Lateegra Gold Corp.

Lateegra Gold Corp.

March 23, 2007 03:05 ET

Lateegra Gold Mobilizes Field Crews to Auripamba, Acquires "Efyza 2" Property in Ecuador

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2007) - Lateegra Gold Corp. (the "Company") (TSX VENTURE:LRG)(FRANKFURT:LTG) is pleased to announce the commencement of a phase I exploration program on the Company's recently acquired Auripamba East and West properties.

The Auripamba concessions, comprising 5 concessions located in the Provinces of Bolivar, Los Rios and Guayas in central Ecuador are adjacent to and surrounding Salazar Resources (TSX VENTURE:SRL) ("Salazar"), highly prospective Curipamba project (see Stockwatch NR dated March 20, 2007) where Salazar has announced trenching results including 17meters grading 11.2 g/t gold and 505 g/t Silver. The Auripamba property consist s of two separate concession blocks: Auripamba East, covering an area of 13,650 hectares and the Auripamba West which covers an area of 9800 hectares.

The president of Salazar Resources Ing Fredy Salazar spent nine years as a senior geologist for Newmont Gold and provided consulting services for Aurelian Resources. Mr. Salazar was instrumental in the identification of the land package known as the Condor project held by Aurelian Resources and the El Condor project held by Lateegra located in the emerging gold belt in southern Ecuador.

Details of this first phase exploration program include conducting a regional stream sediment survey followed up by both regional and detail mapping and sampling of known mineralized target zones. The Company is preparing to move forward aggressively with a phase II exploration program, pending successful outcome of the Phase I results.

The Company is also pleased to announce the joint acquisition of the "Efyza 2" claims, an approx. 700 hectare holding, located adjacent to the Company's existing M10 concession, with MPH Ventures (TSX VENTURE:MPS) ("MPH"). Acquisition costs include payment of USD$50,000 (which the Company has paid), for which MPH will reimburse the Company as to 50%. A first pass field program by MPH Ventures on the Company's adjoining M10 concession indicated the potential relevance for the Efyza 2 claims within the local geological setting.

The 4,915 hectare M10 concession is currently undergoing a first phase exploration program through MPH who have an option to earn a 50% interest in the M10 concession by spending $2,500.000 on exploration over 4 yrs., paying $50,000 to the Company and issuing 600,000 shares to the company over a 4 yr period. Due to the relevance of the Efyza 2 property within the framework of the M10 concession, the exploration expenditures under the M10 option with MPH will be extended to the Efyza 2 property, with expenditures to be approved by mutual consent between MPH and the Company.

The above transaction is subject to approval of the TSX Venture Exchange.

Lateegra Gold Corp. is a mineral exploration and development company with a mandate to build a significant portfolio of advanced exploration and near production properties within the world class potential of Latin America.


Chris Verrico, CEO and Director

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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