Laurentian Goldfields Announces Sale of Belcourt Property to Pershimco Resources Inc.

Vancouver, British Columbia — January 15, 2013 – Laurentian Goldfields Ltd. (TSX-V: LGF) (“Laurentian”) is pleased to announce that it has amended its option agreement with Pershimco Resources Inc. (TSX-V: PRO) (“Pershimco”), and concluded the sale of its Belcourt Property (the “Property”) for total gross proceeds of $570,000 over a 17 month period. In addition to payments of $200,000 and $270,000 received in 2011 and 2012 respectively, Laurentian has received a final payment of $100,000 and has granted Pershimco a 100% interest in the Property.

Laurentian will retain a 2% net smelter royalty (“NSR”) on the Property with Pershimco having the option to buy back 1% of the NSR for $1,000,000. Pershimco can purchase the other 1% of the NSR, subject to the filing of a feasibility study for commercial production, for $5,000,000 or, at Laurentian’s discretion, an amount equivalent to five dollars per ounce of gold in reserves (proven and probable), plus one dollar per ounce of gold in resource (measured and indicated) on the Property as published in a current feasibility study or the most recent NI 43-101 compliant resource estimate (see press release July 27, 2011).

Thundercloud Property

After an internal review Laurentian has determined that the Thundercloud Property in Ontario did not meet its corporate objectives and has elected to terminate its option with Teck Resources Limited.

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