Lund Gold Ltd.
TSX VENTURE : LGD

Lund Gold Ltd.

February 28, 2008 09:15 ET

Lund Gold Ltd.: Option Agreement With Noront Resources Ltd. to Aquire 50% of 13 Claim Blocks in "Ring of Fire"

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2008) - Further to its news release of February 4, 2008, Lund Gold Ltd. (TSX VENTURE:LGD) ("Lund") is pleased to report that approval has been received from the TSX Venture Exchange pursuant to an option agreement between Lund and Noront Resources Ltd. ("Noront"), a TSX Venture listed company, whereby Lund has been granted the option to acquire a 50% legal and beneficial interest in 13 claim blocks covering a total of 169 units in the 'Ring of Fire', McFauld's Lake, Ontario, near Noront's nickel copper discovery.

Pursuant to the option agreement, Lund has issued to Noront an aggregate of 400,000 common shares of Lund, which are subject to a four month hold period expiring on June 28, 2008. Lund is required to incur aggregate exploration expenditures on the property of $3.5 million over a three year period. Upon Lund's earning its 50% interest in the property, Lund and Noront shall form a joint management committee to further develop the property as a joint venture with Noront continuing to act as the operator.

Chet Idziszek, President of Lund, stated, "Noront's recent announcement of a second massive sulphide discovery at its Double Eagle project provides further evidence of the potential for numerous ore deposits in the McFauld's Lake district. According to Noront, preliminary data from an airborne geophysical survey of the ground we have optioned are expected shortly, and will be an important input to our $1,000,000 program this year."

To find out more about Lund Gold Ltd. (TSX VENTURE:LGD), visit our website at www.lundgold.com.

On behalf of the Board of Directors of LUND GOLD LTD.

Chet Idziszek, President

Cautionary Statement

This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration results and plans, and our other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, estimates of exploration investment and the scope of exploration programs. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including risks associated with mineral exploration, price volatility in the mineral commodities we seek, and operational and political risks.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Lund Gold Ltd.
    David Scott
    Investor Relations
    (604) 331-8772 Toll Free 1-877-529-8475
    (604) 331-8773 (FAX)
    Website: www.lundgold.com