North East Brazil gold deposit has "great results"
Date added: 26th September, 2008 at 09:59 (view all articles from September, 2008)
Categories: Natural Resources
Mining exploration company Luna Gold has expressed its delight at the results being yielded by its Aurizona project in Maranhao, North East Brazil.
Tim Searcy, the company's chief executive, claimed Aurizona "continues to deliver great results", as 15 metres of 4.45 g/t Au and 31 metres of 2.27 g/t Au were discovered.
These and other finds in the area exceeded Luna's expectations "significantly", Mr Searcy explained, claiming that by modelling much of it as ore, the company will be able to increase production while cutting costs.
Luna Gold has two major projects in North East Brazil at present, with further mines in the Cachoeira region.
Paul Horsnell of Barclays Capital told Business Standard this week that those investing in commodities such as gold will continue to experience a positive trend overall.
He said that his company expects that the price of the yellow metal will hover around the $890 (£485) per ounce mark for the rest of the year and will have an average value of approximately $840 in 2009.
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