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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	LCR
Latest Price:	0.03 (0.00%)
52-week High:	0.07
52-week Low:	0.03
Market Cap:	3.47M

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Laconia Resources Full Laconia Resources profile here

Laconia Resources (ASX: LCR) is a Perth-based gold and base metals exploration company with a portfolio of advanced gold and base metals projects in the Pilbara, the Murchison and Eastern Goldfields regions of Western Australia along with one near term development project in Peru.

Laconia Resources to complete due diligence for Peru gold silver project acquisition by end of month

Wednesday, February 08, 2012 by Christine Feary

Laconia Resources (ASX: LCR) has extended the time frame for due diligence into the acquisition of the Rasuhuilca Gold Silver Development Project in Peru.

The company entered an agreement to acquire the advanced stage project from Perth-based exploration company Gold Mines of Peru in November.

Due diligence is now expected to be complete by the end of the month, Wednesday February 29.

Upon completion of due diligence, Gold Mines of Peru chairman Dr Saliba Sassine will join the board of Laconia.

The company said due diligence was progressing well, and the acquisition is expected to be finalised in the near future.

Acquiring the Rasuhuilca project will establish Laconia as a significant emerging precious and base metals exploration and development company, complementing the company’s existing portfolio of precious and base metals in Western Australia.

The project has been acquired for a consideration of 42 million Laconia shares, 14.5 million performance shares and $120,000 paid over 6 months to a third party.

It also includes a payment of $500,000 from production revenue if production revenue is reached within five years.

Laconia is aiming to bring Rasuhuilca into production in 12-18 months of the acquisition, with a strategy to use the potential revenue from the project for further exploration to identify additional resources.

The company is seeking to update and confirm the Feasibility Study carried out at Rasuhuilca in June 2008.

Rasuhuilca is located about 500km south east of the capital Lima, in southern part of the country.

Other operations

In January, Laconia achieved a 117% increase in total Indicated and Inferred Resources and a 37% increase in contained Zinc metal equivalent at the Lennons Find Base Metals project in Western Australia, less than a year after acquiring the project.

The company is looking to further increase resources at the project, with drilling planned at the Hammerhead deposit and a program of detailed mapping and geochemical sampling due for completion this year.

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