NEWS TODAYApril 10, 2003, Vancouver, BC: Lateegra Resources Corp. (LEG-TSX Venture) is pleased to announce that it has entered into an agreement to acquire a 100% interest in a Gold/Silver exploration property located in Sonora State, Mexico. The property encompasses 7 contiguous mining claims covering approximately 1,000 Hectares, or Ten sq. km. Prior trenching discovered 18.0 meters of 1.95 g/t Au and 135.47 g/t Ag, including 2m of 8.63 g/t Au and 931.86 g/t Ag. There are numerous dumps, shafts, and drifts on feeder structures where historic mining was down several hundred feet. The best values documented by historical production were bonanza grades of 62 g/t of Gold, 15,500 g/t of Silver.
The property is located 100km north-east of Hermosillo, Sonora State Mexico 30km off the main highway to Tucson, AZ.
Historical Exploration
Previous exploration on the property, including trenching and sampling of the dumps and feeder structures has covered less than half of the 10 sq. km property. Assays were done by ICPMS method at Bondar Clegg in Hermasillo and Actlabs-Skyline in Tucson, Az.
Southern Zone
The "El Tigre" claim covers 84 ha. located on the south end of the property. This claim has received the majority of the exploration attention. Historical exploration is summarized in a qualifying report written by Peter E. Fox, P. Eng., in Nov. 1997. Fox took 7 samples confirming past sampling, and noted the existence of 37,000 tons of dumps from approximately 1,000 meters of adits, stopes and crosscuts. The mineralization is polymetallic with primary metals of Au, and Ag, with minor Pb and Zn present within altered quartz monzonite porphyry, and volcanics.
Mr. Fox stated "the property offers an attractive bulk tonnage target and further sampling work aided by mechanical (backhoe or bulldozer) trenching is warranted"
Subsequent exploration included 123 samples. Highlights of this sampling program include 11 samples that were collected from dump sites averaging 1.29g/t Au and 132.9 g/t Ag. One sample of a dump on the south end of the claim ran 19.5 g/t Au and 148.8 g/t Ag.
Northern Zone
The "Vibora" claim covers 100 ha. On the north end of the property 4km from the "El Tigre" this claim is host to the "la Rubena and the "las Amarillas" workings. Several adits, shafts and drifts are present on three parallel structures traced along the surface over 2km of strike length and are 500 meters in width. These structures were sampled in late 2002 and early 2003. 12 samples were taken from this area. The chip and dump samples ranged from 0.20 g/t to 4 g/t Au and 15 g/t. to 474.3 g/t Ag.
Conclusion
Lateegra believes the existence of documented mineralization covering such a large area within favorable host rocks is an attractive exploration opportunity to find disseminated low grade and large tonnages of ore as is common in many of the Gold and Silver mines in the area. The exploration program will focus on the most promising areas, including the contact between the monzonites and the volcanics. The company will begin permitting for the initial surface trenching and sampling program immediately. The initial program will likely involve two bulldozers, and two crews for the mapping and sampling of the 10 sq km property including extensive underground sampling. The company intends on using Matt Grey P. Eng., of Resources Geosciences de Mexico, with offices in Hermosillo, a "Qualified Person" for much of the work on the property including a report compliant with national instrument 43-101.
Business Terms
Lateegra has acquired the right to earn a 100% interest in the property(s) from two private Mexican corporations controlled by Jim Irwin Ph.D. P. Geo of Vancouver B.C.
Lateegra can earn 100% working interest in the claims, by spending a minimum of $600,000 on the project over 6 years, and making the scheduled payments. All funds are in US Dollars.
Cash payments, and terms for the Vendor:
1. $20,000 for 90 day option, Then;
2. Ninety days later $10,000 per calendar Qtr, thereafter, for 4 years, then increasing to, $20,000 per Qtr in yrs 5-6.
3. Vendor will retain a 2.5% NSR on all claims with a buyout of half of the 2.5%, for USD $1,000,000, on or before Yr 6 anniversary.
4. Lateegra will issue, 200,000 shares on TSX Venture Exchange approval and 200,000 shares per annum on the anniversary of the TSX Venture Exchange approval.
5. Lateegra will further issue One common share for every mineable diluted recoverable ounce of gold and silver equivalent as determined by a final feasibility study to a maximum of 1,000,000 shares, or $10,000,000 worth of Lateegra shares whichever is less.
6. Lateegra agrees to a minimum of $100,000 per year, for Six years, total $600,000, of work expenditures on the subject claims.
7. Buyout for $2,000,000 on or before Six years, to include the annual payments.
A finder's fee may be payable in accordance with the policies of the TSX Venture Exchange. The acquisition agreement is subject to regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS
LATEEGRA RESOURCES CORP.
"Michael Townsend"
President