Centerra now drilling on Luna's Red Rock Project
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Preface:
CG.TO (Centerra) is one of those companies mentioned
as a potential takeover target.
re:
The interest would, of course, extend to the global Tier I gold producer group – which also includes the likes of AngloGold Ashanti (market value: $13bn) and Gold Fields ($10bn) and the global Tier II group. For investors starting to join the dots, companies classified in the North American Tier II gold producer group are listed as Eldorado Gold, IAMGOLD, Centerra Gold, Hecla Mining, Jaguar Mining, Bema Gold, Glamis Gold, Agnico-Eagle Mines, Yamana Resources, High River Gold Mines, Meridian Gold, and Cambior.
mineweb.net
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Centerra now drilling on Luna's Red Rock Project
VANCOUVER, Aug. 8 /CNW/ - Luna Gold Corp. (TSXV - LGC, OTCBB - LGCU)
("Luna" or the "Company") reports that Centerra (U.S.) Inc. ("Centerra"), a wholly owned subsidiary of Centerra Gold Inc., has begun drilling on Luna's Red Rock property (the "Project"). The drilling represents a portion of the
US$1.9 million Centerra must spend over six years to earn a 60% interest in the Project.
Drilling started on July 22nd and work continues on the first hole. The program will consist of two holes on the Project and other drilling on an inlier of claims held 100% by Centerra. Centerra is using an RC drill, but
will employ a diamond drill to extend the RC holes if the RC rig cannot reach the targeted depth.
At Red Rock, the target is for a high-grade Pipeline-Cortez Hills type deposit in calcareous rocks of the lower plate of the Roberts Mountains thrust fault. Favourable indications for such deposits on the Project include a
significant structure that bisects the property, the Caetano break, and gold mineralization and anomalies in fractured and altered upper plate rocks along or near the Caetano break and other structures. It is estimated that the lower plate may occur at depths of 1,500 to 2,000 feet. For a more detailed
description of the Project's geology and targets, please go to the Projects section of Luna's website, www.lunagold.com.
Centerra has budgeted US$400,000 for the Project in 2006.
About Luna Gold Corp
Luna is a mining exploration company with a focus on gold exploration in Nevada.
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