Lateegra Gold Corp.

Lateegra Gold Corp.

December 02, 2010 09:00 ET

Lateegra Intersects Gold Mineralized Prophyry System in Timmins Camp

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2010) - Lateegra Gold Corp. (TSX VENTURE:LRG)(FRANKFURT:LTGB) announces the results from the latest 9 drill holes (DS-10-7 to DS-10-15) that were recently completed on the DeSantis Project. Since June 2010, a total of 15 holes totalling 5888 metres have been drilled with the primary objective to confirm the continuity and grade of gold mineralization reported in historic underground and surface drilling. The DeSantis Mine lies immediately north of the Destor Porcupine Fault Zone, and is located approximately mid way between the Hollinger Gold Mine and Lake Shore Gold's Timmins West Mine. The property consists of approximately 818 hectares and covers a regional strike length of approximately 5.1 kilometres.

Four of the nine holes (DS-10-7 to DS-10-10) were drilled to further test the Hydrothermal Zone (HTAZ) at depths varying from 175 to 225 metres vertically below surface. These holes were collared approximately 150 to 200 metres west of the Main Shaft, with holes DS-10-8 and DS-10-9 drilled from the same set up. All holes were drilled from south to north. The HTAZ was intersected in each hole, consisting of zones of strong deformation and alteration, including quartz carbonate veining, tourmaline, pyrite, arsenopyrite and anomalous gold mineralization. Significant results are summarized in the following table.

Hole Dip Zone From To Core Length Au g/t
DS-10-08 -60°N HTAZ 195.83 203.91 8.08 1.71
      including 200.71 203.91 3.20 3.18
DS-10-09 -70°N HTAZ 200.41 201.63 1.22 1.98
DS-10-10 -70°N HTAZ 214.27 217.02 2.75 1.47
Note: DS-10-07 intersected anomalous gold values, up to 0.88 g/t over a core length of 0.61 metres.

Five holes, DS-10-11 to DS-10-15 were drilled to test the "Green Carbonate" and "Albitite" zones at depths ranging from 300 to 400 metres vertically below surface, and approximately 20 to 70 metres east of the Main Shaft. Holes DS-10-11 and DS-10-12 veered to the west, and intersected a diabase dike prior to reaching target depth. Holes DS-10-14 and DS-10-15 intersected a highly altered, fractured porphyry system (termed "white albitite zone" in historical drilling) which intrudes a broad zone of carbonate and fuchsite altered ultramafics rocks. Gold mineralisation was found to occur within the porphyry and altered host rock. Significant results are summarized in the following table.

Hole Degrees Zone From To Core Length Au g/t
DS-10-13 -72° Green Carbonate 336.35 337.72 1.37 2.37
DS-10-14 -58° Porphyry System 376.43 381.46 5.03 0.82
      including 378.41 379.02 0.61 3.65
DS-10-15 -74° Porphyry System 357.3 362.7 5.40 0.94
    Porphyry System 373.23 375.97 2.74 3.78
    Porphyry System 386.49 394.56 8.07 0.93
Note: Holes DS-10-13 and DS-10-14 were drilled from the same set up.    

The geometry of this gold bearing porphyry system is poorly understood due to limited drilling in the area. Follow up exploration on this zone, especially at depth, will be the primary focus of the next phase of drilling, expected to commence in January 2011.

"A sizeable pregnant gold system exists on the DeSantis property as recent drilling has encountered significant gold mineralization in a variety of geological settings," stated President and CEO, Christopher Verrico. "We are particularly excited about the gold mineralization associated with the altered porphyry; a geological setting similar to several of the major producers in the Timmins Camp."

All split and/or sawn core drill samples were submitted to Swastika Laboratories Ltd, Swastika Ontario, for analysis. All gold assaying was performed using a 30 g standard fire assay with an AA and/or gravimetric finish.

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.


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.

"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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