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17, 2009+ADw-/span+AD4APA-/b+AD4- +ADw-/p+AD4-
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Gold Commences Drilling at Luiri Hill Gold Project and Appoints New
Directors+ADw-/span+AD4APA-/b+AD4- +ADw-/p+AD4-
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CANADA--(Marketwire - Sept. 17, 2009) - Luiri Gold Limited (+ACY-quot+ADs-Luiri
Gold+ACY-quot+ADs-) (TSX VENTURE:LGL) is pleased to report progress towards its
goal of developing a mine on its Luiri Hills advanced project where
gold resources of 656,000 ounces of inferred plus 144,000 ounces of
indicated, have been delineated to date. Since the successful
completion of the placement of CDN +ACQ-2.63 million with Lachlan Star
announced in the Press Release on the 18 August 2009, Luiri Gold wishes
to announce the following developments:+ADw-br+AD4-
+ADw-br+AD4-
- The start of a 9,500m drilling programme aimed both at increasing and
upgrading existing resources and testing the recently discovered
drilling targets.+ADw-br+AD4-
+ADw-br+AD4-
- The appointment to the Board of Mr. Mick McMullen, Chairman of
Lachlan Star and Mr. Declan Franzmann, Managing Director of Lachlan
Star.+ADw-br+AD4-
+ADw-br+AD4-
Luiri Gold Limited is pleased to announce that it has commenced a
9,500m drilling programme which will include both infill drilling at
Matala and Dunrobin deposits and follow up drilling at recently defined
new targets. Firstly, the aim is to improve the classification
categories of the current resources, and secondly, to increase the size
of the current resource base. The targets are all in close proximity to
the resources already defined at the Matala and Dunrobin deposits
respectively. The results of this work should enable Luiri Gold to
expand the scope of the prefeasibility study to design a mining
operation significantly larger than that envisaged on the current
resource base (see Press Release August 18, 2009).+ADw-br+AD4-
+ADw-br+AD4-
The company is also planning to conduct more follow up exploration to
define a pipeline of medium term drilling targets based on the regional
soil geochemical sampling programme over the rest of the Matala Dome
mineralized structure. These include a number of targets which are in
similar structural positions to the Matala and Dunrobin deposits (see
Press Release February 6, 2008). The company is also continuing with
its assessment of the Nambala Iron project with a view to optimizing
shareholder value from this asset.+ADw-br+AD4-
+ADw-br+AD4-
Luiri Gold is very pleased to welcome onto the Board Mr. Mick McMullen
and Mr. Declan Franzmann. Mr. McMullen will be taking on the Chairman
role of Luiri Gold from Mr. Ted Grobicki who had earlier indicated his
wish to retire at the completion of the successful Lachlan Star
transaction.+ADw-br+AD4-
+ADw-br+AD4-
Commenting on the retirement of Mr. Grobicki, Mike Sperinck, President
and CEO said +ACY-quot+ADs-The Board of Directors and I want to acknowledge and
express our appreciation for Ted's many contributions during his tenure
as Chairman of the Company's Board of Directors. Ted has led the
Company through both some exciting exploration successes, and has also
helped steer the company through the last 12 months which have been
particularly difficult for junior explorers. Luiri Gold has emerged
with a strong base with both a quality gold resource and funding to
carry the strategy forward. We wish him well in the future.+ACY-quot+ADsAPA-br+AD4-
+ADw-br+AD4-
Ted Grobicki said +ACY-quot+ADs-it has been a great pleasure to watch the
growth of the company's exciting assets in Zambia and to have been able
to attract good funding for the evaluation and development of this new
project. I am pleased to be leaving the company in a strong position
with excellent assets to develop, the right level of funding and a very
positive outlook for the gold price. I am very confident that Mike and
his team, with the guidance and experience of Mick as the new Chairman,
will make a great success of their future endeavors+ACY-quot+ADs-.+ADw-br+AD4-
+ADw-br+AD4-
Mr. Mick McMullen has many years experience in exploration, financing,
development and operation of mining projects. He has worked in
Australia, Africa, Europe, Asia and South America. He was a founding
shareholder and executive director of Tritton Resources Limited, a
company that developed a copper mine in Australia prior to being
acquired by Straits Resources. He was most recently the Managing
Director of Northern Iron Limited, which under his direction and
management recently successfully invested US +ACQ-190 million to redevelop
a 3Mtpa iron ore mine and attendant infrastructure in Norway. Mr. Mc
Mullen is currently in a transition role to Non Executive Director of
Northern Iron Limited and Chairman of Lachlan Star Limited.+ADw-br+AD4-
+ADw-br+AD4-
Mr. Declan Franzmann is a mining engineer with more than 15 years
experience in operational mine management and engineering roles in
Australia. His previous experience includes general and mining
management roles at a number of gold, copper and base metal mines in
Australia, including the Tritton, CSA and Yilgarn Star Mines. He is
currently a Director of Lachlan Star Limited and Every Day Mine
Services.+ADw-br+AD4-
+ADw-br+AD4-
Commenting on the election of Messrs McMullen and Franzmann to the
Board, Mike Sperinck said, +ACY-quot+ADs-We are very pleased to welcome both
Mick and Declan to the Board. With the company's immediate focus moving
to include project development, they bring many of the additional
talents required for this transition. We look forward to working with
them on the Board, and on Mick taking on the role as non-executive
Chairman.+ACY-quot+ADsAPA-br+AD4-
+ADw-br+AD4-
About Luiri Gold+ADw-br+AD4-
+ADw-br+AD4-
Luiri 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 near term
production to exploration properties in Africa. The current focus is at
Luiri Gold's wholly-owned Zambian subsidiary, Luiri Gold Mines Limited,
which holds mineral tenements within southern-central Zambia covering
approximately 1,200km2 of highly prospective exploration ground focused
on the Dunrobin and Matala gold deposits. The Luiri Hill Project is
situated approximately 120km west-northwest of the Zambian capital of
Lusaka in Zambia's Central Province. Access to the Project area is by a
newly-upgraded paved road from Lusaka.+ADw-br+AD4-
+ADw-br+AD4-
The current Mineral Resource at the Luiri Hill Project includes 656,000
ounces gold contained in 7.1 million tonnes at 2.9g/t for the Inferred
category and 144,000 ounces 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 Luiri Gold, the properties also host the large,
prominently outcropping hematitic Nambala 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 Luiri Gold exploration programs and resource calculations are
carried out under the supervision of Mr. Michael Sperinck, Member of
AUSMIM. Mr. Sperinck 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-
ON BEHALF OF THE BOARD OF DIRECTORS OF LUIRI GOLD LIMITED+ADw-br+AD4-
+ADw-br+AD4-
Michael Sperinck, 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+AD4- +ADw-/p+AD4-
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+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes'+AD4-
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color:+ACM-CC0000'+AD4-CONTACT INFORMATION:+ADw-/span+AD4APA-/b+AD4- +ADw-/p+AD4-
+ADw-p+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:Georgia'+AD4-Luiri Gold+ADw-br+AD4-
Michael Sperinck+ADw-br+AD4-
President+ADw-br+AD4-
401-694-322+ADw-br+AD4-
+ADw-a href+AD0AIg-http://www.luirigold.com+ACI- target+AD0AIgBf-parent+ACIAPg-www.luirigold.com+ADw-/a+AD4APA-br+AD4-
+ADw-br+AD4-
or+ADw-br+AD4-
+ADw-br+AD4-
Luiri Gold's North American Investor Relations:+ADw-br+AD4-
First Canadian Capital Corp.+ADw-br+AD4-
Daniel Boase+ADw-br+AD4-
416-742-5600 or Toll 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-
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Luiri Gold Ltd.
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CODE : LGL.V |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Luiri Gold est une société développant des projet miniers d'or basée au Canada. Luiri Gold est cotée au Canada. Sa capitalisation boursière aujourd'hui est 7,9 millions CA$ (7,9 millions US$, 6,0 millions €). La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 0,75 CA$, et son plus bas niveau récent le 12 décembre 2008 à 0,03 CA$. Luiri Gold possède 121 042 000 actions en circulation. |