Lateegra Gold Corp.

Lateegra Gold Corp.

September 14, 2010 09:00 ET

Lateegra Hits Target in Timmins, Intersects 7.88 g/t Gold Over 5.18 Metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 14, 2010) - Lateegra Gold Corp. (the "Company") (TSX VENTURE:LRG)(FRANKFURT:LTGB) announces the results of the six hole drill program recently completed on the DeSantis Mine project in the West Timmins area, Ontario (see press release dated July 15, 2010). The DeSantis Mine lies immediately north of the Destor Porcupine Fault Zone, and is located midway between the Hollinger Gold Mine and Lake Shore's Timmins West Mine. The property consists of roughly 818 hectares and covers a regional strike length of approximately 5.1 kilometres.

The objective of the first phase of drilling was to confirm the continuity and grade of gold mineralization as reported in historic underground and surface drilling. Further drilling, which is expected to commence within the next few days, will be aimed at confirming and expanding known gold mineralized zones with the overall intent of preparing a revised and updated NI 43-101 compliant resource estimate.

The property hosts at least 5 known gold bearing zones, including the Contact Zone, Hydrothermal Zone, Albitite Zone, Arsenopyrite Zone, and East Pit area. Subsequent to surface and underground exploration in the 1980's, Noranda Exploration and Stan West Mining Corp reported reserve estimates for two of the mineralized zones (the Hydrothermal and Albitite zones) which were accessible by existing underground workings. The reserve estimate for the Albitite Zone (between the 715' to 1,175' levels), as calculated by Stan West and classified as "probable" stood at 72,212 tons with an average grade of 0.229 oz Au per ton (Derry, Michener, Booth & Wahl, 1988). In 1989, Stan West (van Hees, E. H., 1989) calculated a reserve estimate for the Hydrothermal Zone of 129,000 tons with a cut grade 0.265 oz Au per ton (cut to 1 ounce), or 334,308 tons grading 0.19 opt ( cut to 3.50 ounces). (See Note 1)

The first three holes (DS–10-1, 2 & 3) were drilled primarily to test the Albitite and Arsenopyrite Zones in an area located approximately 250 meters south of the Number 2 shaft (or main shaft). These three holes were collared on the same set up and drilled at an azimuth of 330 degrees, inclined at -80, -76, and -85 degrees respectively. Significant gold mineralization was encountered in all three holes, including 7.88 g/t Au over a core length of 5.18 metres.

Holes DS-10-4, 5 & 6 were drilled to confirm the tonnage and grade potential of the Hydrothermal Zone (HTAZ) in an area approximately 210m west of the main shaft. These three holes were collared on the same set up and were drilled due north, inclined at -75, -62 and – 67 degrees respectively. Hole DS-10-06 intersected a broad zone of gold mineralization, grading 2.71 g/t Au over a core length of 19.2 metres including 6.61 g/t Au over a core length of 2.44 metres. Holes DS-10-04 and DS-10-05 intersected broad zones of anomalous gold mineralization with values up to 2 g/t Au over a core length of 0.76 metres (DS-10-04) and 2.36 g/t Au over a core length of 0.76 metres (DS-10-05).

Significant assay results are summarized in the following table:

Hole Degrees Zone From To Au g/t Core
DS-10-01 -80 degrees Arsenopyrite Zone 297.49 299.01 1.42 1.52
    Albitite Zone 446.84 449.89 5.73 3.05
DS-10-02 -76 degrees Arsenopyrite Zone 290.02 290.63 25.00 0.61
    Albitite Zone 433.88 439.06 7.88 5.18
DS-10-03 -85 degrees Arsenopyrite Zone 322.45 324.61 3.35 2.16
DS-10-06 -67 degrees HTAZ Zone 212.14 231.34 2.71 19.2
    Including 212.14 222.05 3.39 9.91
      228.90 231.34 6.61 2.44

"We are extremely pleased with this first phase of drilling as these results represent camp grade over mineable widths and the gold mineralization is located within easy striking distance to the existing underground infrastructure," stated President and CEO, Christopher Verrico. "We are looking forward to further proving up and developing the historic gold zones on the DeSantis with the next phase or drilling to begin within the next few days."

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the Company by Robert Duess, P.Geo., a Qualified Person.

Note 1: The above reserve estimates generated by Noranda / Stan West are historic in nature and do not have currently demonstrated economic viability, and are considered to be historical resources. Although the reserve estimates are relevant, they have not been verified. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. The Company is not treating the historical estimates as current mineral resources or mineral reserves and therefore the historical estimates should not be relied upon.

Note 2: All split and/or sawn core drill were submitted to SGS Mineral Services for analyses. All gold assaying was performed using a 30 g industry standard fire assay with an AA and / or gravimetric finish. Widths as reported as core lengths


Christopher 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.

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