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Promesa boosts Peruvian gold exploration footprint by 267% to 6600 hectares

South American focused gold explorer Promesa (ASX: PRA) has increased its land concession in the La Libertad province of Peru by 267% to 6600 hectares.

Importantly for the prospectivity of the area, the concessions are located adjacent to world class deposits of major mining houses, namely Barrick Gold's (NYSE: ABX) 9 million ounce Lagunas Norte gold project.

The additional concessions, where exploration will commence early next year, will allow further exploration work on existing flagship projects Cerro Curunday and Santa Rosita.

Earlier in the week at Cerro Curunday Promesa completed the third diamond hole at the gold project, to a depth of 274 metres, hitting the oxide zone and pushing through to the sulphide zone.

The assay results from the first set of drill holes are expected toward the end of November 2011 after proper QAQC checks have been completed.
The oxide zone was targeted and ended at a depth of 191 metres where the top of the sulphide zone was encountered.

The company has also commenced the fourth diamond hole which is currently at depth of 201.9 metres, from a drill pad located to the north of the first pad at the project.