LAKEWOOD MINING CO. LTD.

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

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

 

TSX Venture Exchange – LKW                                              March 23, 2006

 

NEWS RELEASE

 

Private Placement: The Company has arranged a private placement of $97,589 by the issue of 975,895 shares at a price of $.10 per share, each share with a warrant attached exercisable at a price of $.15 per share for a period of two years from the date of issue of the shares and warrants.   $10,000 of the proceeds are flow through shares wherein the Company will renounce CEE in favour of the investor. The shares and any shares issued upon exercise of the warrants will have a hold period expiring four months and one day after the date of the issue of the shares and warrants.  There is a finder’s fee of 10%.  $50,000 of the net proceeds will be used for continuing exploration on the Company’s properties, and the balance of $38,830.55 for administration. The private placement is subject to the acceptance of the Exchange

 

Stock Options: 330,000 stock options have been granted to directors and consultants at a price of $.10 per share expiring March 21, 2011.

 

Consulting Contract: The Company has entered into an arms length consulting contract effective March 1, 2006 with Gang Consulting Ltd. for a fee of $1,000 per month for a one year term that may be renewed for further two months term.  Gang Consulting Ltd. will provide consulting and advisory services to the Company with respect to strategic planning, corporate organization and structure, financial matters and such other matters that relate thereto.

 

The Company has the following properties:

 

1.         BEATON  1, 3 and 4, mineral claims.  100% owned by Lakewood Mining Co. Ltd., consisting of approximately 6.5 square km. The claims are located on the west side of the Afton Mine property which is now owned and operated by New Gold Corp. (NGD).  They have “outlined a Measured and Indicated Mineral Resource of 68.7 Million Tonnes grading 1.08% Cu, 0.85g/t Au, 2.62g/t Ag, and 0.12g/t Pd, which contains approximately 1.6 billion pounds of copper, and 1.9 million ounces of gold” (New Gold web site).”

 

2.         The WOOD GROUP PROPERTY  consists of approximately 60 sq km of mineral claims which adjoins Abacus Mining & Exploration Corp. (AME), south of Afton Mine.  With the purpose of optimizing drilling targets, we intend to carry out geophysical surveys on previous MMI soil geochemistry anomalies.  Our prime target area is a large MMI gold geochemistry anomaly on the northern part of the Wood Group; which is located approximately 3,000 metres southwest of the Afton Mine pit.  This anomalous gold zone is 1,500 metres in length by 700 metres across with values up to 140 times background. The Wood group is owned and operated on a 50/50 basis with Green Valley Mine Incorporated.

 

Lakewood Mining Co. Ltd.

Per:

“Charles Boitard”

 

Charles Boitard, President