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Gold/Mining/Energy : Gold and Silver Mining Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (3163)	7/22/2002 3:34:49 PM
From: goldsheet	Read Replies (2) \| Respond to of 4051

RE: apollogold.com International Pursuit (now Apollo Gold) was one of many firms that got COWs in the Indonesian Bre-X era, almost became a dot.com in 2000, then stayed in mining. In addition to getting two Pegasus properties (Florida Canyon and Montana Tunnels) they have also bought the Glimmer mine (Glimmer Mine is located approximately 80 kilometres east of Timmins, Ontario and 8 kilometres east of Matheson, Ontario in the "Porcupine Camp".) from the Glimmer /Exall joint venture. Old IPJ news: newswire.ca

To: Claude Cormier who wrote (3163)	7/31/2002 11:17:12 PM
From: long-gone	Read Replies (1) \| Respond to of 4051

AP South African gold mining giant profits down slightly in recent quarter Wed Jul 31, 9:22 AM ET JOHANNESBURG - AngloGold, one of the world's largest gold producers, reported Wednesday that its second-quarter earnings were slightly below market expectations, due largely to a dlrs 10 million legal settlement. Chief Executive Bobby Godsell declined to give details of the settlement, saying only that it was part of a dispute with a South African supplier. However, the company's performance was bolstered by a four percent rise in production and another sharp reduction in its extensive hedge book. Adding to the positive tone, the company declared a 93 percent rise in its interim dividend to 13.50 rand (dlrs 1.33) a share. The company posted headline earnings a share of 8.17 rand (80 cents) down from 9.30 (91 cents) in the March quarter. Headline earnings are net profit adjusted for exceptional items, including any adjustment for amortization of goodwill and deferred tax on unrealized non-hedge derivatives. AngloGold reported a two percent rise in net profit to 828 million rand (dlrs 81.5 million) in the second quarter ended June 30, up from 810 million rand (79.8 million rand) posted in the first quarter ended March 31. However, for the year, AngloGold's net profit rose 63 percent, from 508.7 million rand (dlrs 50.1 million) for the comparable period in 2001. "The results were slightly below expectations," said Greg Hunter, a gold equities analyst at Deutsche Bank based in Johannesburg. "It was a mixed bag operationally, although there are some nice trends emerging in the company's South American operations," Hunter said. AngloGold's Godsell said the company has reduced its hedge book by a further 2.4 million ounces to 10.5 million ounces. This comes on the back of the company cutting its hedge book by 1.7 million ounces in the first quarter. AngloGold's hedge book now stands at 10.5 million ounces. "The hedge has been reduced in light of the more positive medium and long term prospects for the gold price, as well as the improved margins and lower cost base of AngloGold production," said Godsell. Hedging is a form of risk management, which reduces the chance of loss from price movements. AngloGold is the most-hedged of all South Africa's gold producers. story.news.yahoo.com