Laurentian Goldfields Announces Share Consolidation Proposal

Laurentian Goldfields Ltd. (TSX VENTURE:LGF) ("Laurentian" or the "Company")
announces that shareholders will be asked to approve a consolidation of the
Company's issued and outstanding common shares at a ratio of up to ten (10) to
one (1) at the Annual General and Extraordinary Meeting of Shareholders to be
held on November 19, 2012. The Company currently has an aggregate of 61,911,893
common shares issued and outstanding. If the share consolidation were undertaken
at the ratio of 10 to 1, the issued and outstanding common shares would be
approximately 6,191,189. The Company does not intend to change its name in
concert with the share consolidation.


Laurentian's Board of Directors are seeking shareholder approval for a share
consolidation to better position the Company to finance an advanced strategic
acquisition and other exploration and development activities. Earlier this year
the Company was not successful in filling a $1.25 million private placement
(announced May 7th, 2012) in a prevailing weak venture capital market, and
believes the combination of a consolidation of shares and a new strategic
acquisition will markedly improve the Company's ability to grow and raise
capital. 


Laurentian Goldfields Ltd. is underpinned by a highly-skilled technical team and
an entrepreneurial focused board with extensive experience in capital markets,
and a proven track record in generating growth and shareholder wealth through
exploration, development, mergers and acquisitions. This foundation has enabled
the Company to seek out exploration alliances with major mining companies and
provides significant exploration exposure for its shareholders, fully-funded by
its alliance partners. The Company continues to work with its partners,
including the recently announced $1.5 million strategic exploration alliance
with Antofagasta Minerals S.A. (see News Release dated July 26, 2012), which
provides non-dilutive exposure to numerous discovery and development
opportunities.  


If the consolidation is approved, the directors of the Company will have the
authority to implement the consolidation at the ratio of up to 10 to 1 at any
time and will be permitted, without further shareholder approval, to select a
lower consolidation ratio if they deem it to be appropriate. On the date hereof
the directors intend to implement the consolidation as soon as practicable
following the approval of the consolidation by the shareholders and the TSX
Venture Exchange. In addition, notwithstanding approval of the consolidation by
the shareholders, Laurentian Goldfields Ltd.'s directors, in their sole
discretion, may revoke the Ordinary Resolution and abandon the consolidation
without further approval, action by, or prior notice to shareholders.


About Laurentian Goldfields Ltd.

Laurentian is a team of highly skilled professionals focused on the
identification, acquisition, and development of high quality exploration
projects. A solid technical foundation, partnered with major mining companies
through exploration alliances and joint venture agreements, provides significant
exploration exposure for shareholders while minimizing shareholder dilution.
Laurentian is committed to utilizing its extensive industry experience to
identify and acquire exceptional exploration and development opportunities,
unlocking value and shareholder growth. 


ON BEHALF OF THE BOARD OF DIRECTORS,

Darin Labrenz, P.Geo., President and CEO

Some statements in this news release contain forward-looking information. These
statements include, but are not limited to, statements with respect to mineral
potential and planned exploration, development and production activities. These
statements address future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors, which may cause the actual
results, performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the statements.
Such factors include, among others, realized mineralization of properties and
the timing and success of future exploration, development and production
activities.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Laurentian Goldfields Ltd.
Darin Labrenz
President and CEO
[phone]
[phone] (FAX)
[e-mail]


Laurentian Goldfields Ltd.
Marla Lede
Corporate Communications
[phone]
[phone] (FAX)
[e-mail]
www.laurentiangoldfields.com