LAKEWOOD MINING CO. LTD.

1756 246^th Street, Langley, B.C. V2Z 1G4

Tel: (604) 514-0041 Fax: (604) 514-9702

TSX Venture Exchange – LKW May 31, 2006

NEWS RELEASE

Private Placement: Further to the Company’s news release of April 24, 2006 announcing a private placement of $120,000, the private placement has now increased to $130,000 which will increase the amount spent on exploration to $80,000. The additional $10,000 will be used to incur Canadian Exploration Expense (“CEE”) as defined by the Income Tax Act, (Canada), which will be renounced by the Company in favour of the investor.

The private placement is subject to the acceptance of the Exchange.

Lakewood Mining Co. Ltd.

Per:

“Charles Boitard”

Charles Boitard, President