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Gold/Mining/Energy : Gold Price Monitor

GDXJ 120.00

+2.0%

Dec 22 4:00 PM EST

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To: PaulM who wrote (13214)	2/25/2000 4:44:00 PM
From: long-gone	Read Replies (1) of 116822

Friday February 25, 4:16 pm Eastern Time TVX Gold to take charge (Full text of press release from BCE Emergis E-News) TVX Announces Stratoni Restructuring And Write Down TVX Gold Inc. advises that effective January 1, 2000, the Company's Stratoni lead/zinc operations in Greece are being treated as a separate business unit within the Company's Greek subsidiary, TVX Hellas. The decision to treat Stratoni as a separate unit was arrived at during the revision of the operating plan whereby a total review was carried out of the asset carrying values of the Greek assets. As a result of this review, TVX Gold has decided to take a $64 million one-time non-cash charge against 1999 earnings to write-off the capitalized costs in respect to the Madem Lakkos/Mavres Petres mines and the Stratoni operations. The write-off includes the original purchase price as it pertains to the Stratoni operations, purchase of capital assets, development costs and accumulated operating losses since the acquisition in 1995. The Stratoni operations consist of the Madem Lakkos and (cont) biz.yahoo.com

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