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Gold/Mining/Energy : kazakstan goldfields symbol kgfc

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To: roger fontaine who wrote ()	7/3/1997 12:53:00 PM
From: Jesse	of 367

Related News: canoe1.canoe.ca Thursday, July 3, 1997 Indochina hikes stake in Kazakhstan mine By KEITH DAMSELL Vancouver Bureau The Financial Post Indochina Goldfields Ltd. has boosted its interest in a central Asian gold project for US$65 million. Vancouver-based Indochina will increase its interest in the Bakyrchik gold mine in Kazakhstan from 15% to 80%, president Edward Flood said yesterday. Majority control will be acquired from partner Bakyrchik Gold PLC of London, pending the approval of Bakyrchik shareholders. The project, on which production is slated to get under way by the end of next year, is expected initially to produce about 100,000 ounces a year. It's extimated that gold production costs will come in near US$200 an ounce, making the mine "very competitive," Flood said. Capital costs to open the mine are about US$130 million. Indochina and Bakyrchik plan to spend another US$120 million to US$140 million to boost production to 275,000 ounces a year by 2000. It's estimated the mine has reserves of 13 million ounces of gold. The agreement to acquire control of Bakyrchik includes a guarantee by Indochina of a bridge loan of up to US$45 million by Connecticut-based Gerald Metals Inc. About US$15 million of the loan will cover the second installment of the mine purchase from the Kazakhstan government. The remaining US$30 million will finance construction. Bakyrchik was first mined for gold in 1956. It's estimated that when Kazakhstan was part of the Soviet Union, about US$100 million was invested on the site... <end>

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