Lateegra Gold Corp.

Lateegra Gold Corp.

June 24, 2010 09:30 ET

Lateegra Gold Corp.: Drilling Underway at DeSantis

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2010) - Lateegra Gold Corp. (the "Company") (TSX VENTURE:LRG)(FRANKFURT:LTGB) is pleased to announce that drilling is now underway on the recently acquired DeSantis Mine project in the West Timmins area, Ontario. The originally scheduled drilling was postponed several weeks due to extremely dry conditions and forest fire hazard in the area. The Company is proceeding with its planned initial 10,000 meter diamond drill program and it is anticipated that drilling will continue throughout the summer and into the fall of 2010.

The DeSantis mine lies immediately north of the famous Destor Porcupine and hosts at least 5 known gold bearing zones including: the Contact Zone; Hydrothermal Zone; Albitite Zone, Arsenopyrite Zone; and East Pit area. Subsequent to surface and underground exploration in the 1980's, previous operators, Noranda Exploration and Stan West Mining Corp., reported reserve estimates for two of the mineralized zones (the Hydrothermal and Albitite zones). The reserve estimate for the Albitite Zone (between the 715' to 1,175' levels), as calculated by Stan West and classified as "probable" stood at 72,212 tons with an averaged grade of 0.229 oz Au per ton (Derry, Michener, Booth & Wahl, 1988). In 1989, Stan West (van Hees, E. H., 1989) calculated a reserve estimate for the Hydrothermal Zone of 129,000 tons with a cut grade 0.265 oz Au per ton (cut to 1 ounce), or 334,308 tons grading 0.19 opt (cut to 3.50 ounces).

The above reserve estimates are historic in nature and do not have currently demonstrated economic viability. Although the reserve estimates are relevant, a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. The Company is not treating the historical estimates as current mineral resources or mineral reserves and therefore the historical estimates should not be relied upon.

The Company has been compiling data from the greater than 300 historic drill holes, along with shafts and drift development down to the 1175 foot level, into a 3D model now viewable on the Company website, The first series of drill holes are designed to help interpret and confirm the historical drilling (drilling conducted over 25 years ago) on the Albitite Zone. 

Drilling commenced last week and the initial hole is on target at this time, progressing below the deepest mine workings of the 1175 foot level. Initial core inspection confirms local geology being typical of the other mines nearby.

The exploration program is being led by Professional Geologist Robert Duess, Senior Technical Adviser and consultant to the Company. Bob has extensive experience in the Timmins Gold Camp extending back to the discovery of the Golden River Deformation Zone for Band-Ore Resources in 1996. Bob, former Vice President of exploration for Band-Ore Resources, more recently held the role of senior technical consultant to West Timmins Mining Inc. which amalgamated with Lake Shore Gold Ltd. in a deal valued at $424-million during November, 2009.

President and CEO, Christopher Verrico, states: "Having Bob lead our exploration team provides us with decades of experience in the prolific Timmins gold belt and couldn't come at a better time for the shareholders of the company. Mr. Duess has successfully guided millions of dollars worth of exploration programs in the camp that preceded several successful public company mergers. An experienced management team, an advanced mining project with a world class address and a well financed exploration budget are all prerequisites for success in this prolific gold camp."

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the Company by Robert Duess, P.Geo., a qualified person.


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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