The move is a positive one for Laconia and positions the company to increasingly focus on the advancement and development of the highly prospective Rasuhuilca Project in Peru.
Laconia originally acquired the Kookynie Project licences to follow up open file and GSWA base metal targets situated in the region of the Melita 1: 1,000,000 geological map sheet.
Rubianna has stated its purpose is the exploration for gold and base metals in the Murchison district, and Laconia said that it is understood that Rubianna has a team of geologists in place to focus its exploration efforts on the discovery of gold and base metals in this prospective region.
Rubianna will pay Laconia 1.3 million shares for the acquisition, which will then continue to provide Laconia shareholders with exposure to the project and region. Rubianna's shares last traded at $0.06.
The Rasuhuilca Gold-Silver Project
Highlighting the potential of the Rasuhuilca Gold-Silver Project, just last month Laconia further increased the Rasuhuilca Gold-Silver Project's exploration upside and near-term development potential with the identification of additional high grade targets at the Hyallatas Prospect.
The high grade targets and exploration potential of the Hyallatas Prospect in Peru were uncovered in a review of surface and underground sampling 520 metres west of the Rasuhuilca Project's resource.
Best results include 6 metres at 3.59 grams per tonne (g/t) gold and 225.43g/t silver (composite), 4 metres at 2.06g/t gold and 301.63g/t silver (composite), 1 metre at 1.12g/t gold and 1041.7g/t silver, and 1.5 metres at 2.31g/t gold and 604.9g/t silver.
The Rasuhuilca Project currently has an existing Inferred Resource of 360,000 tonnes at 1.97g/t gold and 179g/t silver.
Address of big miners
The Rasuhuilca Project is located in a region where major mining companies such as Xstrata (LON: XTA) and BHP Billiton (ASX: BHP) are operating, with Xstrata planning to start production at the nearby Las Bambas project in 2013.
Also, Hochschild Mining's (LON: HOC) major silver and gold operations are also based in the same region as the Rasuhuilca Project. Hochschild has Reserves and Resources exceeding 186 million silver ounces and 1.1 million gold ounces.
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