Vancouver, British Columbia - May 10th, 2011 - Laurentian Goldfields Ltd. (TSX-V: LGF) ("Laurentian") is pleased to announce that it has staked approximately 130,600 ha of mineral claims over an intrusive complex in northern Saskatchewan that is prospective for "Rossing-type" uranium mineralization. The claims, collectively known as the Hickson property, comprise 31 contiguous blocks with the southern edge located approximately 45 km north of La Ronge, Saskatchewan.
Laurentian identified this target when gold-generative work in 2009 revealed an extensive uranium anomaly in regional lake sediment and till data that was spatially associated with the Hickson Lake pluton. A total of 120 rock samples, which returned values ranging up to 120 ppm uranium, were collected from peak anomalous areas in a follow up, helicopter-supported reconnaissance exploration program completed in the fall of 2009. No airborne radiometric surveys have been reported over the target area.
Laurentian views the Hickson property as geologically comparable in setting to the world class Rossing (Rio Tinto Ltd. -- 69%) and Husab (Extract Resources Ltd.) uranium deposits of Namibia. The Rossing operation currently contributes approximately 6% of global uranium production (http://www.world-nuclear.org/info/inf23.html), and the Husab Project is the world's fifth-largest known primary uranium deposit.
Laurentian intends to fly an airborne radiometric survey over the Hickson property this summer to further define areas of potential uranium mineralization, and to carry out a ground reconnaissance program thereafter. Laurentian is evaluating strategic options for the Hickson property and remains focused on a core strategy of gold exploration.
Geological Setting of Rossing-Type Deposits and the Hickson Property
Rossing-type deposits form when uranium-rich volatiles derived from Alaskite-type intrusions are deposited against adjacent reduced graphitic sediments. Spatially associated limestone-rich sediments are also thought to be important in buffering the mineralization process.
The Hickson property is underlain by the Hickson Lake pluton, a large and complex granitoid intrusion with Alaskite-like phases emplaced along the regional Paull River shear zone between the La Ronge and Rottenstone domains. The Hickson Lake pluton was emplaced into a pelitic-psammitic sedimentary assemblage with abundant calc-silicate occurrences that are interpreted to represent metamorphosed limey sediments.
Sample Analysis and QA / QC
All 2009 reconnaissance rock samples were sent to ALS Chemex in Vancouver, BC for analysis of gold by AA/FA (Au- AA23) elements by four acid digest and 44 elements by Inductively Coupled Mass Spectrometry (ME-MS61). Information regarding the Hickson property can be viewed on Laurentian's website: www.laurentiangoldfields.com.
The technical contents of this news release have been reviewed by Mr. Patrick Lengyel, P.Geo., Vice President Exploration for Laurentian Goldfields Ltd., a Qualified Person pursuant to National Instrument 43-101.
Appointment of CFO
Laurentian is pleased to announce the appointment of Mr. Nick Corea, CA, to Chief Financial Officer. Mr. Corea has been an integral part of the Laurentian team as Financial Controller since June 2008 and prior to that was a Senior Associate at PricewaterhouseCoopers LLP. Mr. Corea is a Chartered Accountant in good standing with the Institute of Chartered Accountants of British Columbia.
Mr. Corea replaces Mr. Chris Twells, who is leaving Laurentian to pursue other opportunities. Management thanks Mr. Twells for his contributions to Laurentian, and wishes him the best in his future endeavours.
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. Laurentian Goldfields is committed to developing shareholder wealth through identifying, acquiring and advancing high quality exploration properties in Canada.
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:
Darin Labrenz, President and CEO
Tel: (604) 646-8000
Fax: (604) 646-8088
Tel: (416) 722-4925