Vancouver, British Columbia - October 24, 2011 - Laurentian Goldfields Ltd. (TSX-V: LGF) ("Laurentian" or the "Company") is pleased to announce that diamond drilling has commenced at the Company's 100% owned Goldpines South property (the "Property"), located on Ontario Highway 105, approximately 35 kilometres (km) southeast of Red Lake, Ontario. The 34,846 hectare Property is subject to the Superior Alliance with AngloGold Ashanti Ltd. ("AngloGold") whereby AngloGold can earn a 60% interest by incurring $5.4 million in exploration expenditures over three years. AngloGold has incurred approximately $3.2 million in exploration expenditures under the Superior Alliance to date (see press release April 29, 2009).
Laurentian recently completed Phase 4 surface exploration work at Goldpines South which included both infill and grid extension geochemical surface sampling and geological mapping. Upon review of these results, AngloGold has agreed to fund an initial 1,000 metre diamond drill program on select targets within the extensive SLF zone anomaly. Selected targets are characterized by anomalous gold concentrations in soil, and are coincident with magnetic anomalies identified from Laurentian's aeromagnetic survey flown in 2010. Drilling is scheduled to be completed in Q4, 2011 and will be managed by Laurentian.
"We are excited to conduct the first drilling program on the Goldpines South property", states Darin Labrenz, President and CEO of Laurentian. "Surface work has identified multiple discreet geochemical and aeromagnetic anomalies associated with the Sydney Lake fault zone, a crustal-scale structure that bisects the property. The correlation of anomalous geochemistry with this regional feature provides a compelling gold target for this initial drill program."
The SLF Anomaly
The 8 km SLF zone anomaly is located on the west side of the Property and runs parallel and adjacent to the Sidney Lake Fault, a first-order, deep crustal fault zone. The anomaly, underlain by schistose meta-sedimentary rocks of the English River Subprovince, was initially defined by Laurentian's geological crew in 2010 through combined Mobile Metal Ion ("MMI") soil sampling and conventional lake sediment sampling at 500 m centers. Specific targets within the SLF zone anomaly were defined and upgraded through subsequent surface exploration programs.
The technical contents of this release have been reviewed and approved by Mr. Mark J. Pryor, Pr.Sci.Nat., Vice President Exploration for Laurentian Goldfields Ltd., a Qualified Person pursuant to National Instrument 43-101.
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. The Company advances these projects through use of its internal technical team, extensive network of exploration industry specialists, and engaging the financial support of major mining companies by way of exploration alliances and joint venture agreements. 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