October 22, 2010 -- Vancouver, BC - Laurentian Goldfields Ltd. (TSX-V: LGF) ("Laurentian", or, the "Company") announces that it intends to complete a non-brokered private placement financing for proceeds of up to $500,000 by issuance of up to 2.7 million units ("Units") priced at $0.18 per Unit.
Each Unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.25 per share for up to one year after the date of issuance.
The Company intends to use the proceeds for project evaluations, possible acquisitions and general working capital.
Finder's fees may be payable in connection with this private placement. This transaction is subject to regulatory approval and all units issued will be subject to a four-month hold period from the date of issuance.
About Laurentian Goldfields Ltd.
Laurentian is a team of highly skilled exploration professionals focused on discovery in under-explored regions of mining-friendly jurisdictions. Laurentian generates new projects by employing leading edge exploration concepts and techniques to quickly and cost-effectively screen vast tracts of land for geological and geochemical signatures known to be associated with world class gold deposits.
ON BEHALF OF THE BOARD OF DIRECTORS,
Andrew Brown, M.Sc., 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:
Vanessa Pickering, Manager, Corporate Communications
Tel: (604) 646-8000
Fax: (604) 642-8088