Printer Friendly

PLACER DOME MINES REPORT REDUCED OPERATING COSTS AND ADDITIONAL GOLD RESOURCES

PLACER DOME MINES REPORT REDUCED OPERATING COSTS AND ADDITIONAL GOLD
 RESOURCES
 VANCOUVER, Oct. 2 /CNW/ - Significant operating improvements have been achieved at mines operated by Placer Dome Inc., Peter Crossgrove, Vice Chairman of the Corporation, told a group of portfolio managers in Vancouver today. The briefing by Mr. Crossgrove also described major increases in gold resources at operating mines.
 "In the first half of 1992, the average cash production cost of gold was US$192 for the Corporation's 15 gold mines, 21 percent less than the year-earlier period. We expect this trend to continue in the third quarter, when our costs should again be significantly lower than in the first half. In conjunction with these operating successes, intensified exploration work at mines operated by Placer Dome has defined additional resources that could augment the Corporation's ore reserves by nearly 10 million ozs. of gold over the next two years," Mr. Crossgrove said.
 He added: "Placer Dome has been aggressively seeking growth in its gold ore reserves. Working on the assumption that the best place to find gold is at an existing gold mine, our exploration group is working closely with our mine geologists to intensify mine site exploration. We think this collaboration is coming up with some very encouraging results."
 The following table lists Placer Dome's share of the new mineral resources already outlined so far. These additional indicated and inferred resources are quantified on the basis of geological data.
 Millions of ozs. gold
 Porgera Mine, Papua New Guinea 0.6
 Pipeline (Cortez Mine), United States 2.5
 Bald Mountain Mine, United States 0.6
 Golden Sunlight Mine, United States 0.6
 Detour Lake Mine, Canada 0.8
 Dome Mine, Canada 2.0
 Sigma Mine, Canada 1.4
 Dona Lake Mine, Canada 0.1
 Ongoing drilling has indicated good potential for further increasing gold resources at several mines. At the Detour Lake Mine, surface drilling has discovered a new zone of gold mineralization with a drill intersection of 1.2 ozs. gold/ton over 20 ft. The mineralization is closer to surface than ore currently being mined, and is near a mined-out area, which would simplify acccess to the zone. Drilling from underground at the Dona Lake Mine has returned an intersection over 50 ft. of 0.44 ozs. gold/ton and drilling is continuing. Exploration drilling programmes are under way at the Misima and Porgera mines in Papua New Guinea with the expectation of positive results.
 For complete information on the Placer Dome Group, access Stardata (CNW), Dow Jones News Retrieval, Bloomberg Financial Markets, Infoglobe, Infomart or QL Systems in Canada, and Dow Jones News Retrieval, Bloomberg Financial Markets, Standard & Poor's or First Call in the United States.
 For further information: Investor Relations, Earl Dunlop, (604) 661-3779, or Media Relations, Hugh Leggatt, (604) 661-1554
 (PDG.)
 -0- 10/02/92


CO: PLACER DOME INC. IN: MNG ST: -- c0349 -- X138 10/02/92
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 2, 1992
Words:482
Previous Article:UNITED NURSES OF ALBERTA VOTE IN FAVOUR
Next Article:CARA OPERATIONS LIMITED
Topics:


Related Articles
Placer Dome focusses on rationalizing employment, additional cost reductions for the balance of the year.
Newmont, Getchell sign letter of intent on purchase of ore and land sale in Nevada.
Kinross, Placer Dome join forces: partnership increases gold mining life by 20 years. (Mining).
Donlin creek gold deposit joins exclusive club: This find ranks as the 22nd largest gold deposit in the world.
Placer Dome acquires East African Gold Mines Limited.
Placer Dome reports earnings of $229 million and 15% reserve growth in 2003; (all figures in U.S.$ in accordance with U.S. GAAP, unless otherwise...
Placer Dome reports record production and strong operating cash flow; (all figures in US$ unless otherwise stated).
Placer Dome completes East African Gold Mines acquisition; (all figures in US$ unless otherwise stated).
Placer Dome acquires East African Gold Mines Limited; (all figures in US$ unless otherwise stated).
Placer Dome announces increased resources at Donlin Creek; (all figures in US$ unless otherwise stated).

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters