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Gold/Mining/Energy : SOUTH AFRICAN MINING -- Ignore unavailable to you. Want to Upgrade?

To: sea_urchin who wrote (380)	2/8/1999 7:42:00 PM
From: .Trev	Read Replies (2) \| Respond to of 472

hI sEARLE: hERE'S ANOTHER ONE HOT OFF THE PRESS Placer Dome JV with Western Areas of South Africa Placer Dome Inc PDG Shares issued 250,024,014 Feb 5 close $18.00 Mon 8 Feb 99 News Release Mr. John Willson reports Placer Dome has satisfactorily completed its due diligence study of the South Deep project and South Shaft operation outside Johannesburg and the company has signed a definitive agreement with Western Areas Ltd. to form a joint venture. The Placer Dome and Western Areas joint venture will develop and operate South Deep, the largest undeveloped gold deposit on South Africa's Witwatersrand, and operate the existing South Shaft adjacent to the South Deep project. A Western Areas shareholder meeting is to be held in March 1999 to approve Placer Dome's acquisition of a 50 per cent interest in the mine for $235-million (U.S.) and future payments based on production. Undertakings have been received from about 49 per cent of Western Areas shareholders to vote in favour of the transaction. The transaction is expected to close in second quarter 1999. The company's due diligence studies confirmed that the South Deep property is a world-class gold asset that will provide immediate growth in production and cash flow. The joint venture partners expect to achieve a significant improvement in the mine's long-term production levels and cash operating costs. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com