Glamis Gold 4th Quarter Results
Glamis Gold Ltd GLG
Shares issued 68,908,183
2000-01-18 close $2.4
Tuesday Jan 18 2000
Mr. Charles Jeannes reports
Glamis Gold had record gold production of 65,312 ounces
during the fourth quarter of 1999, an increase of 57 per
cent over third quarter production of 41,574 ounces.
For the year, Glamis produced 175,894 ounces, also a
record, compared with 106,113 ounces in 1998. In addition
to significant production growth, Glamis successfully
lowered its operating costs throughout 1999. Preliminary
unaudited total cash costs (including royalties) for the
fourth quarter were $196 per ounce of gold. These results
reflect continuing improvement as total cash costs for the
first, second and third quarters of 1999 were $252, $236
and $207 per ounce, respectively.
Glamis's improved performance follows a year of
consolidation and optimization of the operations acquired
in its merger with Rayrock Resources Inc. completed in
March, 1999. With these efforts behind it, Glamis projects
strong 2000 production at nearly 240,000 ounces of gold at
a total cash cost of $200 per ounce.
Ore reserves
As at Jan. 1, 2000, Glamis' proven and probable reserves
increased to 171,396,000 tons containing 3,741,845 ounces
of gold. This compares with reserves at Jan. 1, 1999, of
168,021,500 tons, containing 3,628,000 ounces. This 3-per-
cent increase comes despite approximately 300,000 contained
ounces being mined during 1999. These reserves have been
calculated at a $300 gold price and have been audited by
Mine Reserve Associates Inc. of Denver, Colo.
The new reserves are summarized in the following table:
PROVEN AND PROBABLE RESERVES
As at Jan. 1, 2000
Grade Con- Strip
Tons opt tained ratio
Glamis
Rand 25,922,000 0.022 560,600 1.5
Glamis
Marigold
(66.67%) 12,727,300 0.032 408,900 3.2
Glamis
Dee 1,403,900 0.157 220,815 N/A
Glamis
Imperial 88,053,400 0.017 1,468,629 2.7
San
Martin 43,289,400 0.025 1,082,900 0.4
------------------------------------------
Combined 171,396,000 0.022 3,741,845 N/A
The largest reserve increase occurred at the San Martin
mine, now under construction in Honduras, increasing from
23,039,500 tons containing 605,000 ounces of gold to
43,289,400 tons containing 1,082,900 ounces, an increase of
79 per cent. Underground reserves at Dee also saw a
significant 19-per-cent increase, from 155,000 ounces at
Dec. 31, 1998, to 184,500 ounces at the end of 1999.
WARNING: The company relies upon litigation protection
for "forward-looking" statements. |
