Junior corporate, development roundup: Lumina, Red Eagle, Duran, Argosy

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Thursday, April 20, 2017

Vancouver's Lumina Gold has been granted 13 new concessions by Ecuador's mining ministry covering 40,647ha, consolidating the company's position along trend with its existing Cóndor project.

Lumina has started geological mapping and soil and stream sediment sampling on the new concessions, which will enable it to identify high-priority drill targets, a statement said.

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Lumina is also executing a 12,000m infill drilling program at its Cangrejos project in the country.

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Vancouver's Red Eagle Exploration has filed a preliminary prospectus with a marketed offering of units for gross proceeds of a minimum of Cdn$10mn (US$7.41mn) and a maximum of Cdn$20mn.

"The net proceeds of the offering will be used to fund property option and acquisition costs, exploration and development programs at the Vetas Gold, California Gold and Santa Ana Silver projects, and for general corporate and working capital purposes," a press release said.

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Toronto's Duran Ventures said in a statement that operations at its 80%-owned Águila Norte flotation plant will restart shortly following a return to normal climatic conditions after heavy rains in northern Peru. Operations had been suspended since mid-March.

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Perth-based Argosy Minerals started pumping lithium brine into evaporation ponds and has started the solar evaporation and lithium brine concentration process at its Rincón joint venture project in Salta province, Argentina, a securities filing said.