February 3, 2011 - Vancouver, BC - Laurentian Goldfields Ltd. (TSX-V: LGF) ("Laurentian", or, the "Company") is pleased to announce that diamond drilling at the Goldpines North Joint Venture ("GPNJV"), a 50/50 joint venture with Kinross Gold Corporation ("or Kinross") (NYSE:KGC) has commenced. The GPNJV is located on Ontario Highway 105, approximately 35 kilometres southeast of Red Lake, Ontario and encompasses 21,976 ha.
The first phase of drilling on the GPNJV will consist of a minimum of 3000 metres of NQ-diameter coring. It is designed to test coincidental, high-grade gold in lake sediment values and aeromagnetic anomalies within the extensive Pakwash Lake target. "We believe that the Pakwash Lake target is amongst the best untested lake sediment anomalies in Canada." said Andrew Brown, President and CEO of Laurentian Goldfields Ltd, "We are unaware of another gold anomaly of this kind, that matches the size, grade and consistency of Pakwash Lake and we are excited to be turning a drill on this exceptional target."
Drill pads have been prepared for three fences of a total of nine drill holes. This initial drilling will be fully funded by Kinross Gold Corp. 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).
About the Pakwash Lake Target
The 4 km by 2 km Pakwash Lake Target 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.
A map showing the distribution of gold within the Pakwash Lake Anomaly is available on the Laurentian Goldfields Ltd. website at www.laurentiangoldfields.com
The technical contents of this release have been reviewed and approved by Mr. Patrick Lengyel, P.Geo., Vice President Exploration for Laurentian Goldfields Ltd., a Qualified Person pursuant to National Instrument 43-101.
About Laurentian Goldfields Ltd.
Laurentian Goldfields Ltd. 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. Laurentian Goldfields is committed to advancing shareholder benefit through the acquisition of high quality exploration properties in Canada.
ON BEHALF OF THE BOARD OF DIRECTORS,
Andrew Brown, M.Sc., P.Geo.
President and CEO
Neither the 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) 646-8088
Michael Joyner, Humbercrest Capital Inc
Tel: (416) 722-4925