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Gold/Mining/Energy : Dayton Mining (DAY) on TSE & AMEX -- Ignore unavailable to you. Want to Upgrade?

To: Ancil who wrote (394)	10/10/1998 7:59:00 PM
From: Eashoa' M'sheekha	Respond to of 568

For Your Reading Pleasure Wednesday, October 7, 1998 DENVER, Oct 7 (Reuters) - Chile has emerged as one of the most alluring targets of exploration-hungry mining companies, but the recent experience of two Canadian gold producers demonstrates that potential rewards are sometimes tempered by unforeseen pitfalls. For the moment, the ancient Andean gods seem to be smiling upon Dayton Mining Corp., an emerging gold producer with 100-percent ownership of the Andacollo gold mine in central Chile. Vancouver-based Dayton announced on Wednesday that Andacollo chalked up record gold production in the third quarter at an operating cost below the company's target. "Andacollo as an operation is not a company maker, but it is a solid cornerstone that can serve for the basis of growth in the company," Dayton Chief Executive Bill Myckatyn told delegates at the Denver Gold Group's annual conference. "I am very encouraged with the results we are achieving at Andacollo," Myckatyn said. Andacollo, which began commercial production in 1996, produced 25,076 ounces of gold at a cash operating cost of $226 per ounce for the quarter ended September 30, 1998 and is on target to produce more than 91,000 ounces of gold this year at a cash cost of $235 an ounce. Dayton forecasts production of 145,000 ounces of gold in 1999 at a cash cost of $210 an ounce. Gold climbed to $301.30 an ounce on Wednesday. With its prized project meeting expectations, Dayton is now looking to expand with the addition of one or more other gold mining developments, either through merger or outright acquisition. The past year's crisis in the gold sector has made it difficult for small exploration companies to raise the equity for their projects. Recent declines on international equity markets have made that task even more burdensome. Dayton hopes that its improving balance sheet and growing reputation as a gold producer will encourage troubled firms to come knocking. "We are looking to add a development property that is ready for production or at a fast stage of feasibility. Dayton, for its size, developed at Andacollo in Chile one of the largest gold mines over the last couple of years. We think we are well positioned to develop properties in the right environment," Myckatyn said. ********************************************************************************************** PS:Ancil.....I don't usually discuss my buy/sell/hold positions or entry/exit points on these threads.I don't want to be considered responsible for others decisions to invest or divest in equities I have an interest in.In fact,I may post on threads where I have no position (at the time) or decline to post on threads where I do.I don't usually like to get into P*ssing contests either.These threads are quite public.Please take this into consideration on the Dayton thread.Thanks. Taurus