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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: grampa who wrote (30986)	9/28/2004 3:38:43 PM
From: Condor	Respond to of 39344

Thats interesting, I wasn't aware of that kerfuffle. Might be some gravy from that for sure. Not much downside I guess. C

To: grampa who wrote (30986)	9/28/2004 3:53:12 PM
From: orkrious	Respond to of 39344

Obviously news on Cero Casale at the Meeting today. what meeting is that?

To: grampa who wrote (30986)	9/28/2004 5:42:16 PM
From: Condor	Respond to of 39344

Bingo!!! grampa wins. Good call. News just out C +++++++++++++++++++++++++++ Placer Dome et al. amend Minera Casale deal Placer Dome Inc (TSX:PDG) Shares Issued 413,510,838 Last Close 9/28/2004 $24.92 Tuesday September 28 2004 - News Release Also Bema Gold Corp (TSX:BGO) News Release Also Arizona Star Resource Corp (TSX-V:AZS) News Release Mr. Peter Tomsett of Placer Dome reports PLACER DOME, BEMA AND ARIZONA STAR ANNOUNCE ADVANCEMENTS TO CERRO CASALE PROJECT Placer Dome Inc., Bema Gold Corp. and Arizona Star Resource Corp. have reached an agreement on certain amendments to the Compania Minera Casale (CMC) shareholders' agreement. Placer Dome has issued a certificate (certificate B) under the shareholders' agreement indicating it has commenced or is continuing to use reasonable commercial efforts to arrange financing for the Cerro Casale project on commercially reasonable and customary terms in accordance with the financing requirements of the shareholders' agreement. Subject to the terms of the shareholders' agreement, Placer Dome has up to 15 months to arrange such financing. Placer Dome is required to arrange $1.3-billion in financing, including $200-million in equity on behalf of all partners. Placer Dome is required to provide a precompletion guarantee for an amount not greater than $1.1-billion in senior loans. The senior loans are required to be an amount that is not less than 50 per cent of the initial project capital requirements. Any capital requirements exceeding $1.3-billion of the financing provided or arranged by Placer Dome would be financed pro rata by the partners. Should financing under the terms of the shareholders' agreement not be available on reasonable commercial terms, the project would revert to non-financeable status. In such case Placer Dome's interest in the project would remain intact, with obligations under the shareholders' agreement remaining in place. At any time Placer Dome can return the project to its partners if it does not meet Placer Dome's investment requirements. In the amendments to the shareholders' agreement, the companies have agreed to certain changes to facilitate financing arrangements for the project and to cause the cash flows to be distributed in a manner consistent with the original intent of the shareholders' agreement. The amendments also provide for the option, at Placer Dome's election, to finance the senior loans through Placer Dome's facilities. In return for compensation and as part of the amendments, Placer Dome has agreed to provide support, through the period of the precompletion guarantee, for metal price hedge contracts required to secure the senior loans. Placer Dome president and chief executive officer Peter Tomsett said financing should not remain an obstacle in advancing the project. "We are comfortable moving the project to the next stage. Our objective remains to finalize financing, power and off-take agreements to better define project parameters. These steps, together with continued monitoring of the royalty situation in Chile, will enable each partner to make an informed decision regarding development." The Cerro Casale project is one of the world's largest undeveloped gold and copper deposits, owned indirectly by Placer Dome (51 per cent), Bema (24 per cent) and Arizona (25 per cent). The project hosts measured and indicated mineral resources estimated at 25.4 million ounces of gold and 6.4 billion pounds of copper, and contemplates a large-scale open pit mine that could produce approximately 975,000 ounces of gold and 130,000 tonnes of copper per year over an 18-year mine life. Capital costs for the project are estimated at $1.65-billion. Assuming a copper price of 95 cents per pound, Cerro Casale's cash costs are projected at approximately $115 per ounce (net of copper credits). Total costs, including amortization and depreciation of capital, are projected at approximately $225 per ounce. Placer Dome's qualified person for Cerro Casale is Marc Jutras, Placer Dome senior statistician. Bema and Arizona's qualified person for Cerro Casale is Tom Garagan, Bema vice-president of exploration. The gold mineral resource estimate consists of 4,888,000 ounces measured and 20,531,000 ounces indicated; the copper mineral resource estimate consists of 1,118 million pounds measured and 5,265 million pounds indicated. For full details and important related information regarding mineral resource estimates, refer to the mineral resource tables and notes in each companies' 2003 year-end public disclosures and on their respective websites. WARNING: The company relies upon litigation protection for "forward-looking" statements. © 2004 Canjex Publishing Ltd.