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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Centerra Gold Inc.    CG   CA1520061021

CENTERRA GOLD INC. (CG)
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Millrock Resources : Announces Additional Trench Results - Centerra Gold Authorizes Drilling Program Extension at La Navidad Gold Project, Sonora State, Mexico

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06/22/2018 | 01:18pm CEST

VANCOUVER - Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) ('Millrock') is pleased to report the current drilling program underway at the La Navidad gold project has been extended.

The project, located in Sonora State, Mexico, 100 km north of the City of Hermosillo, targets orogenic, bulk mineable, run-of-mine, oxidized deposits that could be processed by heap leaching.

Exploration work is being funded under an option to joint venture agreement by Centerra Gold Inc. ('Centerra'). Originally, the core drilling program was to consist of 1,650 meters in seven holes with further drilling contingent upon results. After a recent review, Centerra has authorized a drilling program extension. The complete program will now consist of approximately 2,900 meters in 17 holes. Drilling is presently progressing on the tenth hole. The full program is likely to be completed by the end of June, based on the rate of production realized in the first part of the program.

The current drilling program is targeting the large, strong, gold-in-soil anomalies previously identified at the Cobre and Crossover prospects in 2017. Recent trenching has confirmed bedrock gold mineralization at surface in these prospect areas. Initial trench results were reported here.

A gold cutoff of 0.1 grams per tonnne gold was used to calculate the composite intervals using a maximum of 3.0 meters of internal dilution. Geological relationships are not clear enough to accurately estimate true width of the anomalous zones reported. Trenches NAVTR-10, NAVTR-11, NAVTR-17 and NAVTR-18 did not contain significant anomalous results.

Since forming an option to purchase agreement with the underlying mineral right owner of La Navidad in June 2017, and a simultaneous option to joint venture agreement with Centerra, the companies have collaborated to execute a comprehensive exploration program. Centerra is funding the exploration work to earn a majority interest in the project.

Quality Control - Quality Assurance

Millrock adheres to stringent Quality Assurance - Quality Control ('QA/QC') standards. Drill core and rock samples are kept in a secure location at all times. Rock samples are assayed at the Bureau Veritas laboratory in Hermosillo, Mexico. Preparation and analysis methods are described in further detail here. The sample preparation method code being utilized for the current rock sampling program was PRP70-250. Analysis methods used include FA430 (30 gr/Fire Assay/ICP) and AQ-200 (Aqua Regia - ICP/MS). For every 20 rock samples, a blank sample known to contain less than 3 parts per billion gold or a standard sample (Certified Reference Materials) of known gold concentration, or a duplicate sample was also analyzed. The Qualified Person is of the opinion that the results reported in this press release are reliable.

About Millrock Resources Inc.

Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is active in Alaska, British Columbia, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock's exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside. Millrock is a major shareholder of junior explorers PolarX Limited. and Sojourn Exploration Inc.

Contact:

Melanee Henderson

Tel: (604) 638-3164

Some statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

(C) 2018 Electronic News Publishing, source ENP Newswire

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Financials ($)
Sales 2018 1 116 M
EBIT 2018 224 M
Net income 2018 136 M
Debt 2018 109 M
Yield 2018 0,28%
P/E ratio 2018 12,04
P/E ratio 2019 11,32
EV / Sales 2018 1,48x
EV / Sales 2019 1,26x
Capitalization 1 546 M
Chart CENTERRA GOLD INC.
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Centerra Gold Inc. Technical Analysis Chart | CG | CA1520061021 | 4-Traders
Technical analysis trends CENTERRA GOLD INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Average target price 7,62 $
Spread / Average Target 44%
EPS Revisions
Managers
NameTitle
Scott Graeme Perry President, Chief Executive Officer & Director
Stephen A. Lang Non-Executive Chairman
Gordon D. Reid Chief Operating Officer & Vice President
Darren J. Millman Chief Financial Officer & Vice President
Bruce V. Walter Vice Chairman
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