VANCOUVER, Dec. 17 /CNW-PRN/ - Cia Minera Casale, and its owners Placer
Dome Inc. (NYSE:PDG - news; ''Placer''), Bema Gold Corporation
(''Bema'') and Arizona Star Resource Corp. (''Arizona Star'') are
pleased to announce that Placer Dome has completed an updated geological
resource estimate for the Cerro Casale deposit on the Aldebaran Property
in Northern Chile. The estimate confirms the results of Bema and Arizona
Star's previously released geological resource and has resulted in a
significant increase in the measured and indicated resource.
The measured, indicated and inferred resource above 0.4 gram cutoff for
Cerro Casale is 1.183 billion tonnes containing .71 grams gold per tonne
and 0.26% copper for a total of 26.9(x) million ounces of gold and 6.8
billion pounds of copper.
The measured and indicated resource of a 0.4 grams gold per tonne cutoff
contains 952.1 million tonnes at 0.71 grams gold per tonne and 0.26%
copper for a total of 21.7(x) million ounces of gold and 5.5 billion
pounds of copper. This represents a 2.0 million ounce increase over
Bema's pre-feasibility study measured and indicated resource.
Placer Dome's resource group calculated the mineral resource at Cerro
Casale from over 110,000 metres of drilling. Ordinary kriging was
utilized and a geological and stockwork model was used to constrain
kriging.
The Cerro Casale deposit remains open at depth, to the northwest and at
the east end of the higher grade southwest zone. Further drilling will
be completed at Cerro Casale early in 1999 to define the southwest and
northwest zones and to convert more inferred ore into the measured and
indicated categories. To date Placer Dome has expended U.S.$19 million
on the Cerro Casale drilling and feasibility study. Previously, Bema and
Arizona Star had expended over U.S.$40.6 million on Cerro Casale
drilling and the pre-feasibility study.
The feasibility study is continuing and is scheduled to be completed at
the end of 1999.
((x) differences due to rounding)
In addition to the Cerro Casale feasibility drilling and program, Placer
Dome has conducted exploration on other targets on the Aldebaran
Property with expenditures totalling U.S.$7 million in 1998. Exploration
included airborne aboveground geophysics, geological mapping, bull dozer
trenching and diamond drilling.
Placer Dome completed an additional 7,200 metres of drilling on the
Cerro Roman deposit and a further 2,400 metres on the Eva deposit. At a
0.5 grams gold per tonne cut-off, Placer Dome has calculated that Cerro
Roman contains a geologic resource of 104.7 million tonnes at .69 grams
gold per tonne and 0.12% copper for 2.3 million ounces. Eva hosts a
resource of 51.8 million tonnes at 0.7 grams gold per tonne for 1.2
million ounces. Inverse distance squared was used to calculate the
resource at Eva and Cerro Roman. Eva and Cerro Roman remain open at
depth and Eva remains open to the west.
Placer Dome has budgeted a further U.S.$18 million of expenditures in
1999 to continue exploration of the Eva, Anfiteatro and Estrella zones
and complete the Cerro Casale final feasibility study. Drilling is
scheduled to recommence in January.
Some of the statements contained in the news release are forward-looking
statements, such as estimates and statements that describe the Company's
future plans, objectives or goals, including words to the effect that
the Company or management expects a stated condition or result to occur.
Since forward-looking statements address future events and conditions,
by their very nature, they involve inherent risks and uncertainties.
Actual results in each case could differ materially from those currently
anticipated in such statements.
SOURCE: Bema Gold Corporation; Arizona Star Resource Corp.; Placer Dome
Inc.
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More Quotes
and News:
•Arizona Star Resource Corp (Vancouver:AZS.V - news)•Bema Gold Corp
(Vancouver:BGO.V - news)•Placer Dome Inc (NYSE:PDG - news; Montreal:
PDG.M - news)
Related News Categories: mining/metals
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