Placer Dome raises South Pipline estimate
Reuters Story - June 25, 1997 10:58
%GDM %US %CA PDG.TO RGLD V%REUTER P%RTR
DENVER, June 25 (Reuter) - Placer Dome Inc's estimate of
the proven and probable ore reserves at South Pipeline have
been increased to 52.7 million tons of ore, averaging 0.054
ounces of gold per ton, containing some 2.85 million ounces of
gold, Royal Gold Inc said Wednesday.
This is an increase in reserves of about 5.6 million tons
of ore of the same grade, over the reserves last estimated by
Placer as of 1996 year end, Royal Gold said.
The company noted it holds a 20 percent net profits royalty
interest in the South Pipeline Project, which involves a 4,000
acre claim position in the Cortez district, located in Crescent
Valley, Lander County, Nevada.
The South Pipeline deposit includes 113 million tons of
mineralized material, with an average grade of 0.046 ounces of
gold per ton, containing roughly 5.2 million ounces of gold,
inclusive of the reserves estimated by Placer Dome, Royal Gold
said. A decision to reclassify some or all of the
mineralization to proven and probable reserve status depends
upon consideration of further drilling and metallurgical
testing results, and application of economic and technical
feasibility factors, such as mining, dewatering, and processing
costs. |
