Lateegra Gold Expands Holdings in Ecuador With Acquisition of Two Additional Properties
Wednesday November 8, 12:05 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 8, 2006) - Lateegra Gold Corp. (the "Company") (TSX VENTURE:LRG - News; FWB:LTG) is pleased to announce the acquisition of the M10 and the Auripamba East and West properties. The properties were purchased from Carlos Arias and Sergio Penaherrera though Lateegra's wholly owned subsidiary Lateegra Ecuador S.A.
The M10 property is located in the Pichincha Province 50 kilometers west-southwest of Quito Ecuador immediately north of and adjoining Cornerstone Capital Resources and Coastport Capital's La Plata Gold Rich VMS deposit and covers an area of 4,915 hectares. The M10 property was identified by Ing Fredy Salazar who spent several years as a senior geologist for Newmont Gold and provided consulting services for Aurelian Resources. Mr. Salazar was instrumental in the identification of the land package known as the Condor project held by Aurelian Resources and the El Condor project held by Lateegra located in the emerging gold belt in southern Ecuador.
The exploration target on the M10 concession is the continuation of the La Plata polymetallic volcanogenic massive sulphide (VMS) trend. Mineralization at La Plata and in the area occurs at or near the north-south trending contact between intermediate and felsic volcanics. Recent results from the drilling on La Plata by Cornerstone and Coastport Capital returned significant massive sulphides returning in hole LP-06-02, 6.7 meters (true width of 4.4 meters) averaging 11.1 g/t Au, 77.9 g/t Ag, 23.44% Zn, 1.02% Cu and 3.19% Pb and 8.9 meters averaging 31.61 g/t Au, 289.39 g/t Ag, 18.16% Zn, 5.86% Cu and 1.61% Pb in Hole LP-06-01 (Source: Stockwatch news June 22, 2006 Cornerstone Capital Resources). The M10 concession covers 7.5 kilometers of potential strike length of favorable geology. Documented mineral showings are reported to exist on the property including the El Diablo showing located on the south limits of the property.
The Auripamba project comprises 5 concessions located in the Provinces of Bolivar, Los Rios and Guayas in central Ecuador. The property consists of two separate concession blocks: Auripamba East and the Auripamba West. The eastern block covers an area of 13,650 hectares with the western block covering an area of 9800 hectares. The concessions are adjacent to Amlatminas's S.A. highly prospective Curipamba project.
Details of the 100-per-cent purchase agreements are as follows: $5,000 US (reimbursement of costs) and 650,000 shares paid over two years. The schedule of share payments are as follows: 450,000 shares of the company's capital stock on TSX-Venture approval and an additional 200,000 shares payable in 4 installments of 50,000 shares each to be paid every 6 months for two years.
The company initially plans to conduct a regional stream sediment survey followed up by regional and detail mapping and sampling on known mineralized zones.
Lateegra Gold Corp. is a mineral exploration and development company with a mandate to build a significant portfolio of advanced exploration and near production properties within the world class potential of Latin America.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Verrico, CEO and Director
Cautionary note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has not filed a National Instrument 43-101 report on any property, but will do so as soon as the information is available. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
The TSX Venture Exchange has not yet reviewed and does not take responsibility for the adequacy or accuracy of the content of this news release.
Contact:
Chris Verrico
Lateegra Gold Corp.
CEO and Director
(604) 669-9330 or Toll Free: 1-866-669-9377
(604) 669-9335 (FAX)
Email: info@lateegra.com
Website: www.lateegra.com
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Source: Lateegra Gold Corp
