All,
Looks like FN thinks Au may have turned the corner for a while. They reiterate their "no hedging" policies at the end of the release.
TM
Ken Snyder Mine to have flexibility to produce over 350,000 ounces gold equivalent annually
TORONTO, Oct. 18 /CNW/ - Franco-Nevada Mining Corporation Limited
(FN:TSE) has approved plans to expand the capacity of its 100% owned Ken
Snyder Mine at Midas in northern Nevada from the current 650 tons per day to
the 1,000 tons per day level.
The mill expansion is budgeted at US$2 Million and will consist of
improvements and modifications to the existing crushing, CCD thickener and
Merrill-Crowe circuits and the installation of a new, fully independent 350
ton per day verti-mill grinding circuit. Franco-Nevada will concurrently
accelerate the underground development of the Ken Snyder Mine to match the
mill throughput.
This expansion will provide Franco-Nevada with the flexibility to
increase its annualized gold equivalent production at the Ken Snyder Mine from
the current 250,000 ounces to over 350,000 ounces. The expansion is expected
to be fully operational in the first half of the next calendar year. The
decision to actively utilize the added capacity to increase production will be
contingent on the improvement in gold prices being sustained.
Franco-Nevada is the 5th largest gold company in the world with a market
capitalization of over Cdn. $4.5 billion. Franco-Nevada's royalty and direct
lands exceed 5 million acres and contain total equivalent precious metal
resources of 22.4 million ounces.
Franco-Nevada has always been and continues to be 100% unhedged. We have
no forward contracts, no puts or calls nor any floating lease rate exposure.
%SEDAR: 00002195E
-0- 10/18/1999
For further information: please contact: M. Craig Haase, Executive Vice President & Chief Legal Officer, Tel: (775) 829-9105; Sharon E. Dowdall, Vice President, General Counsel & Secretary, Tel: (416) 480-6491 |
