Lateegra Gold Corp.

Lateegra Gold Corp.

May 04, 2010 09:30 ET

Lateegra Acquires Additional Timmins Destor-Porcupine Fault Gold Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2010) - Lateegra Gold Corp. (the "Company") (TSX VENTURE:LRG)(FRANKFURT:LTGB) is pleased to announce the acquisition, subject to the acceptance of the TSX Venture Exchange, of a 100% interest in additional mineral claims in the Timmins gold belt, northern Ontario.

The Desantis West property covers a total of approximately 240 acres located 5 km southwest of Timmins and is contiguous with the Company's recently acquired Desantis Mine property. Both properties form "The Desantis Mine Project" and adjoin the recent discovery by Metals Creek Resources (MEK-TSX.V), a 50-50 joint venture with Goldcorp Gold Mines, who announced drill intercepts of 5.68 G/T gold over 7.0 meters. The Desantis Mine Project comprises the Desantis Mine having historic gold production during the 1930's up until 1942 and covers 5 km of strike length of the highly prospective Destor-Porcupine Fault which is host to the Dome mine complex and 5 large past producers located between 5 and 10 km east of the property. Lake Shore Gold's Thunder Creek project is located 13 km along strike west of the property and 5 km further west, Richmont Mines Inc. just announced hitting 73.54 G/T gold over 7 meters.

The Desantis West Property has been acquired from arms length Vendors. Acquisition costs total $50,000 and 225,000 shares, staged as follows: $5,000 paid on signing of the agreement; 30,000 common shares of the Company upon TSX Venture Exchange approval of the transaction; $10,000 and 45,000 shares of the Company by the first anniversary of the agreement; $15,000 and 60,000 shares of the Company by the second anniversary of the agreement; and, $20,000 and 90,000 shares of the Company by the third anniversary of the date of the agreement. The Company must also incur a minimum of $50,000 in qualified exploration expenditures on the property in each of the three years of the agreement. The Optionors will retain a two percent (2%) Net Smelter Royalty ("NSR"), of which one-half can be purchased by the Company for $1,000,000, leaving the Optionors with a one percent (1%) NSR.


Christopher Verrico, President and CEO

Cautionary note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has not filed a National Instrument 43-101 report on any property, but will do so as soon as the information is available. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

"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."

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