Laguna Resources submits EIS for US$300mn Arqueros gold-silver project – Chile

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Australian Laguna Resources (ASX: LRC has submitted an environmental impact study (EIS to the environment ministry’s (MMA evaluation service for its US$300mn Arqueros gold-silver project in northern Chile’s Maricunga gold belt in region III.

The company expects to start development of the project in January 2013, immediately after receiving environmental approval. Construction is expected to take one year.

The project will have a useful life of 13 years.

The project included in the EIS submitted for evaluation involves the mining of remaining surface ore at the Arqueros open pit deposit, which was in production in 2000-04.

The processing plant will have throughput of 6,000t/d and involves crushing, grinding, agitated cyanidation and a Merril Crowe process for the final production of 250kg/y (8,038oz of gold and 100t/y (3.22Moz of silver.

In June, Laguna made the final US$2mn payment for the acquisition of the project from London-based Anglo American (LSE: AAL.

Then, in early July the company announced the signing of an MOU with Compañía Minera Mantos de Oro, a fully owned subsidiary of Toronto-based Kinross Gold (TSX: K, NYSE: KGC, to acquire the Esperanza and Chimberos mining leases, which surround Arqueros.

As a result, the Arqueros, Chimberos and Teterita deposits now comprise Laguna’s Nueva Esperanza gold-silver project.

However, the ongoing feasibility study only includes Arqueros, while Chimberos and Teterita would be incorporated following completion of further drilling, the company said in September.

The same month, Laguna announced an updated JORC compliant resource estimate for Arqueros, Chimberos and Teterita. Total resources – indicated and inferred – are now 28.5Mt grading 0.25g/t gold and 78g/t silver containing 229,000oz and 71.3Moz, respectively.

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