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Lateegra completes first phase exploration at El Condor

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december   Thursday, 01/18/07 12:09:35 AM
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Lateegra completes first phase exploration at El Condor


2007-01-17 17:34 ET - News Release

Mr. Chris Verrico reports

LATEEGRA DEFINES SEVERAL GOLD TARGETS ON THE EL CONDOR PROJECT, SOUTHEASTERN ECUADOR

Lateegra Gold Corp. has completed the first phase of exploration at the El Condor concession, southeastern Ecuador. Results have yielded eight anomalous zones consistent with the geochemical signatures of other recent discoveries nearby, including that of Aurelian Resources at Fruta del Norte. Initial work consisted of geological mapping, regional stream sediment sampling, and both rock and soil sampling blanketing its wholly owned 243-hectare concession, located immediately south of and on trend with Aurelian Resources' world-class discovery.

The highlights of the work show a large 19-hectare arsenic and antimony anomaly on the southern portion of the property. Dr. Richard Sillitoe states in his report, "Comments on Geology and Potential of the Fruta del Norte Epithermal Gold Prospect, Ecuador, July, 2006," prepared for Aurelian Resources (see Aurelian Resources' news in Stockwatch dated Aug. 23, 2006) that, "If the coherent arsenic and antimony anomalies in conglomerate that help to define the corridor south of Fruta del Norte are interpreted as upward leakage from blind gold mineralization, as they have been shown to be at Fruta del Norte, then additional epithermal gold mineralization may already have been located." Dr. Sillitoe further notes that, "The arsenic and antimony anomalies located south of Fruta de Norte are thought to merit immediate scout drill testing in search of blind gold mineralization in the underlying andesitic volcanic sequence."

Furthermore, at El Condor, a large gold-copper anomaly covering an area of 15 hectares is located in the north-central region of the property immediately south of Aurelian's El Tigre anomaly.

First phase work by Lateegra consisted of stream sediment sampling while establishing a grid for sample and mapping control comprising over 26 kilometres of cut lines spaced 100 metres apart. Nine hundred seventy-one soil samples were then collected at 25-metre intervals and analyzed using metal mobile ion technology at ALS Chemex laboratories.

MMI process was used for its demonstrated superior performance throughout the diverse suite of mineralization hosted in these tropical environments. In comparison with conventional techniques, MMI produces a better focus for follow-up exploration by detecting mobile ions weakly attached to soil particles emanating vertically above the oxidizing mineralization. Mobile metal ion analyses are expressed as concentrations, just like results from a conventional soil survey. However, Wamtech Pty. Ltd., the developer of MMI technology, reports that: "To facilitate multielement interpretation of MMI analytical data, it is recommended that for each element, a background for the data is calculated, using (say) the lowest quartile of the data. Then a peak-to-background ratio (response ratio) is calculated for each element for each sample(1)." The resulting unitless value, called response ratio, quantifies sample enrichment with respect to the background. For example, the concentration of a sample with a response ratio of 35 is 35 times higher than the background concentration.

The table entitled, "El Condor background concentrations used to calculate response ratios," lists the El Condor background concentrations for the elements reported herein(2).


EL CONDOR BACKGROUND CONCENTRATIONS
USED TO CALCULATE RESPONSE RATIOS

Element Background
concentration (PPB)

Gold 0.2
Copper 111
Silver 1.8
Arsenic 3.4
Antimony 0.8
Molybdenum 2.5


Resulting analysis defined eight anomalous areas(3) within the property as describe below (for brevity only the strongest response ratios are reported).

Anomalous zone 1 (AZ1), located in the northwest corner of the property, covers five hectares and shows a strong gold (RR equals 35), copper (RR equals 136 and 70) and molybdenum (RR equals 66 and 54) anomaly.

Anomalous zone 2 (AZ2), located on the southwest portion of the property, shows strongly anomalous gold (RR equals 35 and 24), silver (RR equals 38) and arsenic (RR equals 245 and 73).

Anomalous zone 3 (AZ3), located 600 metres east of AZ1, covers approximately 2.5 hectares showing an anomaly consisting mainly of copper (RR equals 131 and 108).

Anomalous zone 4 (AZ4), located 300 metres south of AZ3, covers an area of five hectares consisting mainly of gold (RR equals 31 and 30), silver (RR equals 47) and molybdenum (RR equals 107, 100 and 96).

Anomalous zone 5 (AZ5), located in the south-central region of the property, covers seven hectares characterized by anomalous gold (RR equals 26), copper (RR equals 103, 63 and 60) and silver (RR equals 35).

Anomalous zone 6 (AZ6) flanking AZ4 and AZ5 this large, approximately 19-hectare arsenic (RR equals 452, 278, 177 and 128) and antimony (RR equals 92, 92, 87 and 77) anomaly potentially indicates a large buried epithermal system.

Anomalous zone 7 (AZ7), located approximately 800 metres to the east of AZ6, consists of a north-south-trending arsenic (RR equals 89) anomaly 250 metres in length. Anomalous zone 8 (AZ8) is the largest and strongest gold (RR equals 45) and copper (RR equals 98, 76 and 75) anomaly on the property. Located in the north-central region, due south from Aurelian's El Tigre anomaly, is 1,400 metres northwest of AZ6. This anomaly covers over 15 hectares yielding the strongest gold value on the property.

Stream sediment sampling has also detected several gold anomalies confirming the existence of nearby gold mineralization.

Chris Verrico, chief executive officer and director of Lateegra, states: "The initial exploration results are extremely encouraging, generating multiple exploration targets in a world-class district. The discovery of the nearby Fruta del Norte deposit was no accident, but rather the consequence of aggressive exploration resulting in the discovery of a large buried epithermal system. Dr. Sillitoe's recent work for Aurelain Resources at Fruta del Norte will assist the understanding of the exploration on the El Condor concession immensely. Lateegra plans to explore these anomalies aggressively."

The technical information in this news release has been reviewed by, Jeffrey Reeder, PGeo, and Luc Pigeon, PGeo, both qualified persons as defined in National Policy 43-101.

(1) MMI Manual for Mobile Metal Ion Geochemical Soil Surveys, Version 5.04, copyright Wamtech Pty. Ltd., 2004.

(2) Background concentrations and response ratios were determined using the statistical procedures discussed in the MMI Manual for Mobile Metal Ion Geochemical Soil Surveys, Version 5.04, copyright Wamtech Pty. Ltd., 2004.

(3) Anomalous zones (AZ) are defined as areas containing samples with a marked enrichment of one or more element compared with the background concentrations of the property.

We seek Safe Harbor.


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