Landore Resources Limited - Drilling Update - Junior Lake Nickel Project B4-7 Deposit

Highlights:

• The recently completed drilling campaign on the eastern section of the B4-7 deposit has significantly enhanced the volume of B4-7 massive sulphide mineralization within the upper 150-metre portion of the deposit along 500 metres of strike.
• Drilling to date has consistently intersected massive sulphide mineralisation, including drill-hole 0412-385 reporting 30.08 metres with grades of 0.74% Nickel, 0.45% Copper, 0.07% Cobalt, 587ppb Palladium, and 174ppb Platinum.
• Drilling continues on the western section of the B4-7, scheduled for completion Q3 2012. The B4-7 remains open down dip and along strike to the east and west.

THUNDER BAY, ON, May 22, 2012 /CNW/ - The current drilling campaign, started in February 2012, is aimed at expanding the B4-7 deposit and providing adequate drill density to bring inferred portions of the deposit to indicated status. To date, 56 diamond core NQ size holes and 2 re-entered holes (0412-367 to 0412-422 and 0409-237/238) for 9,772 metres, have been completed. Assays are outstanding for 22 drill-holes and will be reported as they become available.

B4-7 mineralised intersections include:

*The actual true thickness of mineralisation is estimated to represent between 75-80% of the intervals shown in the above table.

This campaign is also targeting the adjacent polymetallic zone (Alpha zone) located up to 70 metres to the north of the B4-7 main mineralized zone at 75W and merging with the main zone at approximately 350E. The Alpha zone consists of a series of sub-vertical contacts within metamorphosed gabbros and contains significant palladium and platinum, in addition to elevated nickel, copper and cobalt. Previously there were insufficient intersections of the Alpha zone for its inclusion into the resource. However the current drilling is successfully establishing continuity along strike.

Polymetallic alpha zone mineralised intersections include:

*The actual true thickness of mineralisation is estimated to represent between 75-80% of the intervals shown in the above table.

The Junior Lake property:
The Junior Lake property, 100% owned by Landore, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay, and is host to; the VW Nickel deposit; the B4-7 Nickel-Copper-Cobalt-PGMs deposit; the B4-8 prospect and numerous other highly prospective mineral occurrences.

The combined resources (Canadian National Instrument (NI) 43-101 compliant) of the VW and B4-7 deposits delineated to date, total 48,281 tonnes of nickel equivalent (NiEq), 82 per cent of which is in the Indicated category.  Both deposits remain open down dip and along strike to the east and west.

Landore believes that for the Junior Lake Nickel projects to be economically viable, the above tonnage needs to be increased by 20 to 30 %.  Accordingly, Landore's exploration effort is now focused on the discovery of additional mineralisation in the vicinity of the two main deposits.

B4-7 Nickel-Copper-Cobalt-PGEs deposit:
The B4-7 deposit is located approximately 3 kilometres to the northwest of the VW deposit. The B4-7 deposit mineralisation is hosted within a sub-vertical massive sulphide vein with stringers, net-textured and disseminated sulphides in the immediate hanging wall. In Q1 2010, an NI 43-101 compliant report and resource estimate upgrade for the B4-7 deposit was completed. The resource reported 26,521 tonnes NiEq, at a 0.25% Nickel cut-off.

2012 Planned Works:
The results of the current drilling campaign on the B4-7 deposit are highly encouraging having significantly increased the potential tonnage amenable to open pit development.  Landore will utilize these drilling results to produce an updated resource estimate, anticipated for completion in Q3 2012. Pre-feasibility studies on the combined B4-7 and the VW deposits will be initiated in Q4 2012.

Michele Tuomi, (P.Geo., BSc. Geology),  a Senior Geologist of Landore Resources Canada Inc. and a qualified person as defined in the Canadian National Instrument 43-101, has reviewed and verified all scientific or technical mining disclosure contained in this announcement.

SOURCE Landore Resources Limited