September 21, 2009 - Vancouver, BC - Laurentian Goldfields Ltd.(LGF.TSX-V) has grown significantly since its launch as a public company in May 2008 and we attribute this growth to a strategy that has made us resilient in the face of an adverse market. Over the past year, Laurentian has formed important alliances with major gold producers, added cost effective exploration assets and replenished the corporate treasury - achievements which have kept our management and technical teams motivated and ready to explore.
We have assembled a strong land position at our Van Horne Project, near Dryden, Ontario, by gaining the option to acquire 100% interest in over 2,900 hectares in this historic gold district. Laurentian is the first company to consolidate a land position of this size around the historic workings at the core of the Van Horne Property. The workings include at least 14 pre-WWII exploration shafts with limited production and three 1980's era historic resources.
A suite of high-grade grab samples collected at Van Horne in 2008, coupled with pending results from ongoing soil sampling, trenching and geophysical surveys, is expected to define a number of drill targets on Van Horne by the end of 2009.
In Quebec, Laurentian also holds 100% interest in the expansive Grenville Project, where 120,000 hectares of mineral claims, that we believe have geological similarities to AngloGold Ashanti Ltd.'s Tropicana Deposit in Western Australia, were staked. The Company continues to explore this ground, as well as opportunities to attract investment and form alliances with major mining companies in the Grenville.
In 2009, Laurentian formed two unique exploration alliances with major gold mining companies that will assist us in conserving cash while participating in gold project generation in some of Canada's premier frontier exploration areas.
Laurentian's Superior Joint Venture Alliance with AngloGold Ashanti Ltd. will focus on grassroots target generation in five select areas in Quebec, Ontario Manitoba and Saskatchewan. The alliance will also partially fund additional exploration efforts at Laurentian's Grenville Project.
The Kinross Gold Corporation Uchi Exploration Alliance Agreement was signed in August 2009 and will target the highly prospective Red Lake, Rice Lake and Pickle Lake greenstone belts for gold deposits in Ontario and Manitoba.
Together, the AngloGold and Kinross alliances will fund $1.3 million in exploration over the coming year, with only $200,000 in additional expenditure requirements by Laurentian. Both of these top tier gold companies currently hold significant share positions in Laurentian Goldfields Ltd.
We are pleased to report that we recently added a new member to our experienced management and exploration team. Laurentian has appointed Ms. Vanessa Pickering as Manager, Corporate Communications. Ms. Pickering previously worked with StrataGold Corporation, where she worked closely with the Board and Management to secure analyst coverage, aided in financings and warrant exercises raising over $70 million, and ensuring open and transparent communications between the Company and its shareholders. Ms. Pickering has developed valuable relationships in the investment community and brings a wealth of communication and marketing skills to the Laurentian team.
Gold discoveries by junior exploration companies have consistently been among the most exciting and rewarding stories in the resource sector. We believe our combination of strategic alliances and wholly-owned exploration projects affords our shareholders one of the best opportunities to participate in new gold discoveries. Laurentian has maximized its exposure to new projects, while reducing the overall cost of exploration to the company.
If you would like more information on our current exploration projects please visit our website at www.laurentiangoldfields.com, or phone Vanessa Pickering, Manager, Corporate Communications at 604-646-1598 for further information on Laurentian Goldfields Ltd.
We look forward to updating you as progress continues.
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. 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:
Manager, Corporate Communications