Battle Mountain Gold to Cut Costs at Holloway Through Expanded Custom Milling Accord.Business Editors HOUSTON--(BUSINESS WIRE)--April 25, 2000 Battle Mountain Gold Co. (NYSE NYSE See: New York Stock Exchange :BMG)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BMC (BMC Software, Inc., Houston, TX, www.bmc.com) A leading supplier of software that supports and improves the availability, performance, and recovery of applications in complex computing environments. .) today said that it has signed a new custom milling agreement for its Holloway mine in Ontario, Canada, with the nearby Holt-McDermott mill owned by Barrick Gold Corp. This agreement includes an expansion of the Holt-McDermott mill, which will provide sufficient capacity to handle all of Holloway's annual production, compared with about 85 percent previously. BMG President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , John A. Keyes, said that under the new agreement, milling costs for both the Holloway and Holt-McDermott mines are expected to decline. Holloway expects to realize savings of about $15 per ounce. The equally funded mill expansion has a total budget of $1.7 million, with an expected payback period of less than one year. Keyes said that the new accord provides the opportunity for possible future increases in throughput of up to 10 percent, while maintaining a competitive milling cost. Such an increase would also be expected to benefit the future conversion of resources to reserves at Holloway. In addition, the agreement allows Battle Mountain Gold the option to purchase the Holt-McDermott mill at a predetermined pre·de·ter·mine v. pre·de·ter·mined, pre·de·ter·min·ing, pre·de·ter·mines v.tr. 1. To determine, decide, or establish in advance: price after Barrick completes processing its ore. Battle Mountain has also negotiated a right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. for any excess capacity in the mill under the accord, should it become available. The United States Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor" for certain forward-looking statements. Operating, exploration and financial data and other statements in this document, are based on information that the company believes reasonable, but involve significant uncertainties as to future gold prices, costs, ore grades, mining and processing conditions and regulatory and permitting matters. Actual results and timetables could vary significantly from the estimates presented. Also refer to the cautionary statement contained in the company's Form 10-K and 10-Q for the most recent reporting periods. |
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