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Gold/Mining/Energy : Wheaton River Minerals (WRM Toronto)
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To: Steve Johnston who wrote (57)4/30/1997 10:44:00 AM
From: Donald McRobb   of 350
 
Subject:
Stockwatch: Wheaton River Minerals Ltd - News Release
Date:
Wed, 30 Apr 1997 05:59:32 -0700


Construction at Golden Bear to resume mid-May

Wheaton River Minerals Ltd WRM
Shares issued 30,390,348 Apr 29 close $0.55
Wed 30 Apr 97 News Release
Also North American Metals Corp (NAM)
Mr Ian McDonald reports
Construction at the Golden Bear heap leach mine in northwestern BC will
resume about mid-May, with the first gold production expected in early
September.
The companies have completed a hedging program for 177,000 ounces of gold
at a price of no less than US$379 per ounce. This hedge represents 83% of
the gold to be produced from the current mine plan, during the next five
years at the Golden Bear mine. The companies have also sold forward their
US$ cash flows for the next two years to protect against currency
fluctuations. For the next two years Wheaton River and North American
Metals will receive an average of C$516 for their gold production. The mine
is expected to produce gold over the life of the project at a cash cost of
US$232 per ounce (C$324).
The gold and US$ forward sales were completed through a credit facility
provided by Barclays Bank PLC of London, England. The bank has also
committed to provide a US$11 million project loan facility. Capital costs
to completion are estimated at C$9.8 million.
Exploration drilling will start during the first week of May at the Golden
Bear site. The initial drilling will include two deep holes to test the
northern extension of the Grizzly zone, which contains a possible reserve
of 152,945 tonnes grading 20.5 gm/t gold, or 101,000 contained ounces. This
reserve is not included in the current mining plan.
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