July 3, 2008 - Laurentian Goldfields Ltd. ("Laurentian" or the "Company") is pleased to announce the completion of Phase 1 of its 2008 Grenville Project exploration program. The Grenville Project is a generative exploration initiative by Laurentian, focused on the discovery of gold deposits similar to the Tropicana deposit owned by AngloGold Ashanti Ltd. and Independence Group NL in Western Australia. The Tropicana deposit is hosted in rocks of similar age and geological setting to those of the Grenville Geological Province in Quebec. In December 2007, AngloGold Ashanti announced an initial indicated and inferred resource estimate for the project of 62.8 million tonnes grading 2.01 grams/tonne and containing 4.05 million ounces of gold.
The Grenville Project is part of a strategic alliance with Australian Mineral Fields Ltd., the details of which can be found on Laurentian's website (www.laurentiangoldfields.com). The Grenville Project comprises 2,134 claims (118,237 hectares) centered on hydrogeochemical gold anomalies discovered during a preliminary survey completed by Laurentian in 2007.
The objectives of Phase 1:
1. Refine the hydrogeochemical gold anomalies discovered in 2007 by infilling reconnaissance-scale sampling.
2. Expand on the 2007 survey by taking additional samples beyond the limits of "open ended" gold anomalies defined by the earlier work.
3. Begin "ground-truthing" the 2007 hydrogeochemical anomalies by taking rock samples at close spacings within the anomalous areas for assay, multi-element analysis (ICP-MS) and spectrometry in order to geochemically define large scale alteration systems that can be used to focus Phase 2 prospecting and mapping.
The occurrence of copper and iron sulphide mineralization along structures coincident with several of the 2007 gold anomalies is highly supportive of the existence of a local source for gold-bearing mineralization. A total of 388 rock samples were taken for assay and multi-element analysis (ICP-MS) and an additional 106 samples were taken for whole rock analysis and petrography. A four week time frame and budget of $470,000 was allotted for Phase 1 work, which was completed within these constraints. Assays and analytical work are pending.
Phase 2 of the 2008 Grenville Project exploration program will begin in late August and will focus on following up the analytical results of Phase 1. In particular, Phase 2 will include additional ground work, detailed mapping, sampling and prospecting in priority areas defined by the Phase 1 sampling.
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. The Company employs 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
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to 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, the timing and success of future exploration, development and production activities.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Laurentian Goldfields Ltd.
Manager Corporate Communications
(604) 642-2411 (FAX)