Hi everyone, here is the latest for WRM. This info was obtain from
businesswire.com
BW1168 JUL 23,1997 5:43 PACIFIC 08:43 EASTERN
( BW)(WHEATON-RIVER)(WRM.) Wheaton River Minerals Ltd. - Golden Bear
Mine Close to Production Business Editors
TORONTO--(BUSINESS WIRE)--July 23, 1997--(TSE: WRM.)
Wheaton River Minerals Ltd. and North American Metals Corp. are
pleased to announce that construction of the Golden Bear heap
leach mine in northwestern British Columbia is nearing completion.
The project is within 5 percent of budget and gold production is
expected to commence on schedule.
Loading of crushed ore onto heap leach pad #1 has begun,
and mining of the Kodiak A deposit continues at a rate of 5,000
tonnes per day ore and 13,000 tonnes per day waste. Ore is being
crushed at the same rate as mining, and the entire 345,000 tonnes
grading 3.0 grams gold per tonne planned for this year's program
is expected to be placed onto the pad by the end of August.
Construction of the carbon adsorption facility will be completed
by the end of July. Leaching is expected to begin in August,
followed by the first gold production in early September. The
construction of heap leach pad #2 has started with the liner due
for installation this season and loading to commence next summer.
The Golden Bear mine is a seasonal operation that is
expected to produce 25,000 ounces of gold this year and an average
of 45,000 ounces during the next four years at a cash cost over
the project life of US$232 per ounce. Wheaton River has sold
forward 100 percent of this year's production at US$380 and 80
percent of the subsequent years' production at US$379 per ounce.
Construction is being financed through a project loan provided by
Barclays Bank PLC of London, England. --30--ys/at
CONTACT: Wheaton River Minerals Ltd.
Ian J. McDonald, 416/860-0919 or
Wheaton River Minerals Ltd.
Paul MacDonald, 416/860-0919
This is great news! I like it when a project is close to what they
expected it to be. As was mention in the news release it is within 5%
of what they budgeted for! Talk about a low cost producer; it costs WRM
US$232 and they already sold this years production forward for US$380 or
380 - 232= 148 * 25000 ounces = US$3,700,000. This is great, especially
when the price of gold is about US$55 less than what WRM sold it for.
Best of wealth
Robert |
