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Gold/Mining/Energy : Barrick Gold (ABX)

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To: Mark Adams who wrote (484)	2/18/1998 11:27:00 AM
From: Robert Floyd	Read Replies (1) of 3558

Homestake to heap-leach at Nevada gold mine PERTH, Feb 18 (Reuters) - U.S.-based Homestake Mining Co (HSM.AX) said on Wednesday it would immediately suspend milling operations at its Pinson gold mine in Nevada. Homestake said the suspension was due to depressed gold prices and significant improvements in alternative heap-leaching gold recoveries at the mine, which it owns 50/50 with Barrick Gold Corp (NYSE:ABX - news; ABX.TO - news). The new plan will see all ore grade material at the Pinson mine heap-leached, including high grade material which was previously milled, Homestake said. The new operating plan would improve earnings with cash production costs expected to drop by US$40 an ounce and annual gold production set to increase by 20 percent to about 60,000 ounces, Homestake said. Heap-leaching enables gold to be mined using solvent extraction technology.

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