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Labrador Gold Closes the First Tranche of an Option Agreement With Pacific Ridge

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Labrador Gold (LAB.V) on Thursday closed the first tranche of the option agreement with Pacific Ridge Exploration (PEX.V) to acquire the Mariposa and Eureka Dome gold projects in the Yukon's White Gold district, with a C$100,000 cash payment and issuing 800,000 shares to Pacific Ridge.

The company, which signed the agreement in May, said soil sampling has been completed on Eureka Dome and the first stage of soil sampling has been completed at Mariposa with 1,966 samples collected to date. The airborne magnetic/radiometric survey has been delayed due to weather and will begin once conditions improve.

"The start of work on the newly acquired projects less than two months after signing the option agreement is an indication of our determination to advance the projects. Given the mineralization already known at Mariposa, and its similarity to other deposits in the district, we believe that it has a significant chance to add to the overall gold endowment," said Chief Executive Roger Moss.

Labrador Gold shares were last seen down C$0.01 to C$0.06 on the TSX Venture Exchange.

Price: $0.06, Change: $-0.01, Percent Change: -14.29%

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