Laurentian Goldfields Acquires a Second Red Lake Property and Further Consolidates the Madsen Mine Trend

NOT FOR DISTRIBUTION OR TRANSMISSION BY ANY MEANS INTO THE UNITED STATES

Laurentian Goldfields Ltd. (TSX VENTURE:LGF) ("Laurentian" or the "Company") is
pleased to announce it has signed a Letter of Intent ("LOI") to acquire a 100%
interest in the Newman-Madsen Gold Property ("Newman-Madsen") from Sabina Gold &
Silver Corp. ("Sabina"). The Newman-Madsen Property is adjacent to the Madsen
Gold Project ("Madsen") which Laurentian entered into a Definitive Agreement to
purchase from Claude Resources Inc. ("Claude") on December 19, 2013. Together
the two properties comprise in excess of 5,000 hectares in the prolific Red Lake
gold camp of Northwestern Ontario. The consolidated property consists of two
former gold producers including the Madsen Gold Mine which had previous gold
production of 2.4 million ounces. 


Darin Labrenz President & CEO of Laurentian stated that: "Laurentian is pleased
to announce the acquisition of the Newman-Madsen Gold Property. The Madsen Mine
Trend has never been consolidated under one operator and the addition of the
Newman-Madsen property represents a unique opportunity to apply a new and
consistent exploration model to a consolidated mine trend that exceeds over 12
kilometres in length and over 50 square kilometres in size. This first-time
consolidation of the Madsen Mine Trend will transform Laurentian into a leading
Red Lake gold exploration company."


Consideration payable by Laurentian consists of shares representing 9.9% of
Laurentian's shares outstanding following completion of both the Madsen and
Newman-Madsen acquisitions. On closing of the Newman-Madsen transaction, it is
anticipated that Laurentian will seek shareholder approval to appoint Mr. Robert
Pease, current President & CEO of Sabina, to Laurentian's previously announced
proposed Board of Directors (see Proposed Board of Directors below). 


Strategic Rationale for Madsen and Newman-Madsen Transactions



--  Establishes Laurentian as a leading Red Lake focused gold explorer with
    the third largest land position and second largest historical production
    in one of North America's most prolific gold camps
      
--  Consolidation of Madsen Mine Trend under single ownership and the
    application of modern exploration to numerous highly prospective
    exploration targets and former producers along a 12 km corridor
      
--  The Newman-Madsen property consists of 38 patented mining claims and
    together with Madsen provides exposure to a contiguous 50 square
    kilometer land package with numerous exploration targets along the 12 km
    Madsen Mine Trend, including additional prospective structural horizons
    associated with the Buffalo and Laverty deposits
      
--  Madsen Gold Project contains an Indicated mineral resource of 928,000 oz
    gold in 3.24 million tonnes grading 8.93g/t Au and an Inferred mineral
    resource of 297,000 oz gold in 0.79 million tonnes grading 11.74 g/t
    Au(i)
      
--  Potential near-term low-capital production opportunity facilitated by a
    fully permitted 500 tonne per day mill, 1,275 metre shaft, and
    associated mining and tailings management infrastructure
      
--  New management and Board with deep Red Lake knowledge, and proven
    technical and capital markets expertise 



Closing of the Newman-Madsen and Madsen transactions are expected in February
2014 and subject to receipt of all required shareholder, regulatory and third
party consents, satisfaction of customary closing conditions. The Newman-Madsen
transaction is subject to the closing of the Madsen transaction, and the
completion by Laurentian of a financing to raise minimum gross proceeds of C$7.5
million. 


Macquarie Capital Markets Canada Ltd. is acting as financial advisor to
Laurentian with regard to the acquisition and financing.


About the Madsen Gold Project and the Madsen Transaction

On December 19th, 2013 Laurentian announced it had entered into a Definitive
Agreement to purchase a 100% interest in the Madsen Gold Project from Claude
Resources Inc. The terms of the Madsen Transaction include both cash payments
and share consideration to Claude consisting of:




--  Cash consideration of C$3.75 million at closing;
      
--  Cash consideration of C$2.5 million payable 3 months following closing;
      
--  Cash or share consideration (at Laurentian's option) of C$2.5 million
    payable 6 months following closing; and
      
--  Share consideration at closing representing 19.9% of Laurentian's shares
    outstanding following completion of the acquisition and an initial C$7.5
    million financing. 



The Madsen Gold Project

The Madsen Gold Project consists of 237 patented and leased mining claims
covering an area of 4,193 hectares and includes two former gold producers
(Madsen, Starrett-Olsen). The Madsen Gold Mine operated continuously from 1938
to 1974, and 1997 to 1999. Total recorded production is 7,872,679 metric tonnes
at an average grade of 9.7 g/t Au producing 2,452,388 ounces of gold. 


In 2009, SRK Consulting Inc. calculated a mineral resource for the Madsen Gold
Mine. SRK compiled a geological database consisting of 13,617 historic surface
and underground core holes, 647 stope boreholes, and 6 underground core drill
holes completed by Claude. Using this database SRK estimated an Indicated and
Inferred mineral resource for four mineralized zones accessible from the
underground mine workings. The mineral resource statement for the Madsen Gold
Mine is listed in Table 1 (see Claude press release December 7th, 2009).




Table 1: Consolidated Mineral Resource Statement(i) for Madsen Gold Project,
 Ontario                                                                    
----------------------------------------------------------------------------
                                            Grade       Grade Contained Gold
Resource Class  Zone           Tonnes   (g/tonne)    (oz/ton)           (oz)
----------------------------------------------------------------------------
Indicated       Austin      1,677,000        7.92        0.23        427,000
                South                                                       
                Austin        850,000        9.32        0.27        254,000
                McVeigh       374,000        9.59        0.28        115,000
                Zone 8        335,000       12.21        0.36        132,000
                ------------------------------------------------------------
                Total       3,236,000        8.93        0.26        928,000
----------------------------------------------------------------------------
Inferred        Austin        108,000        6.30        0.18         22,000
                South                                                       
                Austin        259,000        8.45        0.25         70,000
                McVeigh       104,000        6.11        0.18         20,000
                Zone 8        317,000       18.14        0.53        185,000
                ------------------------------------------------------------
                Total         788,000       11.74        0.34        297,000
----------------------------------------------------------------------------
Mineral resources are not mineral reserves and do not have demonstrated     
economic viability. All figures have been rounded to reflect the relative   
accuracy of the estimates. Reported at a cut-off grade of 5.0 g/t gold based
on US$1,000 per troy ounce gold and gold metallurgical recoveries of 94     
percent.                                                                    



Existing mine and mill infrastructure on the property includes a 1,275 metre
shaft, recently de-watered to below the 16 level (approximately 775 metres below
surface), a 500 tonne per day mill and CIP gold recovery circuit installed at
site in the late 1990's, and tailings storage facility, all of which are fully
permitted and currently on care and maintenance. The existing permitted
infrastructure provides considerable development flexibility, allowing for
shortened timelines and the opportunity to leverage on exploration success.


The second former gold producer on the Madsen property is the historic
Starrett-Olsen Mine. A 450 metre shaft was sunk in 1945 and mining operations
were carried out from 1945 to 1956. A total of 823,544 metric tonnes were mined
at an average recovered grade of 6.17 g/t Au to produce 163,990 ounces of gold.
The Starratt-Olsen Mine does not have a current mineral resource. Only limited
modern day exploration has been conducted near the mine workings. 


In addition to the historic production and the mineral resource, the Madsen Gold
Project has enormous upside exploration potential. A new understanding of
controls on high-grade mineralization in the Red Lake camp has resulted in
multiple recent discoveries on the Madsen property since the mining operation
ceased. These include the Fork Zone, Russett South, Treasure Box, and Buffalo. A
near term focus of Laurentian will be to advance many of these exploration
targets and potentially define mineral resources. Laurentian will also focus its
exploration efforts on developing additional targets along the 12 km-long Madsen
Mine Trend and the 10 km-long '8 Zone' corridor.


Proposed Board of Directors

Laurentian will transform its Board at closing by seeking shareholder approval
to add the following experienced mining professionals as a result of this
transformational acquisition:


Mark O'Dea

Dr. O'Dea is the Founder and Chair of Pilot Gold Inc. and Executive Chair of
True Gold Mining Inc. with a track record of creating strong, well-financed
companies built on high-quality projects and run by technical leaders. As
President, Chief Executive Officer and Director of Fronteer Gold Inc. (2001 to
2011), Dr. O'Dea grew the company from a $2 million start-up into a well-funded,
high-profile, development-focused gold company acquired in 2011 by Newmont
Mining Corp. for $2.3 billion. Over the past decade, Dr. O'Dea has raised more
than $750 million through equity financings, equity investments and asset
divestitures. 


Robert Pease

Mr. Pease has been involved with mineral exploration and mine development
projects worldwide for the past 30 years. In 2006, Mr. Pease formed Terrane
Metals Corp. with the intent to develop the Mt Milligan Gold-Copper project
northwest of Prince George. Terrane advanced the project through exploration,
development, and mine permitting. Construction commenced in the spring 2010, and
ultimately Terrane Metals was acquired by Thompson Creek Mining in late 2010 for
$700 million. He is also a former Director and Strategic Advisor to Richfield
Ventures Corp., a junior gold mining company who discovered Blackwater gold
project in British Columbia. Richfield was acquired in 2011 by New Gold Inc for
$500 million. Prior to becoming President and CEO of Terrane, Mr. Pease was
employed by the Placer Dome group for the majority of his professional career.


Graeme Currie

Mr. Currie most recently served as Director, Investment Banking at
CanaccordGenuity Limited where he concentrated specifically on the junior mining
sector. He retired from Canaccord in August 2012. Prior to his role in
Investment Banking he was with Canaccord as a Senior Mining Analyst who focused,
for over 22 years, on the junior mining sector. Mr. Currie has over three
decades of industry experience directed specifically on junior exploration and
development companies worldwide, and has extensive knowledge of the capital
markets as it relates to the mineral exploration and mining industry.


Troy Fierro

Mr. Fierro is a successful mining engineer with over 28 years of industry
experience. He has previously held executive positions with Fronteer Gold Inc.,
Metallica Resources Inc., and Coeur d'Alene Mines, where he has overseen the
development, construction or management of mines in Nevada, Mexico, Argentina,
Chile, and Alaska. At Fronteer, Mr. Fierro acted as COO, and at Metallica, he
was Vice President Operations where he played the lead role in the construction
of the Cerro San Pedro Mine in Mexico. Mr. Fierro was also a director of Grayd
Resources and is currently a Board Member with Timberline Resources. Mr. Fierro
graduated with a Bachelor of Science - Mine Engineering from South Dakota School
of Mines where he serves on the Advisory Board.


Lenard Boggio

Mr. Boggio was a Partner with PricewaterhouseCoopers LLP ("PwC") and its
predecessor firm Coopers & Lybrand from 1988 until his retirement from PwC in
May 2012. During that time, he was Leader of the B.C. Mining Group of PwC, a
senior member of PwC's Global Mining Industry Practice and an audit practitioner
for publicly listed Canadian, U.S. and U.K. mineral resource and energy clients.
The scope of his clients' activities included exploration, development and
production stage operations in the Americas, Africa, Europe and Asia. Mr. Boggio
holds a B.A. and B.Comm. from the University of Windsor, Ontario and is a member
of the Institute of Chartered Accountants of British Columbia. 


Quality Assurance and NI 43-101 Compliance

The mineral resource estimate reported herein for the Madsen Gold Project is set
out in the NI 43-101 technical report "Mineral Resource Estimation Madsen Gold
Project Red Lake, Ontario" with an effective date of December 7, 2009, prepared
under the supervision of Glen Cole, P. Geo, SRK Consulting Inc., an independent
Qualified Person, based on information provided by Claude Resources Inc., is
available on SEDAR under the profile of Claude Resources. Claude Resources
mineral resource statement has been publicly reported in Claude's press release
dated December 7th, 2009. 


The aforementioned technical report and other exploration reports were reviewed
on behalf of the Company by Darren O'Brien, P.Geo., a consultant to the Company
and a "Qualified Person" under NI 43-101. The scientific and technical
information in this news release has been approved by Mr. O'Brien.


To the best of the Company's knowledge, information and belief, there is no new
material, scientific or technical information that would make the disclosure of
the mineral resources inaccurate or misleading.


ON BEHALF OF THE BOARD OF DIRECTORS,

Darin Labrenz, P.Geo., President and CEO

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. 


Cautionary Statement on Forward-Looking Information

This press release contains certain forward-looking statements. All statements,
other than statements of historical facts, are forward-looking statements. The
words "believe", "expect", "anticipate", "contemplate", "target", "plan",
"intends", "continue", "budget", "estimate", "may", "will" 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 the Company, are inherently subject to significant
business, economic and competitive uncertainties and contingencies. Known and
unknown factors could cause actual results to differ materially from those
projected in the forward-looking statements. Such factors include, but are not
limited to, fluctuations in the price of gold and other commodities, changes in
government legislation, taxation, controls, regulations and political or
economic developments in Canada, risks associated with mining or development
activities, the speculative nature of exploration and development, including the
risk of obtaining necessary licenses and permits. Many of these uncertainties
and contingencies can affect the Company's actual performance and could cause
actual performance to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company. Readers are
cautioned that forward-looking statements are not guarantees of future
performance. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
acknowledged in such statements.


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 to the extent required by applicable laws. 


To view a map associated with this release, please visit the following link:
http://media3.marketwire.com/docs/921686i.pdf 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Alexandria Minerals Corporation
Darin Labrenz
President and CEO
[phone]
[phone] (FAX)
[e-mail]
www.laurentiangoldfields.com