Lakeland Resources Inc. Announces Acquisition of Midas Gold Property, Ontario

VANCOUVER, Dec. 30 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (the "Company" or "Lakeland") is pleased to announce that it has executed a letter of intent to earn a 100% interest in the Midas Gold Property located near Wawa, Ontario.

About the Midas Property: 

The Midas Gold Property (the "Property") is road accessible and consists of 5 unpatented mining claims encompassing 43 claim units (688 hectares) located in the Michipicoten Greenstone Belt, Sault Ste. Marie Mining Division. The Property covers two gold showings, one with visible gold reported. Recent prospecting has returned gold concentrations from grab sampling up to 14.3 g/t in the southeast of the property and 0.86 g/t approximately 200 meters away to the west. Both anomalous areas are proximal to distinct IP (induced polarization) chargeability trends defined by surveying carried out in 1987. A strong correlation between the anomalous gold concentrations and ground geophysical anomalies is apparent and the Property has yet to be drilled. The gold values were returned from quartz-pyrite stringers in carbonate and silica altered mafic volcanic flows. This type of mineralization is similar to that at the nearby Island Gold Mine-Mill Complex operated by Richmont Mines Inc. ("Richmont"). The Island Gold Mine commenced commercial production in October 2007 and Richmont's objective is to produce 45,000 to 50,000 ounces of gold from the mine in 2010.

Lakeland is assembling crews to begin line cutting and detailed IP surveying in early January, followed by a first phase diamond drilling program.

"The Midas Gold Property is an exciting project to add to the Lakeland portfolio in these early days of value creation.  The recent prospecting program carried out on the Property demonstrates the potential for a new discovery in a relatively underexplored area of the Wawa mining camp," stated Jonathan Armes, President of Lakeland Resources Inc.

Pursuant to the terms of the proposed option agreement, Lakeland can earn an undivided 100% interest in the property (subject to any underlying royalties) by making cash payments totalling $95,000, issuing 450,000 common shares, and incurring exploration expenditures of at least $125,000 over a 4 year period.

NI 43-101 Disclosure

J. Garry Clark, P. Geo, is the Qualified Person, as that term defined in National Instrument 43-101, who has reviewed and approved this press release and is responsible for the technical information reported herein.

About Lakeland Resources Inc.

Lakeland Resources Inc. is focused on gold exploration in Canada. The Company commenced trading on the TSX Venture Exchange on August 19, 2010 after completing its Qualifying Transaction. 

For more information, please visit the corporate website at http://www.lakelandresources.com

On Behalf of the Board of Directors
LAKELAND RESOURCES INC.

"Jonathan Armes"

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future.  Forward looking statements in this news release include that the Company is assembling crews to begin line cutting and detailed IP surveying for early January, which will be followed by a first phase diamond drilling program; and that the Company can earn an undivided 100% interest in the Property (subject to any underlying royalties) by making cash payments totalling $95,000, issuing 450,000 common shares, and incurring exploration expenditures of at least $125,000 over a 4 year period.

It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Factors that could cause actual results to differ materially may include misinterpretation of data; that we may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our intended exploration and development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; that market prices may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties.  Readers should refer to the risk disclosures outlined in the Company's Management Discussion & Analysis of its audited financial statements filed with the British Columbia Securities Commission.

For further information:

Jonathan Armes
President, CEO and Director
Cell: 416.708.0243
Ph: 604.681.1568
TF: 1.877.377.6222
Email: [email protected]
Web: http://www.lakelandresources.com