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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Ken Benes who wrote (59451)	10/6/2000 12:36:35 PM
From: lorne	Read Replies (3) \| Respond to of 116759

Hi Ken. Geez what a suprise :-) Big gold miners raise production estimates Barrick Gold, Placer Dome plan to increase output Thursday 5 October 2000 Canada's two biggest gold companies announced plans for stellar production Wednesday, telling a gold conference they expect to increase output and expand reserves from two key international mines. Barrick Gold, Canada's top-ranked producer, announced that reserves at its only gold mine in Africa, the Bulyanhulu mine in Tanzania -- have risen by 40 per cent this year. Exploration success at Bulyanhulu has increased the project's reserves to 10.5 million ounces, from 7.5 million ounces at the end of 1999, Barrick said from the Denver gold conference. Meanwhile, Placer Dome Inc. said it expects to boost production at its 60-per-cent-owned Cortez mine in Nevada this year and next. The Vancouver company said it expects to produce 16 per cent more gold from the U.S. mine -- about one million ounces -- this year and more than 1.1 million ounces next year. The production increase is the result of improved production efficiency and higher-grade gold-bearing ore, Placer Dome said in a release. At Barrick, the company said the reserve level at Bulyanhulu is now three times what it was when Barrick acquired the Tanzanian property in March 1999 as part of its takeover of Vancouver-based Sutton Resources Ltd. "This property is proving to be a great acquisition, exceeding our high expectations," said Randall Oliphant, president and chief executive of Barrick, one of the world's major gold companies with operations in Canada, the United States, South America and Tanzania. "In addition to already tripling reserves, we see the possibility of doubling production from our initial estimate of 400,000 ounces a year." The Toronto company said it expects even further increases in the African project's reserves at the end of this year. It's planning the next phase of expansion, which would increase production at the mine in the near-term to 500,000 ounces a year from 400,000 ounces. Cash-rich Barrick has been solidifying its base in Africa in the last year, developing Bulyanhulu with a $280-million US investment that should bring the property into production by early 2001. edmontonjournal.com