🕐10.06.10 - 04:57 Uhr

Laguna Resources [ASX: LRC] - Arqueros option payment completed



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Laguna Resources [ASX: LRC] - Arqueros option payment completed

Laguna Resources (ASX: LRC) has paid the second instalment of US$200,000 on the option agreement to acquire the Arqueros gold and silver deposit (Chile) from Anglo American Norte S.A., a fully owned subsidiary of Anglo American PLC.

A final instalment remains to be paid in June 2011.

The Company is now reviewing the data and expects to announce an upgrade to the existing JORC resource towards the end of the June quarter.

* JORC Inferred Resource of 783,000 oz gold equivalent at 1.5 g/t gold equivalent.

(0.5 g/t gold equivalent cut off grade) announced on 4 November 2009
* Surface and underground drilling completed, generating exceptional results, consistent with historical data and showing significant opportunities for growth in the resource base.
* The Company is focused on an open cut �Base Case� scenario for the recommencement of mining at a rate of 100,000 to 120,000 ounces per annum of gold equivalent.

This is based on an exploration target1 for the project of between 20 to 40 million tonnes at a grade of between 1.5 and 2.0 g/t gold equivalent for between one and two million ounces.

Please refer to the attached announcement for more details.

For further information, please contact:

Nick Lindsay
Managing Director
E-mail:
Tel: +61 8 9200 6280

Media:
Fortbridge +612 9331 0655
Bill Kemmery +61 400 122 449

Luke Dean +61 414 535 433


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