arqueros gold project field work commences

Arqueros Gold Project
Field Work Commences

Laguna Resources is very pleased to announce that it has completed
preparatory work and has now commenced field activities at its
Arqueros Gold Project in the northern sector of the World Class
Maricunga Gold Belt in the Atacama Region of northern Chile.
Initial field activities comprise the re-opening of existing underground
development for surveying, sampling and mapping of remnant ore
zones with a drilling programme being planned to commence in late
November 2009. This work will be followed by metallurgical test work
and the development of a conceptual mine plan.
The Company has also commenced re-modelling of existing data with
the aim of producing an initial resource estimate for the project in the
coming month.
Highlights:
„« The mineralisation at Arqueros comprises gold silver
epithermals located 20 kilometres north of Kinross Gold
Corporation¡¦s La Coipa Gold Mine (225,000 oz pa gold
equivalent).
„« The Arqueros North and South deposits were mined from
2000 to 2004 with approximately 278,000 ounces of gold
equivalent extracted at an average gold equivalent grade of
7.1 g/t gold.
„« The Company is now developing an open cut ¡§Base Case¡¨ 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 target 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.
„« Approximately 135 thousand metres of underground drilling
have been completed already on the project.
„« Potential to significantly expand the size of the project with
further exploration drilling.
„« Experienced Chilean based management team established
and actively advancing the project.
Laguna Resources is working to create a strong and sustainable
exploration and development business focused on the short term
development of the Arqueros Gold Project. The Company is also
assessing additional opportunities for growth in the Maricunga Gold
Belt.
Nick Lindsay
Managing Director