To the Thread,
Could someone explain this ??????
Regards,
Ken Moss
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News item(s) in this Quote.com News Update:
(AMEX:DAY) Dayton Mining Corporation.
 DAYTON ANNOUNCES UPDATED RESERVES AND RESOURCES AND REVISED PRODUCTION SCHEDULE [BusinessWire, 480 words]
(AMEX:DAY) Dayton Mining Corporation Quote.Com news item #9258530
*DAYTON ANNOUNCES UPDATED RESERVES AND RESOURCES AND REVISED PRODUCTION SCHEDULE [BusinessWire,480 words]
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 1, 1999--
Dayton Mining Corporation (AMEX:DAY) (TSE:DAY) announces reserve and resource estimates as of December 31, 1998 and revised production schedule.
Assuming a gold price of US$325 per ounce, resources and mineable reserves are reported for the six separate deposits that make up the Andacollo Gold Mine property. The resources and mineable gold reserve estimates were audited by Mine Reserve Associates of Denver, Colorado (“MRA”) and are as follows:
*T
Resources (at 0.3 gpt cut-off):
Year Tons Grade Contained
(000's) (G/T) Ounces
31 Dec 1998 134,582 0.64 2,787,000
Reserves (at US$325):
Year Tons Grade Contained Strip
(000's) (G/T) Ounces Ratio
31 Dec 1998 30,983 0.865 862,100 1.84
Reserve Sensitivity to Gold Price:
Gold Price Contained
US$ Ounces
300 812,300
325 862,100
350 899,700
*T
The reduction in reserves compared to year-end 1997 (1.3 million ounces at a gold price of US$350) is due to additional drill information, the use of a lower gold price, the mining of 176,500 ounces of gold in 1998, revised pit slopes, ore losses in the Socorro deposit and a re-interpretation of the Churrumata pit. Dayton Chile spent approximately US$1.1 million in 1998 on exploration on the Andacollo Gold Mine property drilling approximately 13,000 meters. Dayton has budgeted to spend approximately US$400,000 in further exploration on the Andacollo Gold Mine in 1999.
With the updated reserves and pit designs the revised production model for 1999 is 138,000 ounces of gold at a cash operating cost of US$200 per ounce. This compares to the production estimate generated in September 1998 of 145,000 ounces of gold at a cash operating cost of US$210 per ounce.
Dayton Mining Corporation holds a 100% interest in the Andacollo Gold Mine located in central Chile, and trades on both the American Stock Exchange (AMEX) and Toronto Stock Exchange (TSE) under the trading symbol DAY.
Notice: The Company relies on litigation protection for
“forward-looking” statements.
CONTACT: Dayton Mining Corporation, Vancouver
Diane Thomas, 604/662-8383
KEYWORD: NEW YORK COLORADO
INDUSTRY KEYWORD: MINING
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