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Gold/Mining/Energy : Wheaton River Minerals (WRM Toronto) -- Ignore unavailable to you. Want to Upgrade?

To: Syncrude who wrote (198)	4/28/1999 4:22:00 PM
From: Michael Markham	Read Replies (1) \| Respond to of 350

This is what I have today. Regards April 28, 1999 Positive Feasibility Study Recommends Commercial Gold Production at Bellavista; Low Cash Operating Costs of US$156 per ounce CANARC RESOURCE CORP ("CCM-TV;CRCUF-L") WHEATON RIVER MINERALS LTD ("WRM-T;WEATF-L") - Positive Feasibility Study Recommends Commercial Gold Production at - Bellavista; Low Cash Operating Costs of US$156 per ounce Bradford J. Cooke, President of Canarc Resource Corp. is pleased to announce that a positive feasibility study on the Bellavista Project in Costa Rica has been completed by partner Wheaton River Minerals Ltd. Commercial gold production is recommended with a low cash operating cost of US$156 per oz. gold. Canarc owns an 18.3 percent carried interest in Bellavista, and receives annual pre-production payments of US$117,750 from Wheaton River each January. The study concludes that an average of 60,000 ounces of gold per year can be produced using open pit, heap leach methods over a 7.3 year mine life. Total life-of-mine production will be 436,000 ounces of gold. At peak operation, the annual open pit mining rate will be 5,745 tonnes of ore per day or 1.62 million tonnes per year on the basis of six operating days per week. As previously reported, the proven and probable reserves on the property are estimated at 11,239,661 tonnes grading 1.54 grams gold per tonne. The strip ratio is 1.32:1. Total cash costs including net-profit-interest royalties are estimated at US$179 per ounce. Capital costs are estimated at US$28.3 million. At a US$325 per ounce gold price, the pre-tax internal rate of return is 19 percent,and the net present value is US$20.2 million at a discount rate of 5 percent. Wheaton River is now in discussions with financial institutions regarding debt financing for the Bellavista project.