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+ADw-td width+AD0AIg-100+ACUAIg- style+AD0-'width:100.0+ACUAOw-padding:7.5pt 7.5pt 7.5pt 7.5pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-font-family:
Georgia+ADs-mso-ansi-language:EN-GB'+AD4-TORONTO, CANADA--(+ADw-span class+AD0-SpellE+AD4-Marketwire+ADw-/span+AD4-
- Aug. 18, 2009) - +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4- Gold Limited (+ACY-quot+ADsAPA-span
class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4- Gold+ACY-quot+ADs-) (TSX VENTURE:LGL) shareholders
voted overwhelmingly in +ADw-span class+AD0-SpellE+AD4-favor+ADw-/span+AD4- of a change of
control and +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4- Gold has closed the second
placement for CDN +ACQ- 1,137,167.90 from Lachlan Star Ltd (+ACY-quot+ADs-Lachlan
Star+ACY-quot+ADs-) to bring their holdings to 31+ACU-. +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4-
Gold has commenced a major plus 10,000m drilling programme both to
expand the resource base and upgrade the current resource base for
feasibility studies.+ADw-br+AD4-
+ADw-br+AD4-
+ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4- Gold Limited (TSX VENTURE:LGL) is pleased
to announce that, at the Special General Meeting of the company held on
28 July 2009, shareholders voted overwhelmingly in +ADw-span class+AD0-SpellE+AD4-favor+ADw-/span+AD4-
of the change in control resolution with 99.7+ACU- voting in +ADw-span
class+AD0-SpellE+AD4-favor+ADw-/span+AD4- with a 37.7+ACU- shareholder turnout.+ADw-br+AD4-
+ADw-br+AD4-
Consequently, +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4- Gold has completed the
second phase of the investment by Lachlan Star for 9,476,399 shares at
CDN +ACQ-0.12 for gross proceeds of CDN +ACQ- 1,137,167.90 which in aggregate
brings the total investment by Lachlan Star in +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4-
to CDN +ACQ- 2,627,100 for 21,892,500 shares. This will result in Lachlan
Star holding approximately 31+ACU- of the issued share capital of +ADw-span
class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4- Gold.+ADw-br+AD4-
+ADw-br+AD4-
+ACY-quot+ADs-The completion of this transaction is a very positive development
for +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4-. It now allows us to focus over the
next six to twelve months on the two major initiatives in the company
which are to expand the overall resource at the +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4-
Hill project, and to complete prefeasibility studies on the current
resource base+ACY-quot+ADs-, said Mike +ADw-span class+AD0-SpellE+AD4-Sperinck+ADw-/span+AD4-,
President and CEO. +ACY-quot+ADs-We are confident that, by following up on the
positive results from the most recent drilling at the five other
targets which are all in close proximity to the resources already
defined at +ADw-span class+AD0-SpellE+AD4-Matala+ADw-/span+AD4- and +ADw-span class+AD0-SpellE+AD4-Dunrobin+ADw-/span+AD4-
deposits respectively, we will be able to increase the resource base. This
will enable +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4- to expand the scope of the
prefeasibility study to design a mining operation significantly larger
than that envisaged on the current resource.+ACY-quot+ADsAPA-br+AD4-
+ADw-br+AD4-
The current drilling programme at the +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4-
Hill project will have two major objectives+ADw-span class+AD0-GramE+AD4-:+ADw-/span+AD4APA-br+AD4-
+ADw-br+AD4-
- the first is to upgrade (to indicated mineral resource status) all of
the resources at the +ADw-span class+AD0-SpellE+AD4-Matala+ADw-/span+AD4- and +ADw-span
class+AD0-SpellE+AD4-Dunrobin+ADw-/span+AD4- deposits which fall within conceptual
optimized pit outlines+ADs- and+ADw-br+AD4-
+ADw-br+AD4-
- the second is to follow up and define further mineral resources at
selected targets identified from the interpretation of the results from
the 2008 reverse circular (+ACY-quot+ADs-RC+ACY-quot+ADs-) drilling programme. +ADw-br+AD4-
+ADw-br+AD4-
Drilling is due to commence within the next two weeks. A 10,000m
contract has been signed with Boart +ADw-span class+AD0-SpellE+AD4-Longyear+ADw-/span+AD4-
and will include both
Diamond and RC drilling. The infill drilling will
also include drill holes selected for further variability +ADw-span
class+AD0-SpellE+AD4-testwork+ADw-/span+AD4- on the metallurgy of the ores, and for
geotechnical and +ADw-span class+AD0-SpellE+AD4-geohydrological+ADw-/span+AD4- studies.+ADw-br+AD4-
+ADw-br+AD4-
A range of technical and economic studies have commenced with the
intention to complete by early +ADw-st1:metricconverter ProductID+AD0AIg-2010 a+ACI-
w:st+AD0AIg-on+ACIAPg-2010 a+ADw-/st1:metricconverter+AD4- prefeasibility study for the
construction of a new mining operation at +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4-
which will be based either on the current resource or on the expanded
resource which would result from drilling success in the current
drilling program. +ADw-br+AD4-
+ADw-br+AD4-
In accordance with the agreement with Lachlan Star, +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4-
Gold is undertaking all the formalities associated with obtaining the
listing of the +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4- shares on the Australian
Stock Exchange ('ASX'), which will be in addition to the listing that
the company already enjoys on the TSX Venture Exchange. +ADw-br+AD4-
+ADw-br+AD4-
Shareholders should note that, in relation to the 21 892 500 shares
issued :+ADw-br+AD4-
+ADw-br+AD4-
- there were no finder's fees or warrants in connection with the
private placements+ADsAPA-br+AD4-
+ADw-br+AD4-
- the shares are subject to a statutory hold period of four months from
the date of closing+ADsAPA-br+AD4-
+ADw-br+AD4-
- the private placement has received TSX Venture Exchange approval.+ADw-br+AD4-
+ADw-br+AD4-
About +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4- Gold+ADw-br+AD4-
+ADw-br+AD4-
+ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4- Gold is a gold focused company with a
strategy of creating shareholder value through expanding into a
geographically diversified gold resource company with assets
potentially ranging from producing mines and near term production to
exploration properties in Africa. The current focus is at +ADw-span
class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4- Gold's wholly-owned Zambian subsidiary, +ADw-span
class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4- Gold Mines Limited, which holds mineral
tenements within southern-central +ADw-st1:country-region w:st+AD0AIg-on+ACIAPgA8-st1:place
w:st+AD0AIg-on+ACIAPg-Zambia+ADw-/st1:place+AD4APA-/st1:country-region+AD4- covering
approximately 1,200km2 of highly prospective exploration ground focused
on the +ADw-span class+AD0-SpellE+AD4-Dunrobin+ADw-/span+AD4- and +ADw-span class+AD0-SpellE+AD4-Matala+ADw-/span+AD4-
gold deposits. The +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4- Hill Project is
situated approximately 120km west-northwest of the Zambian capital of +ADw-st1:City
w:st+AD0AIg-on+ACIAPg-Lusaka+ADw-/st1:City+AD4- in +ADw-st1:country-region w:st+AD0AIg-on+ACIAPg-Zambia+ADw-/st1:country-region+AD4-'s
+ADw-st1:place w:st+AD0AIg-on+ACIAPgA8-st1:PlaceName w:st+AD0AIg-on+ACIAPg-Central+ADw-/st1:PlaceName+AD4- +ADw-st1:PlaceType
w:st+AD0AIg-on+ACIAPg-Province+ADw-/st1:PlaceType+AD4APA-/st1:place+AD4-. Access to the Project
area is by a newly-upgraded paved road from +ADw-st1:City w:st+AD0AIg-on+ACIAPgA8-st1:place
w:st+AD0AIg-on+ACIAPg-Lusaka+ADw-/st1:place+AD4APA-/st1:City+AD4-.+ADw-br+AD4-
+ADw-br+AD4-
The current Mineral Resource at the +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4-
Hill Project includes +ADw-st1:metricconverter ProductID+AD0AIg-656,000 ounces+ACI-
w:st+AD0AIg-on+ACIAPg-656,000 ounces+ADw-/st1:metricconverter+AD4- gold contained in 7.1
million tonnes at 2.9g/t for the Inferred category and +ADw-st1:metricconverter
ProductID+AD0AIg-144,000 ounces+ACI- w:st+AD0AIg-on+ACIAPg-144,000 ounces+ADw-/st1:metricconverter+AD4-
gold contained in 2.2 million tonnes at 2.1g/t for the Indicated
category (reported in Press Release April 15, 2008).+ADw-br+AD4-
+ADw-br+AD4-
In addition to the substantial gold resources on the properties
controlled by +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4-, the properties also host
the large, prominently outcropping +ADw-span class+AD0-SpellE+AD4-hematitic+ADw-/span+AD4- +ADw-span
class+AD0-SpellE+AD4-Nambala+ADw-/span+AD4- iron deposit. A review by Coffey Mining
indicated that on part of the mineralized body there exists the
'mineral potential' of between 100 and 300 million tonnes of iron at
grades of 55-60+ACU- Fe. Interpretation of the regional geology indicates
that the iron contained in this deposit could be several times larger
than this figure. However, there are a number of logistical issues
relating to the distance from the project to the coast. The potential quantity
and grade is conceptual in nature, and there is insufficient
exploration completed at the present time to define a mineral resource.+ADw-br+AD4-
+ADw-br+AD4-
The +ADw-span class+AD0-SpellE+AD4-Luiri+ADw-/span+AD4- Gold exploration programs and
resource calculations are carried out under the supervision of Mr.
Michael +ADw-span class+AD0-SpellE+AD4-Sperinck+ADw-/span+AD4-, Member of AUSMIM. Mr. +ADw-span
class+AD0-SpellE+AD4-Sperinck+ADw-/span+AD4- is a qualified person (as defined by
National Instrument 43-101) with more than 25 years of experience in
the mining industry.+ADw-br+AD4-
+ADw-br+AD4-
About Lachlan Star+ADw-br+AD4-
+ADw-br+AD4-
Lachlan Star Limited is an emerging minerals exploration and development
company headquartered in +ADw-st1:place w:st+AD0AIg-on+ACIAPgA8-st1:City w:st+AD0AIg-on+ACIAPg-Perth+ADw-/st1:City+AD4-,
+ADw-st1:State w:st+AD0AIg-on+ACIAPg-Western Australia+ADw-/st1:State+AD4APA-/st1:place+AD4-. The
company is focused on acquiring and developing assets within the gold,
copper and bulk commodities sectors within +ADw-st1:country-region w:st+AD0AIg-on+ACIAPgA8-st1:place
w:st+AD0AIg-on+ACIAPg-Australia+ADw-/st1:place+AD4APA-/st1:country-region+AD4- and overseas. The
company has a board of directors and management team with an impressive
track record of advancing resource projects through to production. Lachlan
Star's current projects are in +ADw-st1:country-region w:st+AD0AIg-on+ACIAPg-Australia+ADw-/st1:country-region+AD4-
and include the Bushranger copper and gold project in +ADw-st1:State w:st+AD0AIg-on+ACIAPg-New
South Wales+ADw-/st1:State+AD4- and the +ADw-span class+AD0-SpellE+AD4-Princhester+ADw-/span+AD4- +ADw-span
class+AD0-SpellE+AD4-magnesite+ADw-/span+AD4- deposit in +ADw-st1:State w:st+AD0AIg-on+ACIAPgA8-st1:place
w:st+AD0AIg-on+ACIAPg-Queensland+ADw-/st1:place+AD4APA-/st1:State+AD4-. +ADw-br+AD4-
+ADw-br+AD4-
ON BEHALF OF THE BOARD OF DIRECTORS OF LUIRI GOLD LIMITED+ADw-br+AD4-
+ADw-br+AD4-
Michael +ADw-span class+AD0-SpellE+AD4-Sperinck+ADw-/span+AD4-, President and CEO+ADw-br+AD4-
+ADw-br+AD4-
This press release contains forward-looking information which involves
risks and uncertainties. Forward looking information represents
management's current views and these may change significantly as new
information comes to hand.+ADw-br+AD4-
+ADw-br+AD4-
+ADw-br+AD4-
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.+ADw-/span+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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+ADw-p class+AD0-MsoNormal+AD4APA-b+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-
color:+ACM-CC0000'+AD4-CONTACT INFORMATION:+ADw-/span+AD4APA-/b+AD4- +ADw-/p+AD4-
+ADw-p+AD4APA-span class+AD0-SpellE+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-
font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-Luiri+ADw-/span+AD4APA-/span+AD4APA-span
lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:
EN-GB'+AD4- Gold+ADw-br+AD4-
Michael +ADw-span class+AD0-SpellE+AD4-Sperinck+ADw-/span+AD4APA-br+AD4-
President+ADw-br+AD4-
401-694-322+ADw-br+AD4-
+ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:Georgia'+AD4APA-a
href+AD0AIg-http://www.luirigold.com+ACI- target+AD0AIgBf-parent+ACIAPgA8-span lang+AD0-EN-GB
style+AD0-'mso-ansi-language:EN-GB'+AD4-www.luirigold.com+ADw-/span+AD4APA-/a+AD4APA-/span+AD4APA-span
lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:
EN-GB'+AD4APA-br+AD4-
+ADw-br+AD4-
or+ADw-br+AD4-
+ADw-br+AD4-
+ADw-span class+AD0-SpellE+AD4-Luiri's+ADw-/span+AD4- North American Investor Relations:+ADw-br+AD4-
First Canadian Capital Corp.+ADw-br+AD4-
+ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:Georgia'+AD4-Daniel +ADw-span
class+AD0-SpellE+AD4-Boase+ADw-/span+AD4APA-br+AD4-
416-742-5600 or +ADw-span class+AD0-SpellE+AD4-Toll+ADw-/span+AD4- Free: 1-866-580-8891+ADw-br+AD4-
+ADw-a href+AD0AIg-mailto:request+AEA-firstcanadiancapital.com+ACIAPg-request+AEA-firstcanadiancapital.com+ADw-/a+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
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Luiri Gold Ltd.
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CODE : LGL.V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Luiri Gold is a gold development stage company based in Canada. Luiri Gold is listed in Canada. Its market capitalisation is CA$ 7.9 millions as of today (US$ 7.9 millions, € 6.0 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 0.75, and its lowest recent point on December 12, 2008 at CA$ 0.03. Luiri Gold has 121 042 000 shares outstanding. |