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Gold/Mining/Energy : Golden Eagle Int. (MYNG) -- Ignore unavailable to you. Want to Upgrade?

To: Ironyman who wrote (22386)	12/13/2000 10:07:59 AM
From: john	Respond to of 34075

B: GLAMIS GOLD LTD - First Gold Shipment from San Martin Mine and Updates Cerro - San Pedro Project Toronto, Ontario, Dec. 13, 2000 (Market News Publishing via COMTEX) -- Glamis Gold Ltd. announced that the first shipment of gold was made on December 12th from its new San Martin Mine in Honduras. This shipment of 4,000 ounces occurred only 63 days following the first application of solution to the heap, and reflects the excellent leach characteristics of the ore at San Martin. The bulk of the ore stacked on the leach pad has been run-of-mine material. The crushing, agglomeration, conveying and stacking facilities have now been successfully commissioned and are operating above design capacity on a continuous basis. Most of the future production at San Martin will be processed utilizing these facilities. San Martin is expected to produce over 113,000 ounces of gold in 2001 at a total cash cost of $113 per ounce, leading the way to positive earnings for Glamis in 2001. The following summarizes production and performance parameters reflected in the Company's budget for next year, based on a $275 gold price: 2001 Ounces gold produced 235,000 Total cash cost per ounce $165 Cash flow per share $0.23 Earning per share $0.03 Cerro San Pedro Update: The Company has completed a revised feasibility study for the Cerro San Pedro project. At current gold and silver prices the project has a modest 14.4% rate of return before financing costs. Glamis and its joint venture partner have agreed to continue limited development of the project pending commodity price improvements. During 2001, total spending on Cerro San Pedro is budgeted at $1.8 million, consisting of expenditures deemed necessary to keep the project moving in a positive direction. The following table summarizes the results of the feasibility study: Cerro San Pedro Project - Revised Feasibility Model Price of Gold $275 Price of Silver $5.00 Life of Mine 8 years Average ounces Au equivalent / year 108,800 Average tonnes ore per year 6,156,000 Waste:Ore strip ratio 1.45:1 Initial capital requirements $44.5 million Total cash cost per AuEq ounce $169 Total cash cost per ounce (Ag credit) $129 IRR (without financing charges) 14.4% NPV at 5% (without financing charges) $18.6 million Dee Mine update: The Company announced that all surface and underground mining at its Dee Mine in northeastern Nevada has been completed, as anticipated in its September 29, 2000 News Release. The mill will operate through year-end utilizing stockpiled ore. Glamis Gold Ltd. is an intermediate gold producer operating mines in Nevada, California and Honduras. As metals prices improve, Company growth is expected from an excellent project pipeline, including a new discovery at its Marigold Mine in Nevada. The Company continues to seek new opportunities for growth in the southwestern United States and Latin America. Glamis holds significant working capital, and remains debt-free. Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the price of gold, estimated future production, the Company's hedging policy and permitting time lines, involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, among others, the factual results of current exploration activities, conclusions of feasibility studies now underway, changes in project parameters as plans continue to be refined, future prices of gold, as well as those factors discussed in the section entitled "Other Considerations" in the Company's Annual Report on Form 10-K. -0- TEL: (775) 827-4600 x3109 Glamis Gold Ltd. TEL: (775) 827-4600 x3109 Glamis Gold Ltd FAX: (775) 827-6992 David L. Hyatt, VP Investor Relations INET : www.glamis.com Email: davidh@glamis.com ______________________________________