Melkior Resources Inc V.MKR

W. Timmins

[ozGoldbull]

Camp starting to heat up here come the area players....
Lateegra Acquires Ranger Property Near Timmins
7/20/2009 9:00:26 AM - Market Wire

VANCOUVER, BC, Jul 20, 2009 (MARKETWIRE via COMTEX News Network) --

Lateegra Gold Corp. (the "Company") (TSX-V: LRG) (FRANKFURT: LTGA) is pleased to announce the acquisition of the "Ranger" property, located near Timmins, Ontario. The property consists of 6 mineral claims (80 claim units) covering a total of approximately 1280 hectares located 20kms southwest of Timmins, and approximately 8kms east-southeast of the West Timmins Mining "Golden River Zone." West Timmins recently released results from their drilling operations at the Golden River Zone, including 83.4 meters grading 12.75 grams per tonne (see WTM news release June 24, 2009).

The property was originally staked for Xstrata, but recently became available. In 2007, the Ontario Geological Survey flew a Megatem II survey covering an area around Timmins, including that of Price Township, the location of the claims. The results of the airborne survey indicated several anomalies within Price Township. The property vendors staked the Ranger property claims based on those results. Additional information available from Ontario ministry website indicates the area is underlain by both volcanics and greenstone belt rock types.

The Ranger Property has been acquired from arms length Vendors. Acquisition costs are a total of $245,000 and 1,100,000 shares on the following schedule:

-- $20,000 paid on signing of the agreement;
-- 200,000 shares of the Company on Exchange approval;
-- $50,000 cash and 200,000 shares of the Company 12 months after the
date of the agreement;
-- $75,000 cash and 300,000 shares of the Company 24 months after the
date of the agreement;
-- $100,000 cash and 400,000 shares of the Company 36 months after the
date of the agreement;
-- the Vendors will retain a two percent Net Smelter Royalty ("NSR"), of
which one-half (one percent) can be purchased by the Company for
$1,000,000, leaving the Vendors with a one percent NSR.

A finders fee will be payable on this transaction in accordance with TSX Venture Exchange policy.

"We are excited to be able to acquire this highly prospective land package in an area that has seen a rush of staking following very encouraging drilling results from neighbouring West Timmins Mining and Lakeshore Gold," states Lateegra Director, Peter Dickie.

ON BEHALF OF THE BOARD OF DIRECTORS Peter Dickie, Director

"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."

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.

Contact: Lateegra Gold Corp. Suite 1128 - 789 West Pender St. Vancouver, B.C., Canada V6C 1H2 Tel: [phone] Fax: [phone] Toll Free: 1-866-669-9377 www.lateegra.com email [e-mail]

SOURCE: Lateegra Gold Corp.

https://www.lateegra.com mailto:[e-mail]

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