May 21, 2010 -- Vancouver, BC -- Laurentian Goldfields Ltd. (LGF-TSX.V) ("Laurentian", or the "Company") announces that it has completed a 7,184 line kilometer (km) combined magnetometer and VLF/EM airborne geophysical survey over the Goldpines Property, located 34 km south of Red Lake, Ontario, and is now set to commence the ground-based follow up exploration.
Beginning this month, Laurentian will complete a program of detailed rock and soil geochemistry, mapping and prospecting over the entire Goldpines property, in order to locate the source of anomalous gold, arsenic and antimony geochemistry, detected during Laurentian's first phase of prospecting in 2009 (see Laurentian news release dated March 4, 2010).
"We are seeing excellent correlation between our gold geochemistry and previously unrecognized geological structures that are apparent in the recently completed, high-resolution geophysical survey," states Andrew Brown, President and CEO of Laurentian. "We are convinced that Goldpines is a spectacular opportunity for a new discovery a short distance away from one of Canada's foremost mining camps."
The target at Goldpines is a large, sediment-hosted gold deposit, similar to Goldcorp's Éléonore property, in the James Bay region of Quebec.
About Goldpines Property
The Goldpines Property hosts a 200 km2 gold, arsenic and antimony geochemical anomaly defined and staked by Laurentian along the contact of the Uchi and English River Geological Subprovinces. The Goldpines Property is currently divided into two separate and distinct projects: a) the Goldpines North Joint Venture, with Kinross Gold Corporation ("Kinross") (see Laurentian news release dated March 31, 2009) and; b) Goldpines South, a project funded by and subject to the terms of the Superior Alliance, between Laurentian and AngloGold Ashanti Ltd ("AngloGold") (see Laurentian news release dated April 29, 2009).
The Goldpines North Joint Venture comprises 108 claims, covering a total of 21,926 hectares and the Goldpines South project comprises 143 claims covering a total of 34,731 hectares. The objectives of the exploration programs for both projects are the same for 2010: to gather sufficient geological information to be able to define drill targets for Q1, 2011. Specific activities within the two projects, such as the airborne geophysical survey, benefit from shared logistics and will be undertaken for both projects concurrently. The dissemination of data and distribution of costs will remain separate and distinct, between the Goldpines North Joint Venture and the Goldpines South project.
About Laurentian Goldfields Ltd.
Laurentian Goldfields Ltd. is a team of highly skilled exploration professionals focused on gold discoveries in Canada's frontier exploration areas. Laurentian's innovative exploration approach has drawn the attention of major mining companies such as AngloGold Ashanti Ltd. and Kinross Gold Corporation, who are currently fully-funding over $4 million in grass roots exploration alliances with the Company. Laurentian is committed to the identification and acquisition of new exploration opportunities, in addition to the advancement and growth of our current project portfolio.
Laurentian Goldfields Ltd. Change of Address
Laurentian Goldfields Ltd. would like to announce that the Company will be moving corporate offices as of June 1, 2010.
The new office will be located in the same building we are currently in and offer Laurentian additional room to grow as our team expands and projects progress.
As of June 1, 2010 our new address and phone numbers will be:
LAURENTIAN GOLDFIELDS LTD.
Suite 500-625 Howe Street
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) 646-1598
Fax: (604) 642-2411