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

To: GC who wrote (29804)	11/11/2002 9:00:26 AM
From: GC	Respond to of 34075

Dow Jones Business News Placer Dome Sees 2003 Gold Output At 3.5 Million Oz Monday November 11, 7:12 am ET VANCOUVER -(Dow Jones)- Placer Dome Inc. expects to produce 3.5 million ounces of gold in 2003, up from the 2.5 million ounces projected for this year. In a news release, the company cited added production expected from the acquisition of AurionGold Ltd. for the increase in its gold production forecast. ADVERTISEMENT As reported, Placer Dome now holds more than 91% of AurionGold through its previously announced takeover offer. Placer Dome also said it expects cash flow from operations in 2003 of $450 million, or $1.11 a share, and operating earnings of $375 million, based on a gold price of $325 an ounce. It noted that, even at a gold price of $300 an ounce, it would generate cash flow from operations in 2003 of $350 million, or 86 cents a share, and $275 million in operating earnings. Placer Dome said it expects unit production costs to rise slightly in 2003 as a result of the fair-value accounting treatment of the production gained from the AurionGold transaction. In 2003, cash and total costs are expected to be about $185 an ounce and $255 an ounce, respectively, up from $182 an ounce and $ 230 an ounce, respectively, expected in 2002. The company said that, with the completion of the AurionGold acquisition, about 70% of its gold production in 2003 will come from Australia and North America. It noted that it also expects to report increased reserves at year-end when it releases its financial results for 2002. Placer Dome said Jay Taylor, its president and chief executive, will discuss the company's projections while on a North American investor tour this week. Placer Dome is a mining company. Company Web Site: placerdome.com -Judy McKinnon, Dow Jones Newswires; 416-306-2100