Very interesting doug... bolivia is very rich in gold -- it just takes a patient company to do reasearch and find the right place to get ECONOMICAL deposits -- esply at the POG -- I do feel that gold will fly but the big question is when..
I just saw that release about placer dome and just dreamed -- LOL...
One cant stop dreaming --
Im starting now to accumalate cheap gold stocks -- nem and placer dome -- one stock I really like is Glamis gold!!
I really feel that getting on the bottom now will be very profitable in the years to come...
I dont think ge will become bankrupt -- not with ME family trust money out there..
I really think there looking for a way to merge this company into a partner to get some compensation for those shares -- I really think a partner that is interested in copper and gold will be the way as I heard that this property also has copper on it.. I see alot of gold companies diversifying there mining methods to get every type of metal out -- GE if they ever get the money can do the same thing -- but I have to remember that GE is an exploration company not a producing company --
Glamis Announces First Quarter 2001 Results
INTERNET WIRE -- Glamis Gold Ltd. (TSE NYSE: GLG) is pleased to announce that in spite of continued weak gold prices during the quarter, the Company reported earnings of $0.4 million or $0.01 per share on revenues of $14.4 million, compared to a loss of $1.8 million or ($0.02) per share on revenues of $16.0 million a year ago.
Glamis produced 49,089 ounces of gold at an average total cash cost of $174 per ounce during the quarter, a 25% reduction in the total cash costs from a year ago. This substantial improvement comes as a result of the first full quarter of production from the San Martin Mine in Honduras. San Martin exceeded its original production design rate during the quarter and will see further increases as production continues to ramp up to a rate of over 110,000 ounces per year over the coming months.
Cash flow provided by operations was $1.8 million during the quarter compared to $0.1 million a year ago. Working capital at the end of the quarter amounted to $19.5 million compared to $54.7 a year ago and $20.5 million at the end of 2000. The Company remains debt-free.
The Company will host its Annual General Meeting on May 3, 2001 at the Fairmont Royal York Hotel (Territories Room) at 1:30 p.m. in Toronto, Ontario. A follow-up meeting with analysts and investors will begin at 2:30 p.m. to discuss these results and to present an update on drilling and exploration activities at San Martin and the Millennium Project.
Operations Review
San Martin Mine produced 22,391 ounces of gold in its first full quarter of commercial production. Designed to produce 85,000 ounces annually, work is underway to increase the annual rate of production to over 110,000 ounces. Additional leach pad space is currently under construction to accommodate the increased throughput. The quarter was one of transition from early run of mine operations to crushing and agglomeration and the mine performed at or above design capacity. The total cash cost for the quarter at San Martin was $122 per ounce. The mine is expected to produce in excess of 110,000 ounces for the year at a total cash cost of $113 per ounce.
Exploration drilling is underway around the active mine site to test several surface anomalies and will gradually move to more distant targets located within the very large concession. The Company believes that additional discoveries are likely within this prospective area.
Rand Mine produced 13,901 ounces of gold during the quarter compared to 22,907 a year earlier. This expected decline reflects the shift of production from the Yellow Aster Pit last year to the Lamont Pit during the first quarter of 2001, while stripping for the next phase of the Yellow Aster Pit continues.
The total cash cost for the quarter was $228 per ounce of gold compared to $173 per ounce last year, reflecting the reduced production rate from the Lamont pit.
Marigold Mine produced 12,797 ounces of gold in the first quarter compared to 13,521 last year. The difference is a function of the mining schedule and was on budget. The total cash cost was $208 per ounce compared to $196 per ounce last year.
Exploration drilling re-commenced on the Millennium Project during March with two drill rigs now on site to follow up last year's discovery (see News Release dated November 2, 2000). The Millennium Project continues to move forward, with feasibility and initial permitting work expected to commence during the second and third quarters of 2001.
Glamis Gold Ltd. is an intermediate gold producer operating gold mines in Nevada and California. The Company's newest gold mine, San Martin in Honduras, began commercial production in January 2001. With its strong cash position and no debt, Glamis continues to conduct exploration programs and to seek new opportunities for growth in the southwestern United States and Latin America. |
