Laramide Commences Drilling At Goliath Property, Dryden, Ontario; Mexican Drilling Returns Best Results To Date

Business Wire, Oct 2, 1996

TORONTO--(BUSINESS WIRE)--Oct. 2, 1996--LARAMIDE RESOURCES (TSE: LAM)--Laramide Resources Ltd. (LAM-TSE) is pleased to announce that a minimum 1,500 metre diamond drill program will begin tomorrow on its Goliath Property located approximately 15 km east of the Town of Dryden, Ontario.

The Goliath Property adjoins the Thunder Lake West Property where a joint venture of Teck Corporation and Corona Gold Corp. have been drilling since June in an effort to in-fill and expand an announced gold resource of 820,000 ounces. Laramide owns 100 percent of the Goliath Property subject to a purchase option.

The focus of this first phase of drilling at Goliath will be to test for additional mineral zones indicated by two strong geophysical targets that lie south of - and parallel to - the structure currently being drilled by Teck/Corona. The current program calls for four widely spaced holes on each target with the program to be expanded based on success.

At the Cerro Colorado Property in Sonora, Mexico results continue to be highly encouraging with the most recent assays returning the best values yet seen on the property. Holes 51, 53, 54 and 55 drilled vertically near the Harris workings returned ore grade intersections over widths of up to 75 metres. Hole 51 intersected 1.2 grams over 46 metres; Hole 53 returned 2.8 grams over 49 metres; Hole 54 intersected 1.5 grams over 9 metres; and Hole 55 returned 2 grams over 75 metres. Hole 51 is 47.5 metres NE of Hole 55, Hole 54 is 24 metres NW of Hole 55, and Hole 55 is 25 metres NE of Hole 53.

"We are very pleased with the results of our second phase drill program thus far," stated the President Marc C. Henderson, "as they clearly indicate that Cerro Colorado has the potential to host a large gold resource."

Drilling at Cerro is ongoing, with the drill now testing the Breccia Central target area, where surface channel sampling returned values averaging greater than 4 grams per tonne.

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CONTACT: Laramide Resources Ltd.

Marc C. Henderson, 416/599-4133

Albert Reeve, 604/688-3584