Laurentian Goldfields Ltd. Increases Land Position at Van Horne, OntarioMay 13, 2009
Laurentian Goldfields Ltd. (TSX-V: LGF) (“Laurentian” or the “Company”) is pleased to announce that it has further increased its land position in the Van Horne Township, near Dryden, Ontario, by negotiating an option to acquire the mineral rights to a single patent mining claim within the boundaries of the Company’s existing Van Horne Property (see July 2008 press release).
To earn a 100% interest in the new land position, the aggregate consideration payable by the Company to the property vendors over a period of four years will be $29,500 in cash and 10,000 common shares of the Company, subject to regulatory approval. This option will be subject to the aggregate $1,600,000 in exploration expenditures required to maintain the adjacent options in good standing, as described in Laurentian’s July 2008 press release.
The vendors will retain a 2% net smelter return (NSR) on the new land position, with Laurentian retaining the right to repurchase one-half of the NSR for $1,000,000.
Laurentian has also staked an additional 73 unit (1,168 hectare) claim block over highly prospective ground, southwest of and contiguous with the Company’s existing claims. Including the newly optioned and staked ground, the size of the Van Horne Property now stands at 2,907 hectares.
In 2008 Laurentian’s geologists collected grab samples along a 4 kilometre long trend, eight of which assayed better than 15 g/t gold, including one as high as 124.5 g/t gold.
For 2009, the summer exploration program on the Van Horne property is intended to infill the reconnaissance data from 2008. The work will include additional mapping along geological structures to confirm their extent. Additional rock and soil sampling will be completed to better define geochemical anomalies along these target structures.
Strategic stripping and detailed mapping will also be completed on select showings, in part to further define mineralization controls and also to try to expose previously unexposed mineralization beneath new geochemical anomalies. The combined results will be used to design a follow up diamond drilling program for the winter of 2009/2010.
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 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 the 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, unit issuances, expenditures and use of proceeds and exploration, development and production activities and the acquisition of mineral property interests. 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, regulatory approvals, the timing of future payments, unit issuances and expenditures and the timing and success of future exploration, development and production activities.
For further information, please contact:
Andrew Brown, President and CEO
Tel: (604) 646-1596
Fax: (604) 642-2411