Lateegra Gold Corp.

Lateegra Gold Corp.

August 23, 2010 08:30 ET

Lateegra Strengthens Board

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2010) - Lateegra Gold Corp. (the "Company") (TSX VENTURE:LRG)(FRANKFURT:LTGB) is pleased to announce that Mr. Peter Crossgrove and Mr. Tim Ryan have been appointed to the Company's Board of Directors. 

Mr. Crossgrove is currently a director of Lake Shore Gold Corp having joined its board in November, 2009, following completion of Lake Shore's business combination with West Timmins Mining Inc., where he also served as a director. In addition, Mr. Crossgrove is currently Chairman of Excellon Resources Inc. and Brush Creek Corp, and sits on various boards of directors including Barrick Gold, Quadra Logic Technologies, Pelangio Mines, Detour Gold Corporation and Dundee Realty. He is the former Chairman and founder of Masonite International Inc., and previously served as CEO and Vice Chairman of Placer Dome Inc. Mr Crossgrove is a Member of the Order of Canada, and a recipient of the Order of Ontario, and the Queens Golden Jubilee Medal.

Mr. Ryan is currently a director and Chairman of the audit committee of Excellon Resources, a TSX listed precious metal producer with operations in Mexico and is founder and President of First General Securities Inc. Mr. Ryan holds an M.B.A. from the University of Western Ontario and has served as a director and/or officer of a number of public and crown corporations including West Timmins Mining Corp. (WTM), sitting as an independent director prior to its merger with Lakeshore Gold Corp.

"Both Mr. Crossgrove and Mr. Ryan have extensive business experience, and are knowledgeable of the West Timmins Mining Camp. We are extremely pleased to be able to add these two senior mining executives to the Board of Directors," said Chris Verrico, President and CEO of the Company. "Their combined past accomplishments and demonstrated ability to work as a team will complement the wide range of expertise necessary to help direct the Company through the coming months as management demonstrates the inherent value contained at its DeSantis Mine Project. Infrastructure at the DeSantis Mine includes a 1200 foot three compartment shaft refurbished in the mid 80's by Noranda and is capable of hoisting 1500 tonnes/day. The replacement costs for this piece of key infrastructure is well over ten times the Company's present day market capitalization and will potentially enable near term future gold production. Initially targeting historic gold resources, most recently identified by previous operators Noranda Exploration and Stan West Mining Corp., while unlocking all this inherent value for the benefit of our shareholders, is a task made much easier with help from mining executives such as Mr. Ryan and Mr. Crossgrove."

The DeSantis Property is located immediately north of the Destor-Porcupine Fault Zone, 14 km northeast of Lake Shore Gold Corp's Timmins West Gold project and situated immediately east of and on strike with the Aunor, Delnite, Buffalo Ankerite and Preston Dome Mines trend where in excess of 20 million of the historic 70 million oz.'s of Gold production occurred within the prolific Timmins, Ontario Gold mining district.

In addition, the company announces Mr. Mitchell Adam has resigned as director of the Company and wishes to thank Mr. Adam for his services.

The Company also announces that it has granted incentive stock options under its 2010 stock option plan to its directors, officers and consultants for the purchase of up to 200,000 common shares of the Company for a period of two years at a price of $0.30 per share.


Chris 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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