Laurentian Goldfields Ltd.
TSX VENTURE : LGF

Laurentian Goldfields Ltd.

July 18, 2011 09:15 ET

Laurentian Goldfields Ltd. Completes Phase I Drilling at Thundercloud Property, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 18, 2011) - Laurentian Goldfields Ltd. (TSX VENTURE:LGF) ("Laurentian" or the "Company") is pleased to announce that all assay results have been received from the Phase I diamond drill program at the Thundercloud property, located 50 kilometres southeast of Dryden, Ontario.

The 4,406 metre Phase I drill program at the Thundercloud property was designed to test and expand broad zones of known gold mineralization in the Pelham zone, located in the northern part of the property. Phase I drilling targeted an interpreted east-west trending, north-dipping mineralized zone with sixteen evenly spaced holes over a strike length of 500 metres. All holes were drilled from north to south at inclinations of approximately -45º, with drilling designed to intersect roughly perpendicular to the interpreted trend of mineralization.

Results

A complete list of assay results for Laurentian's Phase 1 program are summarized in Table 1 below, including previously released holes 1 through 6 (see press release May 26th, 2011). All intervals are core length intervals.

TABLE 1. THUNDERCLOUD DRILL HOLE SUMMARY
Hole From To Interval (m) Au (g/t)
TC11-001 75.25 144.05 68.80 1.55
Including 100.95 118.50 17.55 3.69
TC11-002 153.00 167.51 14.51 0.75
TC11-003 68.00 107.00 39.00 1.45
Including 91.00 104.00 13.00 2.49
TC11-004 171.00 210.05 39.05 1.68
TC11-005 No significant results
TC11-006 188.00 269.00 81.00 1.31
Including 196.88 220.00 23.12 3.31
And 313.58 333.00 19.42 0.58
TC11-007 No significant results
TC11-008 118.5 121.8 3.30 7.67
TC11-009 No significant results
TC11-012 23.9 33.4 9.50 0.37
And 251.31 273.61 22.3 0.20
TC11-013 No significant results
TC11-014 No significant results
TC11-015 339.35 345.42 5.87 0.47
And 405.00 412.61 7.61 0.43
TC11-016 172.90 176.1 3.20 3.20
And 269.05 292.40 23.35 0.24
And 301.60 326.50 24.90 0.24
TC11-017 31.07 42.00 11.93 0.48
TC11-018 26.00 44.00 18.00 0.16
And 41.27 43.07 1.80 0.78

"Phase I drilling by Laurentian confirms the bulk tonnage potential of the Pelham zone," states Darin Labrenz, P.Geo., President and CEO of Laurentian. "Gold mineralization plunges from surface to the northeast within a broader east striking, north dipping mineralized zone. Preliminary mapping suggests mineralization may be controlled by the intersection of north-northeast shear zones and east-west trending stratigraphy. Geological modeling and analysis will further qualify the potential for multiple, or stacked mineralized zones."

Follow-up

With the completion of the Phase 1 drill program, a comprehensive surface program of rock and soil geochemical sampling and structural mapping has commenced, in order to better understand the nature and distribution of gold mineralization across the property. The objective of the program will be to expand the areas of known gold mineralization defined by the recent drilling, and to evaluate the remainder of the property for mineralization potential. In addition, 3D modeling of the mineralization and pathfinder elements in the Phase 1 drill data will be combined with the results of the surface program to define follow up and infill drill targets.

A Phase II drill program is planned for the fall and will include additional strike, dip extension and infill drilling on the Pelham zone and reconnaissance drilling on priority targets defined by the summer program.

Property Background

The Thundercloud property is located 50 kilometres southeast of Dryden, Ontario, and is road accessible from the Trans-Canada highway. Historic exploration activities at the Thundercloud property extend over 80 years; the most significant of which were conducted by Noranda and Esso in the early 1980s, and more recently by Teck Resources Limited ("Teck").

Laurentian has the right to earn 100% of Teck's interest in the Thundercloud property, subject to a back-in right and underlying royalty purchase right reserved to Teck, through an option agreement (see press release January 13th, 2011).

Quality Assurance / Quality Control

ALS Chemex, an ISO 9001:2000 accredited laboratory in Thunder Bay, Ontario performed all sample preparation and assaying for the Thundercloud Project. Gold analysis was completed on 30 gram samples using a fire assay fusion, followed by an atomic absorption spectroscopy or gravimetric finish analytical package (AA-23 +/- Grav 21). Additional multi-element analysis was completed using a 4-acid digest package (ME-MS61). In addition to an internal laboratory quality control program, Laurentian maintains a quality assurance and quality control program through the systematic use of standards, blanks and duplicates.

The Thundercloud drilling program and associated sampling and quality control protocols were directed and supervised by Mr. Lengyel, P.Geo. Vice President Exploration for Laurentian Goldfields Ltd., a Qualified Person pursuant to National Instrument 43-101. The technical contents of this release were reviewed and approved by Mr. Lengyel.

About Laurentian Goldfields Ltd.

Laurentian is a team of highly skilled exploration professionals focused on discovery and growth in under-explored regions of mining-friendly jurisdictions. Laurentian generates new projects by employing leading edge exploration concepts and techniques. Laurentian is committed to developing shareholder wealth through identifying, acquiring and advancing high quality exploration properties in Canada.

ON BEHALF OF THE BOARD OF DIRECTORS,

"Darin Labrenz"

Darin Labrenz, P.Geo.
President and CEO

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to mineral potential and planned exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, realized mineralization of properties and the timing and success of future exploration, development and production activities.

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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