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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: Threshold who wrote (2421)	11/28/2005 2:39:49 PM
From: loantech	Respond to of 78419

If GYD is good enough for NEM it is good enough for me. I have a nice position: Grayd Resource begins drilling at La India 2005-11-28 09:46 ET - News Release Mr. Marc Prefontaine reports DRILLING COMMENCES ON GRAYD'S LA INDIA GOLD PROJECT Grayd Resource Corp. has commenced drilling on its La India project located in Sonora state, Mexico. With a 75-square-kilometre land position, La India is a district-scale, high-sulphidation, epithermal prospect, where 14 separate exploration targets have been identified thus far. The property is underlain by the same geology, alteration and mineralization style as Alamos Gold's two-million-ounce Mulatos high-sulphidation open pit mine, which is located seven kilometres from the La India project boundary. A $1-million (U.S.) exploration program, including approximately 3,000 metres of drilling, is continued to be financed by Newmont Mining Corp. (with Grayd as operator) as part of Newmont's earn-in commitment on the property. Drilling will initially test targets developed in the Puertos and Viruela La Cruz zones (a location map is provided on the company's website). Drill holes are designed to test geophysical anomalies, which underlie surface high-sulphidation, style alteration and mineralization. The Viruela La Cruz zone is a hydrothermal centre covering a one-by-two-kilometre area. There are numerous historical workings and several drill holes completed in the mid 1990's that intersected gold mineralization. Puertos is a recent discovery where mapping and geophysics have defined extensive alteration and mineralization thought to represent a hydrothermal centre over a two-by-1.5-kilometre area. Surface work, including geological mapping, ground geophysics and rock chip sampling has been completed or is continuing over other targets in order to advance them to the drill-ready stage. The first phase of drilling will test a variety of geophysical responses and geological targets. Additional drilling is planned for late January, 2006, once assay results have been received from this phase of drilling and the surface work from the othe r target areas has been compiled. Under the terms of the La India agreement, Newmont must spend $7-million (U.S.) on exploration and development over a four-year period to earn a 51-per-cent interest in the property. Newmont can earn an additional 19-per-cent interest (to a total of 70 per cent) by completing a bankable feasibility study. Grayd will act as operator for the first two years of the earn-in. Hans Smit, PGeo, vice-president exploration for Grayd, is the qualified person directing the exploration. new.stockwatch.com