Laurentian Goldfields Closes Acquisition of Newman-Madsen Property, Announces TSX-V Approval of Name Change

Laurentian Goldfields Closes Acquisition of Newman-Madsen Property, Announces TSX-V Approval of Name Change
  
 

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 25, 2014) - Laurentian Goldfields Ltd. ("Laurentian" or the "Company") (TSX-VENTURE:LGF) is pleased to announce the closing of the acquisition of the Newman-Madsen Property from Sabina Gold & Silver Corp. ("Sabina").

The Newman-Madsen property, combined with Laurentian's existing Madsen Gold Project, now comprise one contiguous land package in excess of 5,000 hectares and provide the Company with increased exposure to prospective horizons along the 12 kilometre Madsen Mine Trend.

"We have further consolidated the Madsen Mine Trend under single ownership and have assembled a proven board and management team with deep knowledge of the Red Lake District," stated Darin Labrenz, President & CEO of Laurentian. "With the third largest land position and the second largest historical production in North America's most prolific gold camp, the foundation has been laid for Laurentian to become a leading Red Lake gold explorer."

Laurentian is focused on discovering new zones of high-grade mineralization and increasing the current resource base of the consolidated property, which is host to two past-producing mines, existing mine infrastructure, and highly-prospective exploration targets along the ultramafic contact zone analogous to other modern high-grade discoveries in the region, including Goldcorp's High Grade Zone at the Red Lake Mine, the Bruce Channel System at the Cochenour Mine, and the F2 Gold System at Rubicon's Phoenix Mine.

In consideration of the acquisition, Laurentian has issued 6.5 million common shares of the Company to Sabina, which are subject to a statutory four month hold period. Sabina now holds 6.3% of the Company's issued and outstanding shares. The parties have also entered into an equity participation agreement pursuant to which Sabina will have a right to maintain its equity position. Such right will expire on the earlier of: (i) 24 months from the closing date or (ii) the date on which Sabina ceases to hold at least 3.5% of the shares of Laurentian. Laurentian has also appointed Mr. Robert Pease, President & CEO of Sabina, to Laurentian's Board of Directors.

TSX-V Approves Name Change

Laurentian also wishes to announce that it has received TSX Venture Exchange approval for the Company to change its name to "Pure Gold Mining Inc." The name change is expected to occur on Thursday, June 26, 2014, and the Company is expected to commence trading on the TSX Venture Exchange at the opening of market on June 26, 2014, under the new symbol "PGM".

The CUSIP number assigned to the Company's shares following the name change is 74624E100. The Company understands that in certain cases a change in CUSIP number may cause a temporary interruption in electronic trading in the U.S.A. and/or the exit by Depository Trust Company from a position in the Company's common shares. Any U.S.A. shareholders that are concerned with the interruption of electronic trading following the effective time of the Company's new CUSIP number are encouraged to contact their broker.

About Laurentian Goldfields Ltd.

Laurentian is led by a management team and board comprised of established mining professionals with extensive knowledge of Red Lake, and proven technical and capital markets expertise. The management and board are committed to generating exceptional shareholder growth through the exploration and development of the high-grade gold Madsen Gold Project in the prolific Red Lake gold camp of Northwestern Ontario. Laurentian intends to become a leading exploration company by unlocking the value in numerous advanced-stage exploration targets and previous gold producers along the 12 kilometre Madsen Mine Trend.

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.

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.

Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of Canadian securities legislation. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may constitute forward-looking statements. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected 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 other risks and uncertainties including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com.. 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. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Laurentian Goldfields Ltd.Blaine MonaghanDirector, Investor Relations(604) [e-mail]