Lateegra Gold Corp.

Lateegra Gold Corp.

February 28, 2011 08:30 ET

Lateegra Gold Corp. Announces Commencement of Exploration Drilling at Beschefer Project, Quebec

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2011) - Lateegra Gold Corp. (TSX VENTURE:LRG)(FRANKFURT:LTGB) ("Lateegra" or "the Company") is pleased to announce the commencement of exploration drilling on its Beschefer Project, Quebec. 

A diamond drilling program of approximately 2,000 metres in 6 holes is planned as a first phase of exploration drilling by Lateegra on the project. This drilling campaign is focused on follow-up of historic ore grade gold intercepts by other operators on the property as well as will test trends indicated from recently completed geophysical surveying.

Lateegra's Beschefer Project is located in the north-central portion of the prolific Abitibi Subprovince of the Canadian Shield within the Harricana-Turgeon Greenstone Belt, approximately 10km east of the Selbaie Mine (past production of 56.5 million tonnes grading 0.56gpt Au, 38.1gpt Ag, 0.87% Cu, and 1.85% Zn; MRNQ, DV 2001/01), 50km northeast of the Casa Berardi Mine (in production), and 60km east of the Detour Lake Project (in development). The Beschefer property consists of 33 claims covering 5.3 sq. km. Access to the property is excellent with a regional road and power line passing 2 km north of the property and an access road cross-cutting the property.

The Beschefer property is situated within intermediate to mafic volcanic rocks of the Broulan Volcanic Complex on the east flank of the Broulan batholith. Gold mineralization in the B-14 Zone as well as elsewhere on the property is hosted by hematized, sericitized and silicified volcanics which also contain 1 to 5% disseminated pyrite and 2 to 15% quartz+/-carbonate veins and veinlets. This geological setting is typical of other shear zone hosted gold deposits throughout the Abitibi. 

The B-14 Zone was discovered by Billiton Canada Inc. in February 1996 with drill hole B14-1. Subsequent drilling by Sea Green Capital Corp. focused on follow-up in the near vicinity of drill hole B14-35. Historic drill intercepts (uncut gold grades) on the Beschefer property from these former operators include:

DDH No. From (m) To (m) Gold Grade* (gpt) Intercept Length (m)
B14-1 153.0 154.5 8.56 1.5
   and, 168.0 177.0 2.96 9.0
B14-4 159.9 160.7 17.27 0.8
B14-5 158.5 159.5 1.85 1.0
B14-6 156.1 159.7 7.41 3.6
   including, 156.1 157.3 11.78 1.2
   and, 168.3 169.5 8.15 1.2
   and, 172.7 184.1 5.18 11.4
   including, 180.8 181.6 20.69 0.8
B14-28 108.4 110.0 2.70 1.6
   and, 115.9 116.6 4.34 0.7
   and, 123.8 125.0 6.17 1.2
B14-30 121.0 121.3 15.58 0.3
B14-31 139.5 143.1 3.50 3.6
   including, 139.5 140.5 9.71 1.0
B14-35 204.0 212.0 10.27 8.0
   including, 204.4 205.0 86.57 0.6
B14-39 319.3 324.6 2.53 5.3
   and, 330.9 334.2 3.55 3.3
B14-43 187.3 187.8 29.71 0.5
   and, 195.0 195.6 5.92 0.6
SBJ-06-01 201.8 211.8 4.46 10.0
   including, 201.8 202.8 12.45 1.0
SBJ-06-03 176.0 177.0 2.43 1.0
   and, 190.0 191.0 1.81 1.0
   and, 218.0 219.0 1.71 1.0
   and, 227.0 230.0 1.98 3.0
   and, 233.0 234.0 1.96 1.0
*Note: gold grades are uncut

Since acquisition in early 2011, Lateegra has completed linecutting, IP, and ground magnetometer surveying on the property. A 3D geological compilation of the project is also in progress. The relationship of the B-14 Zone intercepts with other significant gold intercepts on the property will be examined in Lateegra's upcoming exploration programs. 

President Chris Verrico comments, "Lateegra's Beschefer Property with its previously identified B-14 Zone holds tremendous potential for exploration success."

"This is an important milestone for Lateegra as, along with the recently completed drilling campaign on the DeSantis Project (LRG Press Release Dec. 2, 2010), it represents a second step in the significant investment of exploration expenditures on Lateegra's properties in Ontario and Quebec. This, along with the recent augmentation of the company's exploration team, marks the emergence of Lateegra as a significant, active explorer in the northeastern Ontario and northwestern Quebec gold camps."

Reporting of Historical Work

Certain of the exploration results reported on in this news release are based on historical work by others and are identified in the preceding as such. Those reports of work cannot and have not been fully verified by Lateegra. Investors or potential investors should take this into account.

Drilling, Assaying and QA/QC

The Company intends that its' exploration programs be subject to QA/QC and security programs which conform to industry-standard best practices and are in compliance with NI 43-101.

The current phase of diamond drilling on the Beschefer Project is being conducted by Bradley Bros. Drilling Ltd. Analytical work is being performed by ALS Chemex Ltd., an ISO 9001-2000 registered laboratory with internal QA/QC procedures. Lateegra utilizes, as part of its' QA/QC program, the insertion of standard reference materials and blanks representing approximately 5% of the total sample population. Drill core is sampled according to standardized technical procedures, which include the core being sawn in half, half of the core being retained, while the other half is sampled for gold analysis via Fire Assay-Atomic Absorption finish using a 50g assay aliquot. Intervals where visible gold has been identified are analyzed via gravimetric or screened metallic procedures. Samples are securely packed for shipment utilizing security seals noted on Chain of Custody documents, which are confirmed as intact upon receipt at ALS's sample receiving facility.

Qualified Person

Lateegra's exploration programs are conducted under the supervision of its Vice President of Exploration, Ms. Heather Miree. Ms. Miree is a Qualified Person as defined by NI 43-101, and has reviewed and approved this news release.

About Lateegra

Lateegra is a well-financed junior exploration company with gold exploration properties primarily located in northeastern Ontario and northwestern Quebec. The Company is currently conducting geophysical surveying on the Beschefer Project, located near La Sarre, Quebec and the Stoughton Project, near Lake Abitibi. In 2010, Lateegra completed over 4,000 metres of diamond drilling on its wholly-owned DeSantis Project located within the Porcupine gold mining district and plans to commence follow-up drilling on DeSantis during the second quarter 2011. The Company's common shares trade on the TSX Venture Exchange under the symbol LRG.


Christopher Verrico, President and CEO

"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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