Also what no one else has mentioned is the following in conjunction to its bid for AOR:
Placer Dome Updates Gold Resources & Progress at South Deep:-
Concurrent with its bid announced today for all of the outstanding
shares of AurionGold Limited, Placer Dome is pleased to report
increased resources at its global exploration properties and is
reporting inferred resources at its operating mines. These resource
estimates stand in addition to the company's proven and probable
reserves of 44.5 million ounces of gold, which are set out separately
in Placer Dome's 2001 annual report.
The company has also concluded a new timetable for completion of the
expansion project at its South Deep mine in South Africa.
The new exploration estimates and updated South Deep expansion
project timetable will not have any effect on the Company's guidance
for the full year 2002, as announced on Thursday, February 14, 2002.
Placer Dome continues to expect to produce more than 2.5 million
ounces of gold and 420 million pounds of copper in 2002.
At Placer Dome's exploration properties, mineral resources total 42.6
million ounces measured and indicated and 13.0 million ounces
inferred. Inferred mineral resources at the company's operating mines
amount to 7.6 million ounces. Measured and indicated mineral
resources at operating mines, as reported in the company's 2001
annual report, total 40.6 million ounces. Detailed figures and other
relevant information on a mine-by-mine basis are included as an
attachment to this release.
Commenting on these figures, Placer Dome President and CEO Jay Taylor
said they speak to the quality of the company's portfolio of projects
for future development. 'Many of our properties are becoming
increasingly attractive in today's rising gold price environment, and
with the resources we have identified at our exploration properties,
will form the backbone of our company's future growth,' he said.
Placer Dome also today issued an update for completion of the South
Deep expansion project. The company now expects gold product-ion will
gradually ramp up from 400,000 per year in 2002 to 700,000 ounces per
year by 2007, averaging 600,000 ounces per year over this five-year
period. Beyond 2007, production is expected to exceed 750,000 ounces
per year, 50,000 ounces per year higher than past estimates.
Cash and total costs will be unchanged in 2002 at approximately $170
and $208 per ounce respectively. Over the following five years the
company expects cash and total costs will average $145 and $180 per
ounce respectively. Longer term, after full production is achieved,
cash and total costs are expected to average about $135 and $175 per
ounce respectively - below previous guidance of $160 and $180 per
ounce respectively.
The new mill is currently under commissioning and the first gold pour
is expected in mid-June. The main shaft has now been completed.
Commissioning is planned for late 2003, with full operation by 2004.
The vent shaft is expected to be commissioned in the fourth quarter
of 2003. "The mine sits on one of the world's most robust ore
bodies,' Mr. Taylor said, "'and we expect South Deep will be a key
contributor to our future growth. Given the size and complexity of
the expansion, we felt it was necessary to revisit our initial
estimates."
The information in this release has been included in the Bidder's
Statement for the proposed purchase of AurionGold. The Bidder's
Statement will be lodged with the Australian Securities and
Investments Commission and is intended to be dispatched to
AurionGold's shareholders in approximately two weeks time. Placer
Dome will host two conference calls to discuss the proposed purchase
of AurionGold as well as the contents of this release. The first call
will be held from Sydney at 10:30 am on Monday, May 27 (AEST), which
is Sunday, May 26 at 8:30pm (EDT) and 5:30pm (PDT). Interested
participants within Australia can access the call by dialling
1-800-00-96-96. From North America, dial 1-800-4200-0000. From other
countries or for operator assistance please dial +61-3- 9221-9755.
Due to the Memorial Day holiday in the US, the second call will be
held on Tuesday, May 28 at 9:30am (EDT), 11:30pm (AEST). This call
can be accessed from North America by dialling 1-888-694-4768. From
all other countries, please dial +973-321-1030. Both calls will be
webcast live at www.placerdome.com, and archived thereafter for a
period of 30 days.
AOR
apollo series 2013-1 trust
