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Gold/Mining/Energy : Pacific Rim Mining V.PFG

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To: Quinn who wrote (14121)	1/24/2001 6:30:52 PM
From: DeplorableIrredeemableRedneck	Read Replies (1) of 14627

Gold on the ropes: VANCOUVER - Gold stocks moved lower on the TSE Wednesday after one of Canada's biggest gold miners, Placer Dome, said it foresaw virtually no chance of any significant rise in the precious metal's price. Placer Dome said it would reduce the value of its gold reserves on its books from $325 US an ounce to $300 US an ounce. Even that figure is $34 US an ounce higher than the current spot price. The revaluation of its long term gold price assumption will also force a reduction in the company's proven and probable reserves to 47 million ounces, down from 65.9 million ounces in 1999. Placer Dome also plans huge asset writedowns of $209 million in the fourth quarter to reflect lower gold price assumptions. It had previously recorded a $116 million US charge for the write-off of its Las Cristinas mine in Venezuela. Placer reports its Q4 and year 2000 results on Feb. 15. "Our financial house is in good order, however we have a number of assets that were capitalized on the balance sheet when price expectations were higher," Place Dome chief executive Jay Taylor said in a release. "Given the continuing weakness in gold price fundamentals and uncertainty as to price direction these adjustments are appropriate," Taylor said. Placer also reported it produced 3 million ounces of gold in 2000, the third year in a row it's done this, and was continuing to holds costs down. Placer Dome shares fell 75 cents to $12.85. Canada's biggest gold producer, Barrick Gold, fell 96 cents to $23.04. The TSE's gold sub-index was off 3.5 per cent at market close Wednesday, making it the TSE's worst performing sector.

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