Vancouver, British Columbia - February 1, 2012 - Laurentian Goldfields Ltd. (TSX-V: LGF) ("Laurentian" or the "Company") announces that diamond drilling has been completed at the Goldpines South property (the "Property"), located on Ontario Highway 105, approximately 35 kilometres (km) southeast of Red Lake, Ontario. The drill program, fully funded by AngloGold Ashanti Ltd. ("AngloGold") under the terms of the Superior Alliance (please see news release dated April 29, 2009), tested three of seven widely spaced gold-in-soil geochemical targets recently defined by Laurentian within the extensive SLF zone anomaly.
The 972 metre drill program consisted of three holes targeting three discreet geochemical and geophysical anomalies within the 8 km SLF zone anomaly, located on the west side of the Property. The three holes focused on widely spaced targets, separated by 4.2 km and 2.3 km respectively, within the extensive anomaly. Although drilling failed to intersect significant gold mineralization, the Company is encouraged by the local presence of iron sulphides, weak chloritic and potassic alteration. It is management's opinion that the four additional anomalies within the 8 kilometre long SLF zone also warrant drill testing. Further evaluation of drill results is ongoing and will be used to guide the next phase of exploration on the Property.
The Goldpines Property
The 56,822 hectare Goldpines property hosts an extensive gold, arsenic and antimony geochemical anomaly defined and staked by Laurentian along the contact of the Uchi and English River Geological Subprovinces. The Property is subdivided into two projects, namely the Goldpines North Joint Venture with Kinross Gold Corporation and Goldpines South, which is 100% owned by Laurentian, and subject to the terms of the Superior Alliance with AngloGold Ashanti Ltd. As of December 31st 2011, AngloGold Ashanti Ltd. has provided approximately $3.5 million in exploration funding under the Superior Alliance.
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 Goldfields is a team of highly skilled and proven exploration professionals focused on the acquisition, exploration and development of high quality gold properties in Canada. The Company advances its prospective projects through the use of its internal technical team, extensive network of exploration industry specialists and by engaging the financial support of major mining companies through exploration alliances and joint venture agreements. Laurentian is committed to increasing shareholder value by exploring and advancing properties that have the potential to host world class gold deposits.
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