Laguna Resources announces initial JORC resource estimate at Chilean gold project November 4, 2009

Laguna Resources (ASX: LRC) has announced a maiden Inferred JORC Resource estimate for the Arqueros Gold Project in the northern sector of the World Class Maricunga Gold Belt in the Atacama Region of northern Chile: 0.78 million ounces of gold equivalent.

This represents a significant milestone in the exploration of Arqueros Gold Project and provides the Company with a solid foundation to aggressively advance its exploration towards a two million ounce target and the future development of an open cut mine.

A substantial drilling programme is scheduled to commence in November. The focus of the drilling programme will be on further extending the existing resource base as well as testing the poorly defined high grade gold-bearing structures.

HIGHLIGHTS:

• 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).
• High grade gold targets identified and drilling programme set to commence in November.
• Exploration to focus on the expansion of the resource base.
• Gold and silver mineralisation at Arqueros is located 20 kilometres north of Kinross Gold Corporation’s La Coipa Gold Mine (225,000 oz pa gold equivalent produced in 2008).
• Company has now commenced 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.

Click here to view the full announcement.

For further information, please contact:

Nick Lindsay
Managing Director
Laguna Resources
Tel: +61 8 9200 6280
E-mail: info@lagunaresources.com

Media:
Bill Kemmery
Fortbridge
Tel: +61 2 9331 0655
Mob: +61 400 122 449
E-mail: bill.kemmery@fortbridge.com