Luiri Gold Limited

Luiri Gold Limited

August 31, 2011 09:44 ET

Luiri Gold Limited: ASX-Quarterly Activities Report for the Quarter Ended 31 July 2011

PERTH, AUSTRALIA--(Marketwire - Aug. 31, 2011) - Luiri Gold Limited (TSX VENTURE:LGL)(ASX:LGM) -

During the July 2011 quarter the Company continued its negotiations with all levels of the Zambian government and public service and with the local Chief and relevant communities in an endeavour to resolve the title issues surrounding the Company's exploration tenements in Zambia.

By quarter end, although the new Company management was developing positive relationships with all interested stakeholders there had been no resolution to clarify the Company's title to these areas and as such the Company's title to these areas remains uncertain.

Notwithstanding the current tenement title uncertainty and as a sign of commitment to our local employees and the project areas the Company's new management team has commenced a trenching program on ground within the P1209 license. This trenching program has provided continuity of employment for over 40 full and part time local employees. The trenching program has continued into the October quarter. Assay results from this program have not yet been received.

In the October quarter the Company will continue in its endeavours to resolve the Zambian tenement issues.

In addition the Company has commenced a search to acquire mineral projects outside of Zambia to provide alternative exploration and development activities.

Since the end of the quarter the Company has received subscription agreement commitments to raise AUD1,150,000 by issuing 10 million share at AUD0.115 (refer to the announcement dated August 26, 2011).

Also the Company has today issued its exploration manager, Mr Clint White, with 800,000 options exercisable at AUD0.17 on or before 30 June 2015 as an incentive for his efforts on behalf of the Company both within Zambia and elsewhere in the world.

On behalf of the Board of Directors of the Company,

Mike Langoulant

To view "Appendix 5B: Mining exploration entity quarterly report," please visit the following link:

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