Lakota announces joint venture with MDN Inc. on the Ikungu Property in Tanzania



    Joint Venture to Systematically Drill Test High Grade Gold Reefs Showing
    up to 16.68 g/t over 5.76 meters

    Outstanding Shares: 50,696,023

    TORONTO, March 13 /CNW/ -

    Option and Joint Venture Details

    Lakota Resources Inc. (LAK, TSX-V) ("Lakota" or "the Company") is pleased
to announce an Option and Joint Venture Agreement with MDN Inc. ("MDN") on its
Ikungu Property (the Property") in Northern Tanzania, wherein MDN may acquire
a 60% undivided interest in the Ikungu Property in consideration for cash
payments totalling US$215,000 and expenditures of US$2,000,000 for exploration
work over a five-year period. MDN may also earn an additional 10% in the
Property, which would increase its undivided interest in the Property to a
maximum of 70% through the expenditure of a further US$2,000,000 on
exploration. The additional 10% interest may be earned in increments of 1% for
each tranche of US$200,000 spent on exploration.
    Mr Ian Kennedy, a Director of Lakota stated: "We believe that entering
into a Joint Venture with MDN, with whom we are also Joint Venture partners on
our Isambara (Simba) Property, provides the most timely and expeditious
approach to thoroughly testing this important property while permitting Lakota
to focus on drilling its Tembo Property this spring." Tembo is immediately
adjacent to Barrick's Bulyanhulu Mine in northwest Tanzania and, on strike
with the Bulyanhulu gold-bearing reef structures.
    Dr. Dominique Fournier stated: "We are very pleased to explore this
property with our partner Lakota. Ikungu hosts a gold structure recognized
over 2 km strike and to a depth of over 200 meters. Drill holes are widely
spaced despite historical mining but results are very encouraging. We intend
to systematically drill test the reefs to fully evaluate the gold bearing
structures and if results are positive, quickly move towards a 43-101
compliant resource calculation."
    The historical data and technical information in this news release was
provided by Lakota Resources Inc. and was reviewed by Lakota's Senior
Geologist, Mr. Martin Taylor, P. Geo. who is a qualified person as defined in
NI 43-101.

    Location

    The Ikungu Property is located on the Ikungu Peninsula on the eastern
shore of Lake Victoria 20 km south of town of Musoma and 135 km northeast of
the city of Mwanza. The property consists of two PL's (prospecting licenses)
covering an area of approximately 16.84 km(2). (To view the map, please visit:
 http://files.newswire.ca/691/Ikungu.pdf).

    Prior Production History

    From 1938 to 1946, approximately 19,000 ounces of gold was mined at a
grade of 12.5 g/t Au from underground workings in the Main/Forest Reef. This
gold-bearing structure extends over a minimum strike length of 2.4 km and
remains opened to the west.

    Geology

    The Property is located in the Mara-Musoma belt, one of the Lake Victoria
goldfields greenstone belts. Several gold deposits were historically mined in
this belt which also hosts Barrick's North Mara gold mine which contains a
reported 4.3 million ounces of gold in reserve.
    The greenstones underlying the Ikungu Peninsula include mafic volcanics,
silicate facies iron formation and chemical sediments. Quartz veins occur
within the sedimentary units, forming "reefs" from which gold mineralization
was mined.
    Other gold occurrences within the PL's are on the LePage, Main and 18 dwt
Reefs in addition to the extensions laterally and at depth of the Forest and
Phoenix zones.
    To view the Ikungu Areas Properties, please visit:
http://files.newswire.ca/691/Ikungu.pdf
    Since the 1960's, the property was discontinuously explored. Only 10
diamond drill holes and 7 RC holes effectively tested the main gold-bearing
structure. The holes are usually widely spaced: from 150 m to 430 m along
strike. All the drill holes west of SIK01 (To view the map, please visit: 
http://files.newswire.ca/691/Ikungu.pdf) intersected gold mineralization
indicating the presence of gold mineralization over at least 2 km.

    High Grade Intersections of Interest

    The quartz veins are locally high grade (SIK01 with 5.76m @ 16.68g/t Au
at 140m, including a section of 2.88m @ 30.46g/t Au; IKD04 with 4.84m @
6.74g/t Au at 226m, including a section with 2.02m @ 13.26g/t Au; and, SIK08
with 6.91m @ 9.91 g/t Au at 205m, including a section of 2.88m @ 30.46 g/t
Au). They are found within larger gold-bearing structures, up to 30m wide.
    Core logging showed that in addition to the quartz veins with visible
gold, the gold-bearing structures are composed of sheared sediments and
basalts containing disseminated gold mineralization. Sampling of quartz veins
in 76 trenches from the Main/Forest Reef returned an average of 9.21 g/t Au
over an average thickness of 0.86 m for the quartz veins. The trenching
program proved the continuity of the mineralized quartz veins over at least
1.2 km.
    The historical data and technical information in this news release was
provided by Lakota Resources Inc. and was reviewed by Lakota's Senior
Geologist, Mr. Martin Taylor, P. Geo. who is a qualified person as defined in
NI 43-101.

    CAUTIONARY STATEMENT ON HISTORICAL RE

SOURCE INFORMATION The joint venture property contains an historic resource which is being currently evaluated by the Company with its joint venture partner. A diamond drill program is underway to classify the historical resources as current mineral resources or mineral reserves. The Company is not treating the property as current mineral resources or mineral reserves according to the CIM definitions of such terms. Until confirmed by the current exploration programs undue reliance should not be placed on the historical estimates. The Company considered the historical resources as relevant for purposes of acquiring the property and undertaking the program but, the historical resources may not be relevant for any other purpose. CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain information contained in this Press Release, including any information as to our future financial, operating or exploration performance and other statements that express management's expectations or estimates of future performance, constitute "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation.. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "will", "anticipate", "contemplate", "target", "plan", "continue', "budget", "may", "intend", "estimate" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements and/or forward looking information involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of the Company to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and, the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold, or other commodities (such as, fuel and electricity); fluctuations in currency markets; changes in interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully complete announced transactions and integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with exploration, development or mining activities; employee relations; availability and increasing costs associated with exploration or mining inputs and labour; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves; adverse changes in our credit rating, contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Accordingly, readers should not place undue reliance on forward-looking statements and/or forward looking information The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. %SEDAR: 00008258E

For further information:

For further information: Ian F.T. Kennedy, Director, P. Eng. Tel: (416)
598-7700

Organization Profile

LAKOTA RESOURCES INC.

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