Laurentian Goldfields Ltd. Completes Share Issuance to Secure 100% Interest in Grenville Project, QuebecFebruary 20, 2009
Laurentian Goldfields Ltd. (TSX-V: LGF) (“Laurentian” or the “Company”) announces that it has issued 1,000,000 common shares of the Company to Australian Mineral Fields (Grenville) Pty Ltd. (“Ausminfields”), pursuant to the terms of the Termination Agreement made effective January 23, 2009 (see Laurentian press release January 28, 2009). 333,334 shares were released on February 17, 2009 and the remaining 666,666 shares will be held in escrow and released as follows: 333,333 on January 23, 2010 and 333,333 on January 23, 2011. All shares are subject to a regulatory four month hold period expiring on June 18, 2009. The Termination Agreement was accepted for filing by the TSX Venture Exchange on February 4, 2009.
Via the termination of its Joint Venture agreement (the “Termination Agreement”) with Ausminfields, Laurentian now holds 100% interest in the Grenville Project claims in Quebec.
The Grenville Project targets gold properties with geological similarities to AngloGold Ashanti Ltd.’s (“AngloGold”) Tropicana deposit. The Tropicana deposit occurs in the Albany-Fraser Mobile Belt in Western Australia, which is a geological setting very similar in age to that of the Grenville Province.
Laurentian has conducted just under $1 million of early stage exploration on the Grenville Project and is currently seeking a partnership with a major gold mining company in order to advance the project.
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 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 future payments, expenditures and 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 of future payments, expenditures and the timing and success of future exploration, development and production activities.
For further information, please contact:
Lara Cubitt, Manager Corporate Communications
Tel: (604) 646-1599
Fax: (604) 642-2411