Vancouver, British Columbia -- July 7 2009 - Laurentian Goldfields Ltd. (TSX-V: LGF) ("Laurentian" or the "Company") is pleased to announce that further to the Company's news release dated June 22, 2009, the Company has received TSX Venture Exchange approval for and has closed the first tranche of a private placement of 5,555,552 Units, comprised of 5,555,552 Flow-Through Shares and 2,777,774 Non-Flow-Through Share Purchase Warrants with MineralFields Group, at a price of $0.18 per unit, to raise proceeds of Cdn. $1,000,000.
The proceeds of this portion of the private placement will be split between exploration projects in Ontario and Quebec. "We are ready to put these exploration dollars to work," stated Andrew Brown, President and Chief Executive Officer of Laurentian. "Trenching is currently underway on the 'Gold Trend', on our Van Horne project in Ontario and we are looking forward to advancing this property to drill-ready status by this winter."
At the closing the Company paid a cash commission to Limited Market Dealer Inc. equal to 5% ($50,000) of the proceeds raised, a due diligence fee of 3% ($30,000) of the proceeds raised, and compensation options exercisable to purchase 555,555 Units, at a price of $0.18 per Unit, for a period of two years from closing.
All of the shares and any shares issued upon exercise of the Share Purchase Warrants or the Compensation Unit Warrants are subject to a hold period and may not be traded in Canada until November 3, 2009, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange.
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 to quickly and cost-effectively screen vast tracts of land for geological and geochemical signatures known to be associated with world class gold deposits.
About MineralFields, Pathway and First Canadian Securities (r)
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities(r), a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.
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:
Andrew Brown, President and CEO
Tel: (604) 646-1596
Fax: (604) 642-2411