Luiri Gold-Market Update on Zambia Tenure and Licences

Luiri Gold Limited (TSX VENTURE:LGL)(ASX:LGM) ("Luiri" or the "Company") is
pleased to announce that the Attorney General of Zambia has informed the
Ministry of Mines and Development that it has no objections to them entering
into discussions with Luiri in order to find an amicable settlement on the issue
of the cancelation of the Mining Licence LML48.


In addition, the company is pleased to announce that it has received a one year
extension to its Prospecting Licence PL173 (adjacent to PL209 and LML48) with an
agreed size reduction to 345 square kilometers. The Company has retained the
primary target areas within the license.


The permission from the Attorney General, which was contained in a letter dated
the 1st February 2011 which was copied to Luiri, was required as the matter was
before the High Court of Zambia. Any final settlement will be subject to the
approval of the Attorney General.


At a recent meeting between the Company's CEO, the Regional Manager and the
Minister of Mines it was agreed to proceed with discussions and the Minister
stated that we should contact the Permanent Secretary of the Ministry of Mines
and Development, who is the highest official in that office. We are in the
process of setting up a meeting with the Permanent Secretary.


LML48 contains the Matala and Dunrobin gold deposits in the Luiri Hill Gold Project.

While it remains Luiri's preference to negotiate the resolution of the tenure
issue, the Company has previously preserved its legal position by appealing the
cancellation in the High Court of Zambia. The High Court had previously upheld
the ruling of a stay against the cancellation of LML48 until the full appeal
process is completed.


ON BEHALF OF THE BOARD OF DIRECTORS OF LUIRI GOLD LIMITED 

Michael Sperinck, President, Managing Director and CEO 

This press release contains forward-looking information which involves risks and
uncertainties. Forward looking information represents management's current views
and these may change significantly as new information comes to hand.