November 16, 2010 - Vancouver, BC - Laurentian Goldfields Ltd. (TSX-V: LGF) ("Laurentian", or, the "Company") is pleased to announce that it has established an initial 2011 drill budget of $1 million for the Goldpines North Joint Venture ("GPNJV"), a 50/50 joint venture with partner Kinross Gold Corporation (NYSE:KGC). The GPNJV is located on Ontario Highway 105, approximately 35 kilometres (km) southeast of Red Lake, Ontario.
Having reviewed the results of Laurentian's 2010 exploration program at GPNJV, Kinross has elected to fund a $1 million diamond drill program in early 2011, subject to the approval of the 2011 Kinross Exploration Budget by senior Kinross management and its Board of Directors. Drilling is scheduled to be completed during Q1 of 2011 and will be managed by Laurentian Goldfields Ltd.
The majority of the proposed drilling will be allocated to testing the Pakwash Lake gold geochemical anomaly, one of several prospective targets defined by Laurentian Goldfields Ltd. at GPNJV this year. Upon completion of the $1 million drill program, Kinross will have earned a 75% interest in the GPNJV (see news release dated March 31, 2010).
Pakwash Lake Anomaly
The 4 km by 2 km Pakwash Lake anomaly is defined by detailed lake sediment sampling on a 100 metre by 200 metre spaced sample grid and is characterized by elevated gold and antimony values, flanked by a larger arsenic halo. Of the 484 samples that define the anomaly, 215 ran greater than 100 parts per billion (ppb) gold, with values ranging up to 843 ppb gold.
The Pakwash Lake gold anomaly is spatially associated with the intersection of two prominent faults, one of which marks the contact between meta-sedimentary rocks and a large diorite intrusion. The characteristics of the Pakwash Lake anomaly appear to support Laurentian's exploration model, which is targeting a large, sediment-hosted gold deposit, similar to the Roberto Zone at Goldcorp's Éléonore project, in the James Bay region of Quebec.
A map showing the distribution of gold within the Pakwash Lake Anomaly is available on the Laurentian Goldfields Ltd. website at www.laurentiangoldfields.com
Laurentian's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Patrick Lengyel, P.Geo., Laurentian Goldfields Vice-President, Exploration, who serves as a Qualified Person under the definition of National Instrument 43-101. Lake sediment samples were shipped to Activation Laboratories of Ancaster, ON for Aqua Regia, ICP-MS (ultratrace 1) analyses.
The Goldpines North property represents an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.
About Laurentian Goldfields Ltd.
Laurentian Goldfields 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:
Andrew Brown, President and CEO
Tel: (604) 646-8000
Fax: (604) 642-8088