Friday February 4, 2:30 pm Eastern Time
Company Press Release
Wheaton River Advances Financing for Bellavista
TORONTO, ONTARIO--Wheaton River Minerals Ltd. is pleased to announce that it has
received an indicative term sheet from Barclays Bank PLC for a US$19 million limited recourse project finance facility for the
company's 100% owned Bellavista gold project in Costa Rica. The Barclays facility will constitute the largest portion of the
Bellavista production financing package, and is subject to a number of conditions including legal and technical due diligence,
finalization of fees and rates, adequate gold hedging, and final credit approval.
Wheaton River intends to arrange US$3-$5 million of additional financing through either a subordinate debt facility or a
loan/lease for the project's mining equipment. Discussions are underway on this facility. It is expected that all necessary funding
commitments will be secured by the end of March, 2000, at which time a production decision will be made.
Construction costs at Bellavista are estimated to be US$28 million, not including preproduction, financing and working capital.
Wheaton River ended 1999 with C$12.3 million in cash. This cash, together with anticipated cash flow from the company's
Golden Bear mine and the above noted debt facilities, are expected to be adequate to finance construction of the Bellavista
mine. The company's current Bellavista project schedule calls for on-site construction and mine development work to begin in
November 2000 and production to commence at the end of 2001. Based on the feasibility study completed in April 1999, the
Bellavista mine is projected to produce an average of 60,000 ounces of gold over a 7.3 year mine life with total cash operating
costs, including royalties, of US$179 per ounce. The feasibility study recommends that Bellavista be developed utilizing
open-pit mining and grind agglomeration heap leach processing at the rate of 5,750 tonnes of ore per day.
Since acquiring the project in 1997, Wheaton River has spent more than US$6 million on acquisition and development of
Bellavista. The company is working with Costa Rican government agencies to finalize all construction and operating permits and
other regulatory issues.
Contact:
Wheaton River Minerals Ltd.
Ian J. McDonald, Chairman and C.E.O.
Kerry Knoll, Vice-President, Investor Relations
(416) 860-0919
(416) 367-0182
Website: www.wheatonriver.com
or
Renmark Financial Communications
(514) 939-3989
website: www.renmarkfinancial.com |
