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Gold/Mining/Energy : Placer Dome, Las Christinas- who owns it?
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To: Paul Lee who wrote (41)1/20/1998 10:09:00 PM
From: rdww  Read Replies (1) of 68
 
pdg nr today

Delay of Las Cristinas construction

Placer Dome Inc PDG
Shares issued 239,227,695 Jan 20 close $17.90
Tue 20 Jan 98 News Release
Mr Earl Dunlop reports
The company's operating company in Venezuela, Minera Las Cristinas CA
(Minca, Placer 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
inadmissible the challenge by Inversora Mael CA to Minca's gold mining
rights.
Minca holds the gold rights to the Cristinas four and six concessions in
southeastern 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
four and six 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.
Minca has so far spent US$110 million on the project since exploration
started in 1992, including the construction camp. While the company remains
confident in its legal position, the decision has been made to wait for
clarity from the appeal decision before continuing to the next stage of the
project. The company will continue to arrange financing for the balance of
the project as soon as a final and satisfactory decision has been made.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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