VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 17, 2011) - Lateegra Gold Corp. ("Lateegra" or the "Company") (TSX VENTURE:LRG)(FRANKFURT:LTGB) announces that it has executed a Letter of Intent with a group of prospectors by which it can acquire a 51% undivided interest (subject to an underlying net smelter royalty of 2% with an option to purchase 1% for $1 million) in a mineral exploration project known as the "B-14 Property" (the "Property"). The Property is located in Beschefer Township, north western Quebec. Pursuant to the terms of the proposed agreement, Lateegra can earn an undivided 51% interest by making cash payments totalling $25,000 and issuing a total of 3,000,000 shares over a one year period.
Lateegra has also entered into a letter of intent with Sea Green Capital Corp. whereby it can acquire the remaining 49% interest in the Property (subject to an underlying net smelter royalty of 1% with an option to purchase 0.75% for $500,000) for a total of $25,000 and 3,000,000 common shares to be paid and issued to Sea Green.
About the Property
The B-14 Property consists of 33 claims encompassing 5.3 sq km. and located approximately 2 km southeast of the Broullan Batholith and immediately south of Balmoral Resources Ltd.'s flagship Fenelon property, the focus of a recent $18 million financing. Further afield and 10 km northwest lays the Selbaie Mine (previous production of 57.5 million tonnes grading 0.56 g/t Au, 38 g /t Ag, 0.87 % Cu, and 1.85% Zn; MRNQ, DV 2001/01). The Property is underlain by hematized quartz-feldspar porphyry and albitized quartz diorite which intrude variably altered intermediate to mafic volcanic rocks. The following is the link to the map: