Vancouver, British Columbia - June 14, 2011 - Laurentian Goldfields Ltd. (TSX-V: LGF) ("Laurentian" or the "Company") is pleased to announce that AngloGold Ashanti Ltd. has exercised 4,444,444 common share purchase warrants (the "warrants"), resulting in the issuance of 4,444,444 common shares for total proceeds of $799,999.92.
The warrants were issued pursuant to a private placement with AngloGold Ashanti Ltd. (see news release dated June 18, 2009). The warrants were exercisable into one common share at a price of $0.18 per share. As a result, AngloGold Ashanti Ltd. currently represents approximately 19% of the issued and outstanding common shares of Laurentian.
"We are very pleased to have AngloGold Ashanti Ltd. as a major shareholder in Laurentian", said Darin Labrenz, P.Geo., President and CEO of Laurentian. "We see the exercise of these warrants as a strong endorsement of our projects and exploration strategy".
Laurentian intends to use the proceeds to advance exploration at its Thundercloud, Van Horne, and Goldpines properties and for general working capital purposes.
Laurentian is currently drilling at its Van Horne property located 8km southwest from Dryden, Ontario. In addition, the Company will be releasing the final assay results from its completed Phase 1 drill program at its Thundercloud property, located 50km southeast of Dryden, Ontario, as assays are received and interpreted. For further information on these properties please visit www.laurentiangoldfields.com.
About Laurentian Goldfields Ltd.
Laurentian is a team of highly skilled exploration professionals focused on discovery and growth in under-explored regions of mining-friendly jurisdictions. Laurentian generates new projects by employing leading edge exploration concepts and techniques. Laurentian is committed to developing shareholder wealth through identifying, acquiring and advancing high quality exploration properties in Canada.
ON BEHALF OF THE BOARD OF DIRECTORS,
Darin Labrenz, P.Geo.
President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to mineral potential and planned exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, realized mineralization of properties and the timing and success of future exploration, development and production activities.
For further information, please contact:
Darin Labrenz, President and CEO
Tel: (604) 646-8000
Fax: (604) 646-8088
Tel: (416) 722-4925