VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 10, 2014) - Laurentian Goldfields Ltd. ("Laurentian" or the "Company") (TSX VENTURE:LGF) announces that the Company has filed a National Instrument 43-101 Technical Report entitled "Technical Report for the Madsen Gold Project, Red Lake, Ontario, Canada" with an effective date of February 18, 2014. The Technical Report was prepared by Dr. Lars Weiershäuser, PhD, P.Geo and Mr. Glen Cole, P.Geo of SRK Consulting (Canada) Inc. (or "SRK"); independent qualified persons as defined by National Instrument 43-101. The Technical Report can be found under the Company's profile on SEDAR (www.sedar.com) or at the Company's website (www.laurentiangoldfields.com).
The Technical Report supports the disclosure contained in Laurentian's news releases dated December 19th, 2013 and January 14th, 2014 announcing the acquisition of the Madsen Gold Project and Newman-Madsen property, respectively. The Company announced completion of the Madsen Gold Project transaction on March 4th, 2014. The Newman-Madsen transaction is expected to close in March 2014.
About the Madsen Gold Project
Laurentian's 100%-owned Madsen Gold Project is located in the prolific Red Lake Gold Camp of Northwestern Ontario and includes two former gold producers (Madsen, Starratt-Olsen). The Madsen Gold Mine operated continuously from 1938 to 1974, and 1997 to 1999. Total recorded production is 7,872,679 metric tonnes at an average recovered grade of 9.7 g/t Au (0.283 oz/ton) producing 2,452,388 ounces of gold. As reaffirmed in the Technical Report, the Madsen Gold Project contains an Indicated mineral resource of 928,000 oz gold in 3.24 million tonnes grading 8.93g/t Au, and an Inferred mineral resource of 297,000 oz gold in 0.79 million tonnes grading 11.74 g/t Au. Investors are cautioned that mineral resources are not mineral reserves and do not have demonstrated economic viability.
The Madsen Gold Project contains numerous other gold zones that currently do not have defined mineral resources. These include but are not limited to; Starratt-Olsen, Buffalo, Treasure Box, Fork Zone, and Russett South. In the Technical Report SRK recommends a C$6.3 million work program to investigate the mineral resource potential of these zones and the potential to expand the current Mineral Resource. A near term focus of Laurentian will be to apply a new and consistent exploration model to advance many of these exploration targets, including desktop evaluation to prioritize and better define targets. Laurentian will also focus its exploration efforts on developing additional targets along the 12 km-long Madsen Mine Trend prior to initiating a drill program in summer 2014.
About Laurentian Goldfields Ltd.
Laurentian is led by a management team and board that comprise established mining professionals with extensive knowledge of Red Lake, and proven technical and capital markets expertise. The management and board are committed to generating exceptional shareholder growth with a quality, high-grade, project portfolio. Laurentian's focus is the exploration and development of the high-grade gold Madsen Gold Project in the prolific Red Lake gold camp of Northwestern Ontario. Laurentian intends to become a leading exploration company by unlocking the value in numerous advanced-stage exploration targets and previous gold producers along the 12 kilometre Madsen Mine Trend. In order to reach this goal Laurentian consolidated ownership of the trend and will apply modern-day exploration concepts and techniques not previously utilized.
ON BEHALF OF THE BOARD OF DIRECTORS,
Darin Labrenz, P.Geo., 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.
Cautionary Statement on Forward-Looking Information
This press release contains certain forward-looking statements, such statements include, without limitation, Laurentian's plans and objectives to acquire the Newman-Madsen Gold Property. All statements, other than statements of historical facts, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, fluctuations in the price of gold and other commodities, changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, risks associated with mining or development activities, the speculative nature of exploration and development, including the risk of obtaining necessary licenses and permits and the inability of Laurentian to complete the acquisition of the Newman-Madsen Gold Property. Many of these uncertainties and contingencies can affect the Company's actual performance and could cause actual performance to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.