NEWS COMPLETE TEXT
CW - Strong quarter for Placer Dome operations
News release via Canada NewsWire, Vancouver 604-669-7764 -ME-
Attention Business Editors:
Strong quarter for Placer Dome operations
(all dollar amounts in U.S. currency)
VANCOUVER, Oct. 20 /CNW/ - Continuing an exceptional operating year,
Placer Dome Inc. produced about 792,000 ozs. of gold for its own account in
the third quarter of 1999 at an average cash production cost of about $160/oz.
and a total cost of $235/oz., Jay Taylor, President of Placer Dome, told the
Mining Investment Forum in Denver today. This brings total production for the
nine months ended September 30, 1999 to about 2,350,000 ozs. at a cash
production cost of about $165/oz. and total cost of $237/oz.
Placer Dome's hedging program delivered a realized gold price in the
third quarter of $340/oz., a premium over the spot price of $80/oz. Further
details will be disclosed with the third quarter financial results on October
27, 1999.
Mr. Taylor also said that the 60%-owned Cortez Mine in the United States
is now expected to produce an average of 800,000 ozs. per year from 2000
through 2003 at an average cash production cost of about $75/oz. and total
cost of $175/oz.
Mr. Taylor added that excellent progress continues to be made in
development and exploration of the Getchell gold property in the United States
and the Wallaby deposit at the Granny Smith Mine in Australia. He also said
the 50%-owned Placer Dome Western Areas Joint Venture continues to reduce
production costs at its South Deep project in South Africa, and expects the
average cash cost of production to approach $200/oz. by year end.
WEDNESDAY, OCTOBER 20, 1999
CAUTIONARY NOTE
Some of the statements contained in this news release are forward-looking
statements, such as estimates and statements that describe the Corporation's
future plans, objectives or goals, including words to the effect that the
Corporation 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 relating
to among other things, reserves, resources, results of exploration, capital
costs and mine production costs could differ materially from those currently
anticipated in such statements by reason of factors such as the productivity
of the Corporation's mining properties, changes in general economic conditions
and conditions in the financial markets, changes in demand and prices for the
minerals the Corporation produces, litigation, legislative, environmental and
other judicial, regulatory, political and competitive developments in domestic
and foreign areas in which the Corporation operates, technological and
operational difficulties encountered in connection with the Corporation's
mining activities, and labour relations matters and costs. `Placer Dome' is
used in this news release to collectively mean Placer Dome Inc., its
subsidiary companies and its proportionate share of joint ventures. `Placer
Dome Group' or `Group' means collectively Placer Dome Inc., its subsidiary
companies, its proportionate share of joint ventures and also companies for
which it equity accounts. `Placer Dome Group's share' or the `Group's share'
is defined to exclude minority shareholders' interest. The `Corporation'
refers to Placer Dome Inc.
Placer Dome Inc. is one of the world's largest gold mining companies,
producing about 3 million ounces (90 tonnes) of gold annually at production
costs that are among the lowest in the industry. The Corporation's shares are
traded under the symbol PDG on the Toronto, New York, Montreal, Paris, Swiss
and Australian stock exchanges. International Depository Receipts for its
shares are traded on the Brussels Stock Exchange.
Complete information on the Placer Dome Group is available on most
leading Databases including Stardata (CNW), Dow Jones Telerate, Bloomberg
Financial Markets, Infoglobe, Infomart or QL Systems in Canada and Dow Jones
News Retrieval, Bloomberg Financial Markets, Standard and Poors, Nexis,
Dialog, CompuServe or First Call, in the United States.
%SEDAR: 00002304E
-0- 10/20/1999
/For further information: In North America: Investor Relations - Earl
Dunlop (604) 661-3779, Media Relations - Hugh Leggatt (604) 661-1554; In South
America: Investor and Media Relations - Felipe Ruiz (56 2) 370-5502; In
Australia: Investor and Media Relations - Ian Williams (02) 9256-3800; In
South Africa: Investor and Media Relations - Patrick Evans (011) 453-1400; On
the Internet: www.placerdome.com/
(PDG.)
CO: Placer Dome Inc.
ST: British Columbia
IN: MNG
SU:
-30-
CNW 13:00e 20-OCT-99
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