ZEOTECH LIMITED — Capital/Financing Update 2010

Nov 24, 2010

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Laconia Resources Limited ACN 137 984 297

Level 1, 41-43 Ord Street West Perth WA 6005

T: +61 8 9486 1599

E: info@laconia.com.au

ASX/Media Release

25 November 2010

POTENTIAL FOR SIGNIFICANT BASE METAL AND GOLD MINERALISATION AT BARRAMINE PROJECT

• Detailed geochemical survey confirms potential for Barramine project to host significant base metal and gold mineralisation

• Survey results are highly encouraging and confirm significant base and precious metal anomalism

• Potential mineralisation styles include;

• Mississippi Valley Type (MVT( base metal)

• Volcanic associated (VHMS) base metals mineralisation

• Epithermal gold –silver mineralisation

• Drill targets currently being identified and drilling planned to commence by the end of Q1, 2011

Perth based exploration company Laconia Resources Limited (ASX: LCR) is pleased to announce that a recently completed geochemical survey at the Company’s Barramine Gold and Base Metal Project has confirmed the potential for the project to host significant base metal and gold mineralisation.

The Company advises that it completed a systematic geochemical survey at the Barramine Project in September, which was designed to follow up previously defined airborne geophysical anomalies (EM anomalies) at the project area. The results have proved highly encouraging and have confirmed the potential for the project to host base metal and gold mineralisation.

The Company is currently in the process of identifying drill targets (incorporating geophysical, geochemical and geological field mapping) and aims to commence drilling at the project by the end of Q1, 2011.

The Barramine project is located in the East Pilbara region, 250km east of Port Hedland.

The geochemical survey results are preliminary and follow up sampling has now been initiated. The work to date confirms the presence of EM anomalies and has also identified multiple mineralisation styles. Potential mineralisation styles identified include:

• Mississippi Valley Type (MVT) base metal (Pb-Zn) mineralisation associated with the limestone and chert breccias.

• Volcanic associated style (VHMS) base metal (Cu-Pb-Zn) and precious metal (Au-Ag) mineralisation associated with the underlying mafic to intermediate volcanics and volcaniclastics.

• Structurally controlled and replacement style hydrothermal copper-gold mineralisation within limestone and chert breccia units, similar to the Barramine and Camel Hump prospects.

• Epithermal gold-silver mineralisation.

Survey details

Regional MAGSTREAM and fine fraction stream sediment surveys were implemented to assess the potential for the various styles of mineralisation. Grid MAGLAG and -40# soil sampling geochemical surveys were implemented over previously defined airborne EM anomalies.

A total of 200 MAGSTREAM samples, 200 fine fraction stream sediment samples, 346 grid MAGLAG and 229 grid -40# soil samples have been collected and analysed for a multi-element suite, by Actlabs Laboratories in Perth.

Preliminary Survey results

MAGSTREAM data has confirmed the presence of anomalous Zn (>500 ppm, up to 1140 ppm) and Pb (>45 ppm, up to 194 ppm) values in the northwestern and southeastern portions of the overlying Carawine Limestone and associated Pinjina Chert (breccia). The base metal anomalies are supported by anomalous Ag, As, Mo, Hg, Ba and Sr values and may indicate the presence of MVT-style mineralisation associated with the limestone units.

The underlying Jeerinah intermediate volcanics and volcaniclastics include volcanic agglomerates, indicating the presence of a volcanic centre with strong potential for associated base and precious metal mineralisation. The intermediate volcanics are associated with high background to anomalous Zn (>200 ppm, up to 1300 ppm), Cu (>100 ppm, up to 261 ppm), Au (>2.5 ppb) and As (> 20 ppm) values in the MAGSTREAM data.

MAGSTREAM Samples (magnetic fraction stream sediments)

Sample No	NW Cnr of Survey	SE Cnr of Survey	Au	Cu	Zn	Pb	Ag	As
200 samples	285422mE 7695224mN	291259mE 7684552mN	ppb	ppm	ppm	ppm	ppm	ppm
Max value			26	340	1300	194.3	3.19	94.4
Min Value			0.1	15.9	95.7	0.005	0.001	0.1
Average			1.85	102.1	359.5	25.4	0.06	24.8

Grid MAGLAG and soil samples are still being evaluated over areas selected on the basis of anomalous geophysics. The northernmost grid (covering a 1200m x 1800m area) returned encouraging spot high Au values up to 267 ppb Au, occurring within two 1000 metre long, north-northwesterly trending, anomalous (>2.5 ppb Au) zones along a structural contact. The anomalous Au trends are supported by anomalous Cu, Sb, Tl, Hg, Bi,Te and As values that are typically associated with epithermal-style gold and silver mineralisation. The grid was designed to cover a strong airborne EM anomaly that would appear to be supported by the anomalous geochemistry.

A small grid (3 traverses), 6km southwest of the main northern grid, was also targeted on an airborne EM anomaly, and returned anomalous MAGLAG Au values up to 44.5 ppb Au, supported by anomalous Cu (up to 189 ppm) and Zn (up to 706 ppm) values. The grid will be expanded to assess the full extent of these anomalous zones.

Northern MAGLAG Grid Samples (magnetic fraction lag or soil samples)

Sample No	NW Cnr of Grid	SE Cnr of Grid	Au	Cu	Zn	Pb	Ag	As	Sb	Te
295 samples	286500mE 7695300mN	287620mE 7693500mN	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
Max value			267	377	2800	116	0.698	246	25.7	2.74
Min Value			0.05	17.6	4.1	0.005	0.014	3.3	0.7	0.02
Average			4.3	79.5	247.3	15.8	0.062	32.4	6.5	0.51

Southwestern MAGLAG Grid Samples (magnetic fraction lag or soilsamples)	Southwestern MAGLAG Grid Samples (magnetic fraction lag or soilsamples)	Southwestern MAGLAG Grid Samples (magnetic fraction lag or soilsamples)	Southwestern MAGLAG Grid Samples (magnetic fraction lag or soilsamples)	Southwestern MAGLAG Grid Samples (magnetic fraction lag or soilsamples)	Southwestern MAGLAG Grid Samples (magnetic fraction lag or soilsamples)	Southwestern MAGLAG Grid Samples (magnetic fraction lag or soilsamples)	Southwestern MAGLAG Grid Samples (magnetic fraction lag or soilsamples)	Southwestern MAGLAG Grid Samples (magnetic fraction lag or soilsamples)
Sample No	NW Cnr of Grid	SE Cnr of Grid	Au	Cu	Zn	Pb	Ag	As	Sb	Te
31 samples	284280mE 7688200mN	284640mE 7687800mN	ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
Max value			44.5	166	706	22.3	0.196	70.7	12.4	0.78
Min Value			0.05	25.7	120	2.48	0.026	8.4	2.55	0.16
Average			4.0	85.3	340.8	9.8	0.065	28.3	6.1	0.4

In conclusion , the preliminary assessment of the MAGSTREAM and MAGLAG geochemical data from the Barramine Project has confirmed the presence of significant base and precious metal anomalies that warrant follow-up. The recognition of base metal anomalies within the Carawine Limestone has provided encouragement for exploring for replacement or MVT-style base metal mineralisation.

The underlying Jeerinah mafic to intermediate volcanic stratigraphy includes volcanic agglomerate units consistent with an ancient volcanic centre that can be associated with VHMS-style copper-zinc-lead-goldsilver mineralisation. The geochemical data provides encouragement for this style of mineralisation with the presence of anomalous MAGSTREAM and fine fraction stream sediment samples in the area.

The Barramine Project is located in the East Pilbara and its geological position is along strike from known base metal deposits of Barramine, Camel Hump, Ragged Hills and Braeside. Previous exploration has discovered anomalous zinc and copper in highly altered pyritic acid volcanics in a prospective geological environment for base metal mineralisation.

ENDS

For further information please contact:

Ian Stuart James Moses Managing Director Media and Investor Relations Laconia Resources Mandate Corporate P: +61 8 9486 1599 M: 0420 991 574 M: +61 419 394 919 E: james@manadatecorporate.com.au E: istuart@laconia.com.au www.laconia.com.au

About Laconia Resources

Laconia Resources is a Perth-based gold and base metals exploration company which listed on the ASX on October 16 last year.

The Company has a portfolio of advanced gold and base metals projects near Kalgoorlie and in the Murchison and Pilbara regions in Western Australia, across 32 granted tenements covering 855km[2] . It is focused on active, targeted exploration programs to discover significant mineral deposits at its project areas.

Barramine Gold and Base Metal Project Location Map

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Barramine soil geochemistry results: Zinc ppm.

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Note 1: A total of 200 MAGSTREAM samples, 200 fine fraction stream sediment samples, 346 grid MAGLAG and 229 grid -40# soil samples have been collected and analysed for a multi-element suite by Actlabs Laboratories, Perth. Sample locations have been registered by hand held GPS and incorporated into sample log spreadsheets.

Note 2: The samples were analysed using an Aqua Regia digests and ICP – OES/MS finish for a comprehensive suite of elements including target elements : Au, Pt, Pd, Cu, Pb, Zn, Ni & Co, pathfinder elements : Ag, As, Sb, Sn, Te, Bi, Cd, Hg, Sc, W, Re, Tl, Li & Ba, major and siderophile elements : Na, Mg, Al, K, Fe, Ca, Cr, V & Mn, energy elements: U & Th and immobile & rare earth elements : Ti, Zr, Y, La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu & Hf

Dr Craig Rugless who is a member of Australasian Institute of Mining and Metallurgy has compiled the information within this report that relates to mineralisation. Dr Rugless is the technical director of Pathfinder Exploration Pty Ltd and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in the 2004 edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion of this information in the form and context in which is appears in this report.

Laconia Resources Projects Location Map

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