VANCOUVER, April 14 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (the "Company" or "Lakeland") is pleased to provide an
update on the status of its 2011 exploration activities and recent
Midas Gold Property: Pursuant to the Company's announcement dated December 30, 2010,
Lakeland has received TSX-Venture Exchange acceptance for the
acquisition of the Midas Gold Property. According to the terms of the
option agreement, Lakeland can earn a 100% interest in the property by
making cash payments totalling $95,000, issuing 450,000 common shares,
and incurring exploration expenditures of at least $125,000 over a four
year period. The property is subject to a 2% Net Smelter Returns
Royalty; 1% of which may be purchased by Lakeland for C$1 million.
The Midas Gold Property is road accessible and consists of five
unpatented mining claims encompassing 43 claim units (688 hectares)
located in the Michipicoten Greenstone Belt, Sault Ste. Marie Mining
Division. Recent prospecting returned gold concentrations from grab
sampling up to 14.3 g/t in the southeast of the property and 0.86 g/t
approximately 200 metres away to the west.
An Induced Polarization ("IP") geophysical survey was carried out on the
property in January and February of this year. Multiple IP targets were
identified and a five hole drill program was completed to test the most
accessible targets. Exploration was carried out on the property while
winter conditions permitted easy access. The drilling program was
completed as of March 31, 2011 and drill results are expected in the
next two to three weeks.
Camlaren Gold Property: The Camlaren Property consists of two mineral claims encompassing
approximately 2,426 acres (982 hectares) located near the southern end
of Gordon Lake, within the south-central part of the Northwest
Territories. The property is about 80 km northeast of Yellowknife, NWT
and is accessible during summer months by fixed wing, float-equipped
aircraft and in the winter by ski-equipped aircraft or truck along the
winter road to the Diavik and Ekati diamond mines. A NI 43-101
Technical Report is available on the Company's website for download.
A surface exploration program consisting of detailed geological mapping
and prospecting has been recommended for this summer on the Camlaren
Property. Upon favourable results from surface exploration, a drill
program may be planned to be carried out in the winter months allowing
for access via ice road.
Hannah Gold Property: The Hannah Property consists of five claims (72 units) covering an
area of approximately 11.5 km² and is located approximately 75 km
west-northwest of Hearst, Ontario. The property is easily accessed by
several area logging roads. The claims represent a small portion of GTA
Resources and Mining's ("GTA") Auden Property, an extremely large land
package located northwest of Hearst, Ontario. The Auden Property
virtually covers an entire greenstone belt with a strike length of
approximately 80 km. Being predominantly overburden-covered and
under-explored, this belt is poorly understood and has been interpreted
to represent the easterly extension of the Beardmore-Geraldton
greenstone belt located approximately 110 km to the west. Shell Canada
Resources Ltd. was the first to interpret that a major regional
structural and magnetic break strikes across the Auden Property in a
general east-west direction in 1978.
GTA Resources has halted all exploration activities on the Auden Project
within which the Hannah Property lies. As GTA is the operator under the
agreement terms, this has prevented the Company from initiating its
planned Phase I exploration program consisting of line-cutting,
geophysics and drilling on the Hannah Property. Lakeland and GTA have
executed an agreement to extend the termination date on the Letter of
Intent to August 31, 2011.
Appointment of Daniel Wilson to Board of Directors: Lakeland is also pleased to announce the appointment of Mr. Daniel
Wilson to the Company's Board of Directors. Mr. Wilson brings a broad
business background to the Board which includes experience in
marketing, pharmaceutical sales, media sales and real estate sales. Mr.
Wilson is presently a member of a top-producing boutique real estate
brokerage in his hometown of Oakville, Ontario. As an active investor
in the resource sector for over 20 years, Mr. Wilson's passion for the
mining exploration industry and extensive network will enhance and
strengthen the current Board of Directors. Mr. Wilson graduated from
Queen's University in Kingston, Ontario with a Bachelor of Arts in
Mr. Wilson replaces Mr. Chris Grove who resigned from the Board. The
Company wishes to thank Mr. Grove for his contributions over his
Pursuant to the press release dated March 7, 2011, Mr. Ruben Verzosa has
resigned from the Board of Directors to allow Mr. Bob Duess, P.Geo, to
fill his position. The current Lakeland corporate structure allows for
four directors to serve on the board. The Company wishes to thank Mr.
Verzosa for his contributions over his tenure.
NI 43-101 Disclosure
Robert (Bob) Duess, P. Geo (APGO), Director of the Company and Qualified
Person as defined by National Instrument 43-101, has reviewed and
approved this press release and is responsible for the technical
information reported herein.
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.
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 drill results from the
Midas Property are expected in the next three to four weeks, that
exploration on the Camlaren Property will be able to commence once
field conditions permit and that upon favourable results from surface
exploration at the Camlaren Property a winter drill program may be
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