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September 23, 2008, Vancouver, B.C.: Lateegra Gold Corp. ("Lateegra") (LRG-TSX.V LTG-Frankfurt) is pleased to announce the signing of a binding Agreement (the "Agreement") with Pacific Ridge Exploration Ltd. ("Pacific Ridge") (PEX-TSX.V) in respect of the Wapati Phosphate property (the "Property"). The Agreement supersedes the Letter of Understanding that was previously reported on July 29, 2009. The Wapiti property is located south of Tumbler Ridge in east-central British Columbia.
Principal Terms of the Agreement: Under the terms of the agreement, Lateegra has received $5,000 and 200,000 common shares of Pacific Ridge, subsequent to approval recently granted by the TSX Venture Exchange. The shares received by Lateegra are subject to a hold period expiring January 17, 2009.
Pacific Ridge has the option to make exploration expenditures totalling $1.0 million over the ensuing 36 months to earn a 51% interest in the property. Upon earning an initial 51% interest in the property, Pacific Ridge may elect to either form a joint venture with Lateegra (51% Pacific Ridge and 49% Lateegra); or, increase its interest in the Property to 65% by paying a further $250,000 and issuing a further 1.0 million shares to Lateegra, and incurring an additional $1.0 million in exploration expenditures on the Property, over the ensuing 24 months, after which a joint venture would be formed (65% Pacific Ridge and 35% Lateegra).
Exploration Plans: As previously reported, Pacific Ridge's phosphate exploration program is underway and work on the Wapiti property has been included in that work plan. The Pacific Ridge field crew is verifying known surface deposits of phosphate mineralization through a sampling and mapping program at the Tumbler Ridge Phosphate Project, which includes a program of sampling the Wapiti phosphate horizons to both verify and expand on historic exploration results. Assay results are pending and will be reported when received.
In other news, Lateegra wishes to announce that after further due-diligence, the Letter of Intent announced May 28, 2008 to sell Lateegra's wholly owned subsidiary, Minera Bacoachi S.A. De C.V. to Abbastar Uranium Corp. will not be proceeding. The primary asset of Minera Bacoachi was an option to purchase the Charay gold property in Mexico. Lateegra has elected not to proceed with the option on the Charay property. Lateegra will continue to focus entirely on phosphate projects worldwide and is currently conducting due diligence on several exploration concessions with phosphate potential in Brazil.
ON BEHALF OF THE BOARD OF DIRECTORS
"Chris Verrico", CEO and Director
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE
Cautionary note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has not filed a National Instrument 43-101 report on any property, but will do so as soon as the information is available. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
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Lateegra Gold Corp. 
