Luiri Gold Limited
TSX VENTURE : LGL
ASX : LGM

Luiri Gold Limited

February 04, 2011 09:00 ET

Luiri Gold-Market Update on Zambia Tenure and Licences

TORONTO, CANADA--(Marketwire - Feb. 4, 2011) - Luiri Gold Limited (TSX VENTURE:LGL)(ASX:LGM) ("Luiri" or the "Company") is pleased to announce that the Attorney General of Zambia has informed the Ministry of Mines and Development that it has no objections to them entering into discussions with Luiri in order to find an amicable settlement on the issue of the cancelation of the Mining Licence LML48.

In addition, the company is pleased to announce that it has received a one year extension to its Prospecting Licence PL173 (adjacent to PL209 and LML48) with an agreed size reduction to 345 square kilometers. The Company has retained the primary target areas within the license.

The permission from the Attorney General, which was contained in a letter dated the 1st February 2011 which was copied to Luiri, was required as the matter was before the High Court of Zambia. Any final settlement will be subject to the approval of the Attorney General.

At a recent meeting between the Company's CEO, the Regional Manager and the Minister of Mines it was agreed to proceed with discussions and the Minister stated that we should contact the Permanent Secretary of the Ministry of Mines and Development, who is the highest official in that office. We are in the process of setting up a meeting with the Permanent Secretary.

LML48 contains the Matala and Dunrobin gold deposits in the Luiri Hill Gold Project.

While it remains Luiri's preference to negotiate the resolution of the tenure issue, the Company has previously preserved its legal position by appealing the cancellation in the High Court of Zambia. The High Court had previously upheld the ruling of a stay against the cancellation of LML48 until the full appeal process is completed.

ON BEHALF OF THE BOARD OF DIRECTORS OF LUIRI GOLD LIMITED

Michael Sperinck, President, Managing Director and CEO

This press release contains forward-looking information which involves risks and uncertainties. Forward looking information represents management's current views and these may change significantly as new information comes to hand.

NEITHER THE TSX VENTURE EXCHANGE NOR THE ASX HAS REVIEWED THIS RELEASE AND NEITHER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Luiri Gold Limited
    Michael Sperinck
    President
    +61 401 694 322
    or
    Luiri Gold's North American Investor Relations
    First Canadian Capital Corp.
    Daniel Boase
    +1 416 742 5600 or Toll Free: 1 866 580 8891
    request@firstcanadiancapital.com