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Lund Gold, Noront cancel Ring of Fire project

2009-03-18 11:08 ET - News Release

Mr. Chet Idziszek reports

Lund Gold Ltd. has received the final summary report of work performed by Noront Resources Ltd. on the claims that are subject to an option to joint venture agreement in the Ring of Fire area of the James Bay Lowlands. As operator of the project, Noront performed two airborne surveys and ground-based, geophysical follow-up work that was designed to further detail two VTEM airborne anomalies that were identified. A diamond drilling program to test these two geophysical anomalies was carried out in December of 2008.

The drilling program consisted of two diamond drill holes that totalled 482.6 metres in length. Both targets were explained by narrow intercepts of disseminated to semi-massive sulphides, mostly in the form of pyrrhotite. The best result was a 0.85-metre interval that assayed 1.22 per cent zinc. The estimated cost of Noront's exploration on the property totals approximately $300,000.

Noront in its role as operator of the project has recommended no further work be carried out at this time. After a review of the data, Lund is in agreement with this recommendation and has opted to terminate the agreement. Lund expects to receive approximately $700,000 back from exploration funds advanced to Noront. On Lund's Black Fox gold property, the 2009 exploration program is currently being formulated and will be reported shortly. Lund has an option to acquire a 100-per-cent interest in the Black Fox gold property which is located within Tuuri township, Thunder Bay mining division, Ontario, in the Schreiber-Hemlo Greenstone belt. Lund remains well funded and is seeking additional, quality gold projects.

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