Laguna Resources NL (ASX: LRC) has announced that drilling is progressing well at the Arqueros Gold Project, in the northern sector of the World Class Maricunga Gold Belt in the Atacama Region of Chile.

The initial drilling programme commenced in late November 2009 and a total of thirteen RC holes has been completed for approximately 2,400 metres. The first batch of assays results are expected to be delivered and announced within the next two weeks.

Project Highlights:

• 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.
• Gold and silver mineralisation at Arqueros is located 20 kilometres north of the producing Kinross Gold Corporation’s La Coipa Gold Mine (225,000 ounces per annum of gold equivalent produced in 2008).
• The 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.
• 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.
• High grade gold targets identified and 10,000 metre drilling programme commenced, with focus on the expansion of the resource base.

Click here to view the full announcement.

For further information, please contact:

Nick Lindsay
Managing Director
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