draft («DEIS» for ‘s La Jara
Mesa uranium project. The issuance of the DEIS represents a significant
milestone in the mine permit process, which would allow underground
development activities and mine production at the La Jara Mesa project.

With the completion of this stage of USFS’s review and notice of
availability of the DEIS published in the Federal Register, there will
now be a public review of the DEIS for a 60 day comment period ending
17 July 2012 . Progress will continue with the National Environmental
Policy Act (NEPA review process of La Jara Mesa, which will ultimately
lead to the completion of the Final Environmental Impact Statement and
Record of Decision (ROD expected later this year.

A copy of the DEIS can be found at Laramide’s website (www.laramide.com or through the following link: http://www.fs.fed.us/nepa/nepa_project_exp.php?project=25654

Permitting Process to Date

To initiate and support the permitting process, Laramide submitted a
Plan of Operations for the La Jara Mesa Project to the USFS in April of
2008 for underground development and mine production. As a result of
the Plan of Operations, the USFS determined the need for an
Environmental Impact Statement, which has been ongoing since May of
2009. The Plan of Operation is also available on the Company’s website.
It is important to note that Homestake Mining Company («Homestake» had
a similar Plan of Operations for the La Jara Mesa project reviewed and
approved by the USFS in 1984 and 1988. In both cases, Homestake chose
not to enter into production because of steep declines in the price of
uranium.

La Jara Mesa Overview

La Jara Mesa project is located in the prolific Grants Mineral Belt, 10
miles northeast of the town of Grants in Cibola County, New Mexico ,
USA.   La Jara Mesa is a sandstone hosted roll-front style deposit with
an NI 43-101 compliant mineral resource estimate with a Measured and
Indicated mineral resources totaling 7,257,817 pounds of uranium (U₃O₈ that are contained in 1,555,899 tons at an average grade of 0.23% U₃O₈, and an additional 3,172,653 pounds of U₃O₈ contained in 793,161 tons at an average grade of 0.20% U₃O₈ as Inferred mineral resources on the property. Considerable historic
uranium exploration activity has been completed on La Jara Mesa by
companies such as United Nuclear Corporation, Gulf Resources and
Homestake. These companies performed exploration work, comprising of
over 700 drill holes as well as metallurgical test work. Historical
metallurgical studies on La Jara Mesa exhibited strong recoveries and
potential underground access is quite straightforward via an inclined
ramp from the valley floor. The Company also believes the project has
additional exploration potential to expand current mineral resources.
The resource lies approximately 700 feet below the surface and
approximately 500 to 800 feet above the water table.

To learn more about Laramide, please visit the Company’s website at www.laramide.com.

The technical information in this news release has been prepared in
accordance with the Canadian regulatory requirements set out in NI
43-101 and reviewed by Peter Mullens , Vice President of Exploration,
Laramide Resources Ltd., a qualified person under NI 43-101 guidelines.

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 . Laramide’s portfolio of advanced uranium projects
have been chosen for their production potential. Its flagship project,
Westmoreland, in Queensland, Australia , is one of the largest projects
currently held by a junior mining company. Its U.S. assets include La
Jara Mesa in Grants, New Mexico , and La Sal in the Lisbon Valley
district of Utah. Its portfolio also includes joint ventures in the
Northern Territory, strategic equity positions and a portfolio of
uranium royalties in the Grants Mineral District of New Mexico .

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.

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