Hello Taco;OFF TOPIC
There are two sources of news at the moment on the PDG/KRY thing, I just received this;
PLACER DOME ANNOUNCES DELAY OF NEXT STAGE OF LAS
CRISTINAS CONSTRUCTION
VANCOUVER, Jan. 20, /CNW/ - Placer Dome Inc. announces that its operating company in Venezuela,
Minera Las Cristinas C.A. (MINCA) (PDG 70%, CVG 30%) has decided to suspend mine construction
activity at the Las Cristinas gold property in Venezuela until the Supreme Court of Venezuela ratifies its
decision of July 15, 1997 declaring inadmissable the challenge by Inversora Mael, C.A. to MINCA's gold
mining rights.
MINCA holds the gold rights to the Cristinas 4 and 6 concessions in south-eastern Venezuela where it
is developing the project at a capital cost
of about US$600 million. The decision of the admissions judge of the Venezuelan Supreme Court on
July 15, 1997 stated that the time limit had
expired to present opposition to the resolutions issued by the Ministry of Mines which cancelled the
concessions previously held by Mael on Cristinas 4 and 6 and caused them to be forfeited. In the same
decision, the judge determined that the time limit with respect to opposing the granting of the copper
rights on the same concessions had not expired and the case was
admitted to be heard. Mael appealed the inadmission of its gold claim. The outcome of the appeal is
awaited.
John Willson, President and CEO of Placer Dome, said: ''Minca has so far spent US$110 million on the
project since exploration started in 1992, including the construction camp. While we remain as
confident in our legal position as ever, it is prudent for us to wait for clarity from the appeal decision
before we continue to the next stage of the project. We will go on to arrange financing for the balance of
the project as soon as a final and satisfactory decision has been made.''
Complete information on the Placer Dome Group is available on most leading Databases including
Stardata (CNW), Dow Jones Telerate, Bloomberg
Financial Markets, Infoglobe, Infomart or QL Systems in Canada and Dow Jones News Retrieval,
Bloomberg Financial Markets, Standard and Poors, Nexis, Dialog, CompuServe or First Call, in the
United States.
%SEDAR: 00002304E
-30-
For further information: In North America: Investor Relations - Earl Dunlop (604)
661-3779, Media Relations - Hugh Leggatt (604) 661-1554; In Latin America: Media
Relations - Felipe Ruiz (56 2) 206-6252; In Australia: Investor and Media Relations - Ian
Williams (02) 9256-3800; On the Internet: www.placerdome.com
Now if you read Roy Carson's sight he has a different sin to it, and his was announced first.
Things are going to be happening down there, how come such a change from 100% right to the above statement. IMMHO this is PDG preparing themselves for a loss.
With regards,Frank
P.S. Sorry for posting this off topic stuff. |
