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Gold find in Guyana sees Canadian mining company’s shares skyrocket

Jun 30, 2009 News

Shares of Vancouver-based Sacre-Coeur Minerals surged more than 31 per cent to 92 cents yesterday, after the company announced that it has identified nine zones on the Puruni River Paleo-channel in Guyana, which it believes are highly prospective.
Sacre-Coeur says that in addition to its ongoing exploration for hard rock mineral resources on its Million Mountain Project and other properties in Guyana, it has begun assessing alluvial gold potential on the properties as well.
The company says a systematic programme of test pitting and gravity beneficiation of the samples collected has recently been completed for Million Mountain Alluvial Zone Two, with 83 test pits excavated.
“A compilation of the results demonstrates a gold bearing alluvial sand and gravel resource target measuring approximately 1.66 km by 0.80 km,” says the company, adding that “the average gold particle count per 10 kilo sample recovered by gravity concentration was 71.2 particles less than 0.5mm in diameter, and 19.7 particles greater than 0.5 mm in the alluvial zone.”
The company says test mining and processing is expected to begin this summer, permitting for the project is complete and the company has been issued a mining license and full approval to start production.
“We are excited by the prospects for test mining the rich alluvial targets which have been discovered at Million Mountain.
The extensive surface area covered by these targets, together with the recovered sample grades seen in testing to date, indicate the potential for generating substantial cash flow from these operations, creating shareholder value and moving the company toward financial independence if further exploration and test mining confirm these preliminary results,” according to Irwin Olian, CEO of the Company
He noted that at the same time, the company remains focused on continuing its exploration program for hard-rock potential along the 10 km trend at Million Mountain in order to add to its resource base already established at Zone 1.

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