Vancouver, British Columbia -- June 13, 2012 - Laurentian Goldfields Ltd. (TSX-V: LGF) ("Laurentian") is pleased to announce that exploration has commenced on the Goldpines North Joint Venture ("GPNJV"), a 75/25 joint venture with partner Kinross Gold Corporation ("Kinross") located 35 kilometres (km) southeast of Red Lake, Ontario. Budgeted expenditures for the two-phase program are approximately $265,000, with Laurentian contributing 25% and Kinross 75% as per the terms of the GPNJV. The exploration program will advance both the North Sea and Kwai gold geochemical anomalies through surface and top-of-bedrock sampling, with results from this program being used to refine and prioritize gold targets for drill testing.
North Sea and Kwai Anomalies
The North Sea target is a large, 5 km by 2 km gold, arsenic and antimony MMI soil and lake sediment anomaly located at the northeast end of the GPNJV. The anomaly is underlain by mafic volcanic rocks, and is bisected by the East Lake fault which is correlated to a prominent linear magnetic feature. Rock sampling has returned up to 0.907 parts per million (0.91 g/t) gold (Au) from an area of iron-carbonate alteration, and up to 0.489 parts per million (0.49 g/t) Au from rocks bearing quartz-tourmaline stringer veins.
The Kwai anomaly is a large, 6 km by 3 km coincidental gold, arsenic and tungsten MMI soil anomaly associated with a foliated granodiorite located on west side of the GPNJV. Follow-up channel and grab samples collected from quartz-vein bearing, foliated diorite returned up to 0.662 parts per million (0.66 g/t) Au.
Goldpines North Joint Venture (GPNJV)
The GPNJV arose from the Uchi Exploration Alliance between Laurentian and Kinross. The Property was staked in 2010 after regional hydrogeochemical sampling identified anomalous gold concentrations in Pakwash Lake. Currently, Laurentian has a 25% ownership in the GPNJV with Kinross holding the remaining 75%. Kinross recently increased their stake in the property from 50 to 75% by fully funding $1.5 million in exploration over the past two years.
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. and a Qualified Person pursuant to National Instrument 43-101.
About Laurentian Goldfields Ltd.
Laurentian is a team of highly skilled 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 through the identification and acquisition of new exploration opportunities and the advancement and growth of its current portfolio of projects.
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:
President and CEO
Tel: (604) 646-8000
Fax: (604) 646-8088
Manager, Corporate Communications
Tel: (604) 697-2412
Fax: (604) 646-8088