VANCOUVER, BRITISH COLUMBIA and
TORONTO, ONTARIO - (July 16, 2008) - Lund Gold Ltd. (TSX VENTURE:LGD)
("Lund") and Noront Resources Ltd. (TSX VENTURE:NOT)
("Noront") are pleased to release the following project
update on their Lund property. The Lund Property is located approximately
25 km. north northeast of Noront's Eagle One Magmatic Massive Sulphide
discovery in the "Ring of Fire" area of the James Bay Lowlands.
Nakina, Ontario lies approximately 300 km. south - southwest of the
property.
The Eagle One deposit has recently been the focus of a 43-101 compliant
resource study that identifies an initial indicated resource of 1,834,000
tonnes grading 1.96% nickel, 1.18% copper, 0.15g/t gold, 1.12g/t platinum,
3.91g/t palladium and 3.81g/t silver. Additionally, the study outlined an
inferred resource of 1,087,000 tonnes grading 2.39% nickel, 1.27% copper,
0.13g/t gold, 1.37g/t platinum, 4.50g/t palladium and 4.21g/t silver. This
discovery was made in late August of 2007 and kicked off a major staking
rush. Over 35 mining
companies currently hold interests in the area that has been loosely dubbed
the "Ring of Fire" by the various participants.
Additional discoveries have been made in the vicinity by the Spider
Resources Inc., KWG Resources Inc. joint venture where as of July 15, 2008
a National Instrument 43-101 compliant resource of 802,000 tonnes grading
3.75% copper and 1.1% zinc at their Mcfauld's 3 volcanic hosted massive
sulphide deposit was announced. WSR Resources Inc., Metalex Ventures Ltd.
and Arctic Star Resources Inc. have recently announced intersections of
Volcanic Derived Sulphides
Recent Vtem surveys have been completed over the Lund - Noront project
area, known as the Lund Property. Preliminary results indicate the presence
of a number of aeromagnetic and electromagnetic anomalies that indicate the
presence of bedrock conductors. Depending on the results of final
interpretation and a property examination, a follow up program will be
outlined for execution during this year. This program will consist of
ground surveys and/or diamond drilling. Noront is the operator of the
project and plans to schedule the follow up to these airborne surveys over
the next month.
The Lund property consists of 13 claims that total 169 units. For terms of
the agreement please refer to Lund news release dated February 4, 2008.
Upon Lund satisfying the terms of the agreement to earn 50%, a joint
venture will be formed with Noront acting as the Operator.
On Behalf of the Board of Directors of LUND GOLD LTD.
Chet Idziszek, President
On Behalf of the Board of Directors of NORONT RESOURCES LTD.
Richard Nemis, President and CEO
Cautionary Statement
This document contains "forward-looking statements" within the
meaning of applicable Canadian securities regulations. All statements other
than statements of historical fact herein, including, without limitation,
statements regarding exploration results and plans, and our other future
plans and objectives, are forward-looking statements that involve various
risks and uncertainties. Such forward-looking statements include, without
limitation, estimates of exploration investment and the scope of
exploration programs. There can be no assurance that such statements will
prove to be accurate, and future events and actual results could differ
materially from those anticipated in such statements. Important factors
that could cause actual results to differ materially from our expectations
are disclosed in the Company's documents filed from time to time via SEDAR
with the Canadian regulatory agencies to whose policies we are bound.
Forward-looking statements are based on the estimates and opinions of
management on the date the statements are made, and we do not undertake any
obligation to update forward-looking statements should conditions or our
estimates or opinions change. Forward-looking statements are subject to
risks, uncertainties and other factors, including risks associated with
mineral exploration, price volatility in the mineral commodities we seek,
and operational and political risks.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
CONTACT INFORMATION:
Lund Gold Ltd.
David Scott
Investor Relations
(604) 331-8772
Fax: (604) 331-8773
Email: dscott@mine-tech..com
Website: http://www.lundgold.com
or
Noront Resources Ltd.
Neil Novak
Vice President Corporate & Aboriginal Affairs
(416) 864-1456
Website: http://www.norontresources.com