TSX – LKW

November 17, 2006

NEWS RELEASE

The Company has arranged a private placement of 1,000,000 units at a price of $.10 per share for an aggregate purchase price of $100,000. Each unit consists of one share and one share purchase warrant exercisable at a price of $.15 per share for a period of two years from the date of closing.

800,000 of the units are flow through, whereby $80,000 of the subscription funds will be used to incur Canadian Exploration Expense (“CEE”) as defined by the Income Tax Act, Canada. The CEE will be renounced by the Company in favour of the flow through subscribers. The private placement is subject to the acceptance of the Exchange. The funds will be used for diamond drilling on the Wood Property to test drilling targets outlined by geophysical and geochemical surveys.

The shares and any shares acquired upon the exercise of the warrants will be restricted from trading for a period of four months from the date of closing.

The Company is pleased to announce the appointment of Mr. William Richard Bergey, P. Eng. to the Board of Directors effective November 16, 2006. Mr. Bergey graduated with a B. A. (Honours) in Geology from

Mc Master University in 1947. He later undertook two years of post-graduates studies in Geology at the University of Toronto and one year of post graduate studies in geophysics at the Colorado School of Mines. Mr. Bergey is a member of the Association of Professional Engineers, Geologist and Geophysicists of the Province of British Columbia, and a Senior Fellow of the Geological Society of America.

Mr. Bergey’s work experience as a geologist in the mining industry for the last 59 years is briefly described as follows:

a) Mineral exploration in Canada for Dr. N.B. Keevil, for nine years, culminating in the discovery of the Temagami Mine in 1954, where he became the first Mine Manager the following year.

b) Project management in the West Indies and Chile for 12 years.

c) Exploration management, property examinations and consulting for Teck Corporation and its associated companies in Vancouver from 1969 to 1992. The positions included Western Exploration Manager and Senior Consulting Geologist. For several years he was the geological consultant to all of Teck’s mining operations, including the Afton Mine.

d) Officer and/director of various companies associated with Teck Corporation at various times during the period 1970 to 1992.

e) Consulting geologist based in Aldergrove, British Columbia for the past 14 years.

Pursuant to the Company’s stock option plan, the Company has today granted 1,555,000 options at a price of $.10 per share exercisable for a 5 year period ending November 16, 2011. There are currently 175,000 options outstanding. The total number of outstanding options is now 1,730,000.

LAKEWOOD MINING CO. LTD.

Per:

“Charles Boitard”

Charles Boitard

President