Laurentian Goldfields Ltd. Announces Share Consolidation Proposal

VANCOUVER, Oct. 24, 2012 - Laurentian Goldfields Ltd. (TSX VENTURE:LGF) ("Laurentian" or the "Company") announces that shareholders will be asked to approve a consolidation of the Company's issued and outstanding common shares at a ratio of up to ten (10) to one (1) at the Annual General and Extraordinary Meeting of Shareholders to be held on November 19, 2012. The Company currently has an aggregate of 61,911,893 common shares issued and outstanding. If the share consolidation were undertaken at the ratio of 10 to 1, the issued and outstanding common shares would be approximately 6,191,189. The Company does not intend to change its name in concert with the share consolidation.

Laurentian's Board of Directors are seeking shareholder approval for a share consolidation to better position the Company to finance an advanced strategic acquisition and other exploration and development activities. Earlier this year the Company was not successful in filling a $1.25 million private placement (announced May 7th, 2012) in a prevailing weak venture capital market, and believes the combination of a consolidation of shares and a new strategic acquisition will markedly improve the Company's ability to grow and raise capital.

Laurentian Goldfields Ltd. is underpinned by a highly-skilled technical team and an entrepreneurial focused board with extensive experience in capital markets, and a proven track record in generating growth and shareholder wealth through exploration, development, mergers and acquisitions. This foundation has enabled the Company to seek out exploration alliances with major mining companies and provides significant exploration exposure for its shareholders, fully-funded by its alliance partners. The Company continues to work with its partners, including the recently announced $1.5 million strategic exploration alliance with Antofagasta Minerals S.A. (see News Release dated July 26, 2012), which provides non-dilutive exposure to numerous discovery and development opportunities.

If the consolidation is approved, the directors of the Company will have the authority to implement the consolidation at the ratio of up to 10 to 1 at any time and will be permitted, without further shareholder approval, to select a lower consolidation ratio if they deem it to be appropriate. On the date hereof the directors intend to implement the consolidation as soon as practicable following the approval of the consolidation by the shareholders and the TSX Venture Exchange. In addition, notwithstanding approval of the consolidation by the shareholders, Laurentian Goldfields Ltd.'s directors, in their sole discretion, may revoke the Ordinary Resolution and abandon the consolidation without further approval, action by, or prior notice to shareholders.


About Laurentian Goldfields Ltd.

Laurentian is a team of highly skilled professionals focused on the identification, acquisition, and development of high quality exploration projects. A solid technical foundation, partnered with major mining companies through exploration alliances and joint venture agreements, provides significant exploration exposure for shareholders while minimizing shareholder dilution. Laurentian is committed to utilizing its extensive industry experience to identify and acquire exceptional exploration and development opportunities, unlocking value and shareholder growth.


ON BEHALF OF THE BOARD OF DIRECTORS,

Darin Labrenz, P.Geo.
President and CEO



Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to mineral potential and planned exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, realized mineralization of properties and the timing and success of future exploration, development and production activities.



Contact

Laurentian Goldfields Ltd.
Darin Labrenz, P.Geo., President and CEO
604-646-8000
604-646-8088 (FAX)
info@laurentiangoldfields.com

Laurentian Goldfields Ltd.
Marla Lede, Corporate Communications
(604) 697-2412
(604) 646-8088 (FAX)
mlede@laurentiangoldfields.com
www.laurentiangoldfields.com