Laurentian Goldfields Ltd. Completes Drill Program at Goldpines North Joint VentureApril 12, 2011
Vancouver, British Columbia – April 12th, 2011 – Laurentian Goldfields Ltd. (TSX-V: LGF) (“Laurentian”) announces that diamond drilling has completed at the Goldpines North Joint Venture (“GPNJV”), a 50/50 joint venture with Kinross Gold Corporation (“Kinross”). The GPNJV is located on Ontario Highway 105, approximately 35 km southeast of Red Lake, Ontario. The drill program, fully funded by Kinross under the terms of the GPNJV, tested the first of four targets defined by exploration activities in 2010 over the 21,976 hectare Goldpines North property.
The 2,698 metre program consisted of 3 drill fences spaced 1-2 km apart (nine holes) targeting specific, coincidental geochemical and geophysical anomalies within the extensive Pakwash Lake target area. Although the drilling failed to intersect high grade gold mineralization, hydrothermal alteration with a geochemical signature similar to the Pakwash anomaly has been identified along the Keelson fault array. Upon review of the drilling results, Kinross and Laurentian have agreed that additional follow up work is warranted for the 4 km by 2 km target area.
A summer exploration program is proposed for the GPNJV, and is to include infill geochemical sampling and mapping over the North Sea target, a large gold, arsenic and antimony anomaly located approximately 5 km north of the Pakwash anomaly. The objective of the surface exploration program is to define drill targets for testing in Q1 2012. Upon further expenditures of approximately $130,000, Kinross will have earned a 75% interest in the GPNJV (see news release dated March 31, 2010).
About the Goldpines Property
The 56,822 hectare Goldpines property hosts an extensive gold, arsenic and antimony geochemical anomaly defined and staked by Laurentian along the contact of the Uchi and English River Geological Subprovinces. The property straddles the boundary between areas of interest and has been separated into two projects, with Goldpines North forming the GPNJV with Kinross, and Goldpines South subject to the terms of the Superior Alliance with Anglogold Ashanti Ltd.
At the Goldpines South property, fieldwork will resume this summer and will include both infill and grid extension surface geochemical sampling and geological mapping. This exploration program has been designed and approved with the objective of advancing the West Leg anomaly for drill testing in Q4 2011 or Q1 2012.
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 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