VANCOUVER, April 20 /CNW/ - Lakeland Resources Inc. (TSXV: LK) (the "Company" or "Lakeland") is pleased to announce that it
has expanded the Midas Gold Property through the staking of 64
additional claim units. The newly-staked ground is contiguous to the
existing property and has more than doubled the size of the land
package increasing it by approximately 1,000 hectares. The Midas
Property now consists of 10 unpatented mining claims encompassing 107
claim units (1,712 hectares).
Lakeland recently completed a five hole winter drill program at the
Midas Property for a total of approximately 850 metres. The program was
designed to test targets that were identified following the completion
of an Induced Polarization ground geophysical survey. All five holes
have been logged, sampled, split and sent in for assay with results
expected in the next two weeks.
"The Midas Property holds great promise for a new discovery in an area
of the Wawa Camp that has seen relatively little in the way of diamond
drilling," stated Jonathan Armes, President of Lakeland. "The addition
of the new ground protects our current land holdings and bolsters our
position within the camp."
The Midas Gold Property is road accessible and is located within the
Michipicoten Greenstone Belt in north-central Ontario. The project lies
approximately 50 kilometres northeast of the town of Wawa and
approximately 20 kilometres southeast of Richmont Mines' (TSX: RIC)
Island Gold Mine and Mill and Prodigy Gold's (TSXv: PDG) Magino Gold
The newly-acquired ground hosts at least five historic gold showings
according to geological reports on file with the Ontario Geological
Society MDI database. The ground will be included within and under the
terms of the original option agreement for the Midas Property.
Lakeland also announces that the stock option grant announced in the
Company's news release of March 7, 2011 has been canceled. Subject to
the acceptance of the TSX Venture Exchange, the Company will be
granting a total of 250,000 incentive stock options to newly-appointed
directors Bob Duess and Daniel Wilson. Each stock option will be
exercisable into one common share of the Company at a price of $0.15
per share for a period of five years.
NI 43-101 Disclosure
Robert Duess, P. Geo, is the Qualified Person, as that term is defined
in National Instrument 43-101, who has reviewed and approved the
technical information in this press release.
About Lakeland Resources Inc.
Lakeland Resources Inc. is focused on gold exploration in Canada. The
Company commenced trading on the TSX Venture Exchange on August 19,
2010 after completing its Qualifying Transaction.
For more information, please visit the corporate website at http://www.lakelandresources.com
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
President, CEO and Director
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.
Statements in this document which are not purely historical are
forward-looking statements, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Forward-looking
statements in this news release include that drilling results from the
Midas Property are expected to be received in the next two weeks, that
the newly acquired claims will be included within and under the terms
of the original option agreement for the Midas Property, and that
subject to TSX Venture Exchange acceptance the company will be issuing
250,000 incentive stock options to Bob Duess and Daniel Wilson.
It is important to note that actual outcomes and the Company's actual
results could differ materially from those in such forward-looking
statements. Risks and uncertainties include economic, competitive,
governmental, environmental and technological factors that may affect
the Company's operations, markets, products and prices. Factors that
could cause actual results to differ materially may include
misinterpretation of data; that we may not be able to get equipment or
labour as we need it; that we may not be able to raise sufficient funds
to complete our intended exploration and development; that our
applications to drill may be denied; that weather, logistical problems
or hazards may prevent us from exploration; that equipment may not work
as well as expected; that analysis of data may not be possible
accurately and at depth; that results which we or others have found in
any particular location are not necessarily indicative of larger areas
of our properties; that we may not complete environmental programs in a
timely manner or at all; that market prices may not justify commercial
production costs; and that despite encouraging data there may be no
commercially exploitable mineralization on our properties. Readers
should refer to the risk disclosures outlined in the Company's
Management Discussion & Analysis of its audited financial statements
filed with the British Columbia Securities Commission.
For further information:
President, CEO and Director