Sid I totally agree.As I recall his expectation was from Bentle...

Sid I totally agree.

As I recall his expectation was from Bentle ----- did I hear 500,000 oz

In which ever way it is perceived I think there has been a big over reaction and my guess is these are those little day traders (new or old) wanting the big one without even working for it.

A little harsh maybe but fact is you either holdem foldem or buyem, your choice don't blame others.

This JORC resource was taken from 135,000m of previous drilling data. And is the basis of a potential open cut mining programme @ 100,000 to 120,000ozpa [production]

Here is verbatium what is in their Aug 2009 market release:

-----------------------
Project Profile
- Maricunga Gold Belt (50 Moz gold & 450,000 oz/a)
- 2 Moz gold equivalent potential
(20 to 40 Mt @ 1.5 to 2 g/t gold eq.)
- Targeting production of 100,000 oz/a gold eq.
- Open-cut development / brownfields project „³
fast-track to production

Location
La Coipa segment of
Maricunga gold belt
Close to regional mining
service centres Copiapo &
El Salvador
900 km north of Santiago

Maricunga
Tertiary volcanic centres
over older sedimentary
basement.
High sulphidation
epithermal gold-silver &
porphyry gold province
controlled by NS and NW
regional structures.

Arqueros regional geology
Cerro Bravos ¡V Esperanza stratavolcano (22-25 Ma)
NW regional
structures control
volcanism and
mineralisation
Gold and silver
mineralised clusters
(High Sulphidation
Epithermals)

Tenure
Area 374 ha
Laguna has option
to acquire 100% of
the Arqueros
project from Anglo
American.

Historical Production
High grade underground mine
in operation from 2000 to 2004,
producing ~250,000 oz gold
equivalent from 1.2 Mt ore at an
average head grade of 1.34 g/t
gold & 364 g/t silver (7 g/t gold
eq. using 4.5 g/t gold eq cut-off grade)
JORC resource pending
Potential for large scale opencut mine

Geology
Dacite tuffs and
breccias (Miocene)
Dacite intrusives
NW & NE structural
controls on alteration
and mineralisation
Adv. argillic alteration
(acid sulphate) and
silicification

Mineralisation
Two Intersecting Domains:
- Vertical silicified gold-bearing NE structures
- Sub-horizontal silicified silver-bearing “mantos”
hosted in leached, porous tuff (stratabound)
Gold and silver mineralogy oxidised: native gold
and electrum, silver halides.
Considerable potential for resource expansion
laterally, at depth and in satellite deposits on-lease.

Conceptual Mine: 100,000 oz/a Au eq
1-2 Moz Au eq. resource in OPEN CUT MINE
2.1 Mt/a @ 1.2 g/t Au & 44 g/t Ag
Recovery 90% Au 80% Ag
100,000 oz/a Au eq.
Estimated Cash Cost
US$370/oz

Infrastructure
- All weather road access to regional mining service centres,
Copiapo (3 hours) and El Salvador (1 hour)
- Haul road to La Coipa within 500m of project
- High altitude experienced work-force
- Grid power to nearby La Coipa and Marte mines
- Water by arrangement
International highway from
Copiapo to Argentina at
Salar de Maricunga

Resource „³ Feasibility „³ Mining
2009/10 Resource definition & expansion „³ JORC
-Conceptual mine planning & process design
-Site planning & infrastructure
2010/11 Feasibility study (short-form)
-Additional drilling as required
-Reserve definition and basic engineering for
mine, process and infrastructure
2011/12 Finance, construction and commissioning

News Flow
- October 2009 Maiden JORC resource (Inferred)
- October 2009 Commencement of drilling
- December 2009 Completion of drilling
- December 2009/January 2010 Report drill results
- April 2010 JORC resource update
(Measured and Indicated)
-----------------------------
Pretty pics at: http://www.lagunaresources.com/pdfs/PresentationDiggersAndDealersBooth04Aug09.pdf
-----------------------------

Not sure what more can be said, other than I can see where you got the 1-2Moz from.

Please read that section -NEWS FLOW- with the thought in mind that this figure is conceptual in nature, further drilling has commenced, completion Dec 2009 and results due early 2010 (January), upon which a JORC (measured and indicated) will be released in April.

Now put into prespective a inferred JORC of 782K oz a picture is starting to develop.

GOLD is rising, and going over all the charts I can find, looks like it is in uptend. The only anomoly is the AUD vs GOLD which has come from a peak in early 2009 of $1530 to a level at around $1175 AUD.

Management will be treated harsh if this timeline is not met and so will the share price. It was shown today if market expectation isn't met or excessed then it will be brutal.

There was nice support on the cusp of 2.1-2.2c and a gap still remaining down to 2c (some even say 1.8c)

Whoever sold today played that old trader game...who ever bought was the opposite to this game....the anti trend showing support to the announcement.

One final thing before I go, this is what really sticks out to me.

"(High Sulphidation Epithermals)"

Reason is these thermal vents are the catalyst for concentration of the ore and having high sulphidation is probably the best form for extraction and purification, as I understand.

This is all IMHO so DYOR