Lappland Goldminers AB upgrades the gold resources at Fäboliden to 67 ton gold, 2.2 million tr.oz.

In February 2007 Lappland Goldminers AB presented an ore reserve of
21 million tons, with an average grade of 1.43 g gold and 3.2 g
silver per ton. After intensive exploration efforts, the Company is
now able to present an updated and increased mineral reserve and
mineral resources for Fäboliden, down to a depth of around 600 m. The
mineral reserves and mineral resources of the Company now total 54.2
million ton, excluding the inferred mineral resource, with an average
grade of 1.23 g gold and 4.5 g silver per ton, equivalent to 66.9 ton
gold and 246.5 ton silver.

The deep exploration program carried out shows that the deposit
continues down to a depth of approx. 600 m. The deposit which is now
being presented is of considerable size, the potential underground
mine, under the planned open pit, can be profitably mined using
large-scale underground methods such as sublevel caving according to
the LKAB model

Drilling is still ongoing at the central parts of the deposit and at
depth below the open pit, where the mineralized zone is still open
towards north and south. The mineral resources for the underground
positions will gradually be upgraded by new information received from
this ongoing drilling programme. The higher grades from the test
mining and a number of other tests have not been included in the
mineral reserves and mineral resources, but are considered to be an
upside potential to higher grades in the deposit.

The feasibility study for the open pit mine is almost completed and
the Company is now engaged in negotiations with possible suppliers
and contractors for the project. The mining and processing costs have
been calculated to approximately SEK 82 per ton of ore, at an ore to
waste rock ratio of 1 to 3. The investment needed for the processing
plant, infrastructure and the open pit mine, is estimated to be
approximately 50% higher than the MSEK 1,125 estimated in the
preliminary feasibility study published in January 2006. The
increased cost is mainly due to increased prices on processing
equipment, but also due to certain major environmental undertakings.
Changes in currency exchange rates and raised energy prices have also
affected the investment and operating costs in a negative direction.

The now presented and upgraded mineral reserves and resources means
that the underground positions contain more gold than the open pit. A
feasibility study for the underground mine will be undertaken. We
have earlier published that a feasibility study for the open pit will
be completed before the end of the third quarter. However, it is not
meaningful to consider Fäboliden as only an open pit mine as we need
to understand the impact that the potential underground mine gives to
the project. The feasibility study for the open pit will therefore be
replaced by a study for both the open pit and the underground mine,
says Karl-Åke Johansson, CEO.

Se table: Mineral reserves and mineral resources

About Fäboliden
Fäboliden, the Company's "flagship" and largest deposit, is located
on the Gold Line in the municipality of Lycksele. The company will
establish a central processing plant in this location, for the
purpose of extracting gold and silver, with an annual capacity of 5
million tons of ore. Ore from the Gold Line will be processed in the
built facility and the end product to be sold is doré bars.

About the Company
Lappland Goldminers AB is an exploration company, with the goal of
becoming a producing mining company. The company is listed on the
market place "First North" under the name GOLD, with Mangold
Fondkommision AB as the Certified Advisor, as well as the OTC list of
the Oslo exchange. Lappland Goldminers has secured a number of gold
deposits along the so-called Guldlinjen ("The Gold Line") in
Västerbotten. The Company's strategy is to develop a profitable,
producing gold company with a centrally located processing plant in
Fäboliden, Sweden, and in the Haveri area in Finland, which are
supported by ore from one or several mines either through the
Company's own exploration or alternatively through acquisitions. The
person responsible for the technical information in this press
release is Thomas Lindholm, GeoVista AB, independent consultant,
registered by SveMin as a "Qualified Person", QP. Thomas Lindholm has
also reviewed and approved this press release.

The company is a member of SveMin, the trade association for mines,
minerals and metal producers in Sweden (formerly called the Swedish
Mining Association) and follows SveMin's reporting rules for public
mining and exploration companies.

For additional information about Lappland Goldminers AB, please
contact:

Karl-Åke Johansson,                        CEO Tomas Björklund, Board
                                           Member
Ph. +46 950-275 01, +46 70-625 22 57        Ph. +46 70-662 35 35
 karl-ake.johansson@lgold.se               tomas.bjorklund@lgold.se

 Or see Lappland Goldminers' web site      www.lapplandgoldminers.com
at:
About Mangold Fondkommission:              www.mangold.se