Laramide Resources - Update

Business Wire, May 16, 1995

VANCOUVER, B.C.--(BUSINESS WIRE)--May 16, 1995--LARAMIDE RESOURCES LTD (TSE: LAM) Messrs. Marc Henderson and Christian von Hessert have completed the purchase of 4,338,492 Common shares of the Company from Metall Mining Corporation which they announced by Press Release dated April 24, 1995.

Some members of the Board of Directors have met with Messrs. Henderson and von Hessert and the Board supports the acquisition by them of the Metall block of shares as well as their intention to actively participate in the management of the Company.

In addition to reactivating the Lara project, the company's massive sulphide gold-copper-zinc deposit located on Vancouver Island, the new directors intend to introduce Laramide to emerging opportunities in Mexico and the American southwest. Messrs. Henderson and von Hessert have been working to identify low-cost open-pit gold projects that can be rapidly advanced and require minimal start-up capital.

Marc Henderson is a Chartered Financial Analyst domiciled in Toronto, who was previously the president of Minefinders Corporation Ltd., a junior exploration company active in Mexico and Nevada, and Republic Goldfields Inc., a gold mining company listed on the American Stock Exchange. Mr. von Hessert is a geologist and professional engineer living in Brighton, Ontario. He has spent the past fifteen years as a consultant to the mining industry helping junior companies acquire and finance development projects.

To facilitate such participation, Messrs. Frank Balint, a recent appointee of Metall, Gary McDonald, Duncan Stewart, John Stollery and David Watkins have resigned as Directors of the Company and Messrs. Marc Henderson and Christian von Hessert have been appointed in their stead. At this time, management wishes to thank the retiring directors for their loyal service to the Company, particularly Mr. McDonald who has been a member of the Board since the Company was founded in 1981.

As a result, the Board of Directors of the Company now consists of Albert F. Reeve, Jurgen T. Lau, Alan Savage, Marc Henderson and Christian von Hessert. It is intended to add two nominees of Messrs. Henderson and von Hessert to the management slate of directors to be elected at the forthcoming Annual General Meeting scheduled for June 21, 1995.

LARAMIDE RESOURCES LTD.

Albert F. Reeve

President

The Toronto Stock Exchange has neither approved nor disapproved the content of this release.

CONTACT: Albert F. Reeve

604/688-3584

604/688-0378 (Fax)

INDUSTRY KEYWORD: MINING REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or