Lake Shore Gold Corp.
TSX : LSG

Lake Shore Gold Corp.

October 31, 2006 17:00 ET

Lake Shore Reports Latest Results at Timmins West, Including Four Metres Grading 65.65 Grams Gold Per Tonne, and Provides Update at Vogel/Schumacher

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 31, 2006) - Lake Shore Gold Corp. (TSX:LSG) ("the Company") reports the latest results from the resource expansion drilling program at the Timmins West Gold Property and provides an update at the Vogel/Schumacher Property. Lake Shore's resource expansion drilling program at Timmins West is nearing completion and a new resource estimate is expected this quarter.

Timmins West Gold Property

Highlights of the most recent drilling results include core intercepts of 65.65 grams of gold per tonne over 4.00 metres (uncut) within the Ultramafic Zone, and 7.62 grams of gold per tonne over 5.80 metres on section 4400E of the Footwall Zone. Drilling on section 4350E also intersected the Ultramafic Zone averaging 9.03 grams of gold per tonne over 12.00 metres, including 15.20 grams of gold per tonne over 6.50 metres (cut and uncut).

"We remain encouraged and pleased with the continuity and consistency of the deep zones at Timmins West," said Brian Booth, President of Lake Shore. "The mineralized gold system has now been delineated to a depth of more than 1.4 kilometres. The Footwall and Ultramafic Zones remain open at depth, and the Hangingwall Veins and Main Zone remain untested 600 metres and 450 metres below surface respectively. The alteration, veining and mineralization remain very wide and strong on the deepest section drilled, and newly recognized fold structures now offer additional potential at depth."

Exploration drilling on section 4550E encountered the base of the Main Zone and intersected the nose of the Ultramafic Zone, returning 10.42 grams of gold per tonne (uncut) over 6.00 metres. The Main Zone was previously confirmed on section 4550E in drill hole TG06-112 (10.37 grams of gold per tonne over 4.5 metres - uncut), as announced in Lake Shore's press release dated August 16, 2006. Three other holes have also undercut the base of the Main Zone 100 metres further to the west on section 4450E, and four additional exploration holes testing stratigraphy and various conceptual ideas have been completed. No significant results are expected.

Two drills are currently in operation at Timmins West. Drilling on section 4350E is nearing completion, with the last hole - TG06-75n - still in progress. Another hole is exploring for the Main Zone on section 4450E. Drilling will continue into 2007 to test the Ultramafic and Footwall Zones at depth and the Main Zone and the Vein Zones further downplunge.



The latest results from the drilling are as follows:

----------------------------------------------------------------------
Assay(2)
--------------
Gold Gold
Intersection(1) (cut) (uncut)
---------------- (grams (grams
From To Length per per
Section Hole No. (metres) (metres) (metres) tonne) tonne) Zone(3)
----------------------------------------------------------------------
4350E TG06-75m In progress
----------------------------------------------------------------------
TG06-75n In progress
----------------------------------------------------------------------

----------------------------------------------------------------------
TG06-96c 1443.30 1458.50 15.20 4.32 4.32 UM Zone
----------------------------------------------------------------------
including 1452.00 1457.50 5.50 7.75 7.75
----------------------------------------------------------------------
1465.50 1467.50 2.00 5.50 5.50 UM Zone
----------------------------------------------------------------------
1472.50 1484.50 12.00 9.03 9.03 UM Zone
----------------------------------------------------------------------
including 1472.50 1479.00 6.50 15.20 15.20
----------------------------------------------------------------------
1501.40 1502.40 1.00 6.87 6.87 UM Zone
----------------------------------------------------------------------

----------------------------------------------------------------------
TG06-96d 1413.90 1416.20 2.30 10.04 10.04 FW Zone
----------------------------------------------------------------------
including 1413.90 1415.70 1.80 12.47 12.47
----------------------------------------------------------------------
1424.00 1427.00 3.00 2.11 2.11 FW Zone
----------------------------------------------------------------------
1436.75 1442.90 6.15 2.84 2.84 UM Zone
----------------------------------------------------------------------
1459.90 1466.40 6.50 6.85 6.85 UM Zone
----------------------------------------------------------------------
including 1460.90 1463.90 3.00 11.53 11.53
----------------------------------------------------------------------
1488.10 1490.30 2.20 7.08 7.08 UM Zone
----------------------------------------------------------------------
including 1488.10 1489.10 1.00 13.94 13.94
----------------------------------------------------------------------
1525.00 1527.10 2.10 3.19 3.19 UM Zone
----------------------------------------------------------------------

----------------------------------------------------------------------
4400E TG06-75j 1308.60 1309.60 1.00 4.19 4.19 UM Zone
----------------------------------------------------------------------

----------------------------------------------------------------------
TG06-75k 1292.50 1298.30 5.80 7.62 7.62 FW Zone
----------------------------------------------------------------------
including 1292.50 1293.50 1.00 15.48 15.48
----------------------------------------------------------------------
1319.40 1320.70 1.30 4.29 4.29 UM Zone
----------------------------------------------------------------------
1352.20 1352.70 0.50 17.40 17.40 UM Zone
----------------------------------------------------------------------
1379.00 1383.00 4.00 18.86 65.65 UM Zone
----------------------------------------------------------------------
including 1381.70 1383.00 1.30 50.00 193.98
----------------------------------------------------------------------

----------------------------------------------------------------------
TG06-96b No significant results - undercut the
Ultramafic Zone
----------------------------------------------------------------------

----------------------------------------------------------------------
4450E TG06-113 Undercut the Main Zone and extended into
the Footwall Zone
----------------------------------------------------------------------
959.30 964.40 5.10 4.05 4.05 UFW Zone
----------------------------------------------------------------------
including 963.20 964.40 1.20 9.36 9.36
----------------------------------------------------------------------

----------------------------------------------------------------------
4550E TG06-104a 610.80 611.30 0.50 12.45 12.45 M Zone
----------------------------------------------------------------------
641.60 642.10 0.50 8.89 8.89 M Zone
----------------------------------------------------------------------
750.00 751.00 1.00 3.70 3.70 UM Zone
----------------------------------------------------------------------
758.80 760.50 1.70 3.23 3.23 UM Zone
----------------------------------------------------------------------
including 759.40 759.90 0.50 7.02 7.02
----------------------------------------------------------------------
786.85 801.50 14.65 5.13 5.82 UM Zone
----------------------------------------------------------------------
including 793.80 799.80 6.00 8.72 10.42
----------------------------------------------------------------------
or including 793.80 795.10 1.30 23.52 31.37
----------------------------------------------------------------------
(1) Interval reported is core length. True widths are not known at
this time.
(2) All Footwall Zone assays cut to 30 grams of gold per tonne. All
other assays cut to 50 grams of gold per tonne
(3) UM Zone- Ultramafic Zone; FW Zone - Footwall Zone; UFW - Upper
Footwall Zone; M Zone - Main Zone


Vogel/Schumacher Update

A total of four additional holes were completed in the area east and west of the common boundary of the Vogel and Schumacher properties. Hole H-06-07 was drilled 15 metres east of the boundary and returned additional gold intersections up to 5.01 grams of gold per tonne over one metre at the 100-metre level.

Holes H-06-08, H-06-09 and H-06-10 were drilled 10 to 50 metres west of the common property boundary on the Schumacher property. Gold mineralization up to 27.35 grams of gold per tonne over 0.40 metres was intersected in sub-horizontal veins. Gold bearing sub-vertical veins were also intersected.



------------------------------------------------------------------------
Intersection Gold
---------------- Length (grams
From To (1) per Zone Comment
Hole No. Section (metres) (metres) (metres) tonne) (2) (2)
------------------------------------------------------------------------
VOGEL PROPERTY
------------------------------------------------------------------------
Horizontal Vein - 55 Metre Depth
------------------------------------------------------------------------
H-06-07 6915E 58.90 60.00 1.10 3.47 H. Vein VG
+ "V"
------------------------------------------------------------------------
Sub-vertical Veins
------------------------------------------------------------------------
H-06-07 6915E 97.50 98.50 1.00 5.01 V1 ?
------------------------------------------------------------------------
SCHUMACHER PROPERTY
------------------------------------------------------------------------
Horizontal Vein - 110 Metre Depth
------------------------------------------------------------------------
H-06-08 6894E 41.52 41.88 0.36 2.68 H. Vein VG
------------------------------------------------------------------------
H-06-09 6870E 106.30 107.08 0.78 1.85 H. Vein
------------------------------------------------------------------------
H-06-09 6870E 122.07 122.40 0.33 5.34 H. Vein VG
------------------------------------------------------------------------
H-06-09 6870E 215.10 215.50 0.40 27.35 H. Vein VG
------------------------------------------------------------------------
Sub-vertical Veins
------------------------------------------------------------------------
H-06-08 6894E 95.80 96.55 0.75 6.04 V2 ?
------------------------------------------------------------------------
H-06-10 6848E 70.00 70.50 0.50 6.34 V1 ?
------------------------------------------------------------------------
(1) Interval reported is core length. True widths are not known at this
time.
(2) VG - Visible gold noted; H. Vein - Horizontal vein; V, V1, V2 -
Sub-vertical veins


Two deep stratigraphic drill holes were drilled on the Vogel and Schumacher properties to better understand the geology at depth. Hole H-06-11 was drilled to a depth of 975 metres in the western part of the Schumacher property. The best gold assay returned was 1.33 grams of gold per tonne over 1.3 metres at 920.9 metres associated with a weakly altered section of mafic volcanics.

Hole H-06-12 was completed to 1301 metres and was collared 150 metres east of the common Vogel/Schumacher boundary. Two gold intersections were returned up to 7.03 grams of gold per tonne over 0.6 metres at the 719.3 metre level associated with weakly altered volcanics.

Additional drilling is planned for the central part of the Vogel and Schumacher properties.

About Lake Shore

Lake Shore is a mineral exploration company engaged in the acquisition and exploration of mineral properties with prospects for hosting gold and base metal deposits. The Company is currently active in Canada and holds a number of mineral resource properties, either directly or through option agreements, in Ontario and Quebec.

Lake Shore is a reporting issuer in British Columbia, Alberta, Manitoba, Ontario and Quebec, and trades on the Toronto Stock Exchange under the symbol LSG.

The Company's Qualified Person ("QP") for the Timmins West Project is Jacques Samson, P.Geo. and for the Vogel/Schumacher property is Richard Labine, P.Geo. As the QP, each has prepared or supervised the preparation of the scientific or technical information for his respective property.

Forward-looking Statements

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statements.

Contact Information

  • Lake Shore Gold Corp.
    Meghan Brown
    Manager Investor Relations
    (604) 669-3533
    (604) 688-5175 (FAX)
    Email: info@lsgold.com
    or
    Lake Shore Gold Corp.
    Brian R. Booth
    President
    (705) 525-0992
    Email: info@lsgold.com
    Website: www.lsgold.com