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 August 16, 2004
Drilling Begins At Aldebarán Property In Brazil

 Lund Gold Ltd. (TSX-V: LGD) is pleased to report that drilling is underway at its Aldebarán Property in Brazil to test the bulk tonnage quartz stockwork /quartz vein geologic model identified by its recently completed I.P. geophysical survey. Initial drilling will test various locations within this high resistivity / high chargeability target, including the area that returned Lund's most favourable trenching results. The balance of the program will test the other geologic models identified by the I.P. geophysical survey.

The current drill program is based primarily on 54.5 kilometres of pole-dipole I.P. geophysical surveying completed by Fugro-Geomag of Rio de Janeiro during Lund's last two phases of exploration at Aldebarán. This work has outlined a number of excellent chargeability and resistivity features. The I.P. surveying covered a 3-km by 4-km area within the central portion of the Aldebarán 30 square kilometre gold geochemical target. Fugro-Geomag recommended drill hole sites to test three distinct geologic models indicated by the geophysical signatures observed. These three models are iron oxide; epithermal; and bulk tonnage quartz stockwork /quartz vein hosted gold mineralization. The quartz stockwork /quartz vein model, defined by high chargeability and high resistivity, covers an area of 800 metres by 1,200 metres which had previously returned trench sample results of 2.36 g/t gold from 5 samples along 5.2 metres and where a composite chip sample from an adjacent trench returned a value of 114.2 g/t gold over 1 metre.

Lund's initial phase of drilling evaluation of the many targets at Aldebarán will be comprised of a minimum of 2,000 metres. Lund and its joint venture partner, Goldmarca Ltd., have an exclusive option to jointly acquire up to a 100% interest in the Aldebarán Property.

Lund also reports that Dr. Abdullah Basodan has resigned as a director of Lund to concentrate on his other business interests. Dr. Basodan became a director of Lund in 1998 and will remain as a consultant to Lund. The Board and management of Lund would like to thank Dr. Basodan for his years of service.

To find out more about Lund Gold Ltd. (TSX-V: LGD), visit our website at www.lundgold.com.

On behalf of the Board of Directors of
LUND GOLD LTD.

"Chet Idziszek"
Chet Idziszek, President


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