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Politics : Gold and Silver Stocks and Related Commentary -- Ignore unavailable to you. Want to Upgrade?

To: loantech who wrote (7753)	3/1/2005 6:32:36 PM
From: TheSlowLane	Read Replies (1) \| Respond to of 18308

Notes on R. Reifel's previous discovery... From BMO: Kevin McArthur, President & CEO of Glamis, provided an overview of the status of the Marlin project at the BMO Nesbitt Burns Global Resources Conference. Construction is ahead of schedule and commercial production is scheduled to commence in the fourth quarter. The mine is expected to process 5,000 tpd with an annual gold production of 250,000 ounces at a total cash cost of less than $90/oz. The company is forecasting capital expenditures of $99.1 million for 2005, with $69.1 million intended for Marlin. The company is continuing to dispel rumours that some anti-mining organizations are spreading and is assuring investors that there remains strong support for the project from the local community (i.e. in the immediate area of Marlin). The Cerro Blanco project has been advanced to feasibility and environmental baseline work has started. Outside of Guatemala, the company is completing the final phase of the expansion at Marigold, El Sauzal is operating at or above expectation, and San Martin is anticipated to contribute significant free cash flow. Glamis' objective is to be a hedge-free, pure gold producer in the Americas with total cash costs less than $150/oz and production of 700,000 ounces by 2007. The company plans to execute its strategy organically through exploration and "tip of iceberg" M&A opportunities (i.e. junior mining companies). Glamis has its sights set on being a 1.0 million ounce producer.