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 23, 2006

NEWS RELEASE

Update on the WOOD PROPERTY, Kamloops, B.C.

A geophysical crew is currently carrying out an Induced Polarization survey on the property.

In 2005 a reconnaissance Mobile Metal Ion soil sample survey was carried out over the two most northwest zones (DORADO and CORONA zones), that had previously been outlined by a Helicopterborne multisensor gamma ray spectrometric survey.

The MMI soil sample results confirmed two large zones of gold, copper and silver mineralization.

The detailed IP survey now being carried out over the DORADO and CORONA zones is to outline the bulk of the sulphides and to locating drilling targets.

The Wood group represents 60 square kilometers of mineral claim, located south of the old Afton mine, approximately 15 kilometers southwest of Kamloops, B.C. The Dorado zone is situated 3,000 meters south/southwest of the Afton pit.

The Wood Property is owned and operated in a 50/50 joint venture with Green Valley Mine Incorporated (TSX.V: GVY)

More information on the property can be viewed at www.lakewoodmining.com

Lakewood Mining Co. Ltd.

Per:

“Charles Boitard”

Charles Boitard, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release