Laurentian Goldfields Announces $500,000 Non-Brokered Private Placement

Vancouver, British Columbia — December 17, 2012 – Laurentian Goldfields Ltd. (TSX-V: LGF) (“Laurentian” or the “Company”) announces that it intends to complete a non-brokered private placement for proceeds up to $500,000 through the issuance of 2.5 million Units at a price of $0.20 per Unit. Each “Unit” will consist of one common share and one common share purchase warrant (“Warrant”). Each Warrant is exercisable to purchase one common share at a price of $0.30 per share for a period of 2 years after the date of issuance. The Warrants are subject to an accelerated expiry date, which comes into effect when the trading price of Laurentian’s common shares closes at or above $0.50 per share for twenty consecutive trading days in the period commencing four months after the date of issuance. In such an event the Company will give an expiry acceleration notice (“Notice”) to Warrant holders and the expiry date of the Warrants will be 30 days from the date of the Notice.

The private placement is subject to certain conditions, including regulatory acceptance, and all securities are subject to a four-month hold period from the date of issuance. It is anticipated that officers and directors of the Company will participate in this offering. Finder’s fees may be payable in connection with the private placement, in accordance with the policies of the TSX Venture Exchange.

Proceeds from this financing will be used to support ongoing exploration programs under the exploration alliance with Antofagasta Minerals S.A. and the joint venture with Kinross Gold Corporation. In addition, funds will be used to support strategic objectives including project evaluations, due diligence towards possible acquisitions and for general working capital.

About Laurentian Goldfields Ltd.

Laurentian is a team of highly skilled professionals focused on the identification, acquisition, and development of high quality exploration projects. A solid technical foundation, partnered with major mining companies through exploration alliances and joint venture agreements, provides significant exploration exposure for shareholders while minimizing shareholder dilution. Laurentian is committed to utilizing its extensive industry experience to identify and acquire exceptional exploration and development opportunities, unlocking value and shareholder growth.

ON BEHALF OF THE BOARD OF DIRECTORS,

“Darin Labrenz”
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
info@laurentiangoldfields.com

Marla Lede
Manager, Corporate Communications
Tel: (604) 697-2412
Fax: (604) 646-8088
mlede@laurentiangoldfields.com