Lateegra Gold Corp.

Lateegra Gold Corp.

April 28, 2008 03:05 ET

Phosphate Expert Joins the Lateegra Team

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2008) - Lateegra Gold Corp. (the "Company") (TSX VENTURE:LRG)(FRANKFURT:LTG) is pleased to announce that the company has engaged Mr. Stephen Butrenchuk, P.GEOL, to review and author a National Instrument compliant 43-101 report. Mr. Butrenchuk will also provide consulting services to Lateegra Gold Corp. to aid advancement of the Company's recently acquired Fernie Formation phosphate claims.

Mr. Butrenchuk is recognized as one of the leading authorities on phosphate deposits in British Columbia. He began his career with Cominco Ltd. where he spent 16 years as an exploration geologist. He then worked four years on contract to the B.C. Geological Survey during which time completed numerous commodity studies and authored several publications on industrial minerals including:

1999 - Fernie Phosphate Project Assessment Report, BCMEMPR

1998 - Cabin Creek Phosphate Project- Project Summary, BCMEMPR

1998 - Bulletin - Phosphate Deposits in British Columbia, Ministry of Employment & Investment, BCMEMPR

1987 - Phosphate Inventory of Northeastern British Columbia, BCMEMPR

1987 - Phosphate in Southern British Columbia (NTS 82G and 82J) Open File, BCMEMPR

1986 - Phosphate Inventory published by the Legislative Library of British Columbia

Mr. Butrenchuk states: "I am excited to have an opportunity to work with Lateegra Gold Corp. I have always believed in the potential of the Fernie Formation to host economic phosphate deposits and that could not be truer in today's economic climate. Lateegra has secured a large area of very prospective phosphate ground that has potential for economic development."

Mr. Butrenchuk has been contracted to complete a detailed NI 43-101 Technical Report on the Company's current claim holdings which will include re-evaluation of historical drilling completed in the area by Cominco, Imperial Oil, Formosa Resources and First Nuclear Energy.

The Company believes that Mr. Butrenchuk's intimate knowledge of the Fernie Formation will enable them to focus in on the most prospective phosphate areas and quickly identify drill targets.

The Company believes the worldwide economic outlook for phosphoric acid, the principal derivative of phosphate production, will remain strong for the coming years. The Company has recently acquired Fernie Formation phosphate claims totaling in excess of 120,000 acres of land along the contact between Jurassic and Triassic aged rocks where the highest grade phosphate beds are believed to be present. The Company believes that it currently owns the vast majority of the prospective phosphate lands of the Fernie Formation and plans to fast track an exploration program to identify the most economic deposits in the area.

The Fernie BC region is strategically located in proximity to target markets for phosphoric acid with excellent infrastructure including rail, power, labor and abundant supply of sulphuric acid from a nearby smelter.

Concurrent to the Company's planned 2008 summer drill campaign the Company will look to form strategic business partnerships to determine the economic potential of the development of a phosphoric acid plant in the Fernie BC region.

Phosphate, in the form P205, is an essential fertilizer component. It is a nutrient for plants and a constituent in food production. In modern intensive agriculture it is necessary to boost natural phosphate levels in the soil through the addition of phosphate fertilizers. Phosphate fertilizer products such as ammonium phosphate and triple superphosphate form 85% of the primary market for phosphoric acid. Phosphoric acid is created through a wet process when sulfuric acid is added to calcium phosphate rock.

Canada consumes 1.15 million tonnes per year of phosphoric acid, importing 600,000 tonnes annually from central Florida producers. The largest shortages of phosphoric acid in Canada are currently in Alberta, Saskatchewan and Manitoba. The Company believes that a phosphoric acid plant located in Fernie BC would be ideally situated to supply the shortfall of phosphoric acid in western Canada.

In Canada, the phosphoric acid market is currently dominated by Agrium Inc. which operates a phosphate fertilizer production facility in Redwater, Alberta. Agrium Inc. receives the calcium phosphate rock in Alberta from their mine in Kapuskasing, Ontario.

Phoscan Chemical Corp. is the only other junior phosphate exploration company in Canada focused on the advancement of their Martison phosphate deposit, also in Ontario. They plan to develop a phosphoric acid facility near Hearst, Ontario. Phoscan Chemical Corp. trades on the TSX-Venture Exchange having a market capitalization of approximately $260 million dollars.

Fai Lee at RBC Capital Markets states "Morocco-based OCP Group's second quarter prices for phosphate rock is between $350 and $400 per tonne, which is roughly $150 to $200 per tonne higher than they were in the first quarter of 2008."

Mr. Chris Verrico, President of Lateegra, states: "We have some very serious problems developing globally within the food and energy sectors. We believe fertilizer demand will continue to be extremely strong in the coming years and we are pleased to have acquired the Fernie Formation phosphate claims. The Company will now be focused on defining an economic phosphate deposit and exploring the potential of developing a phosphoric acid plant in the Fernie region. We especially look forward to working with Mr. Butrenchuk whom we believe will provide valuable assistance in fast tracking our planned exploration."

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.

The TSX Venture Exchange has not yet reviewed and does not take responsibility for the adequacy or accuracy of the content of this news release.

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