Placer wins battle over mine

Article Abstract:

Placer Dome Inc., based in Vancouver, British Columbia, owns the Las Cristinas gold mine in Venezuela, ruled that country's Supreme Court. The court further ruled that Crystallex International Corp. cannot appeal the decision. In its lawsuit, Crystallex based its claim on the mine on its acquisition of a Venezuelan company called Inversoras Mael, which it claims owns two of the richest areas of Las Cristinas. However, the Venezuelan government, which sold the mine to Placer Dome in 1992, said Inversoras' ownership had expired in 1989. Las Cristinas is projected to produce an average of 40,000 ounces of gold annually over its 20-year life span.

Comment:

Owns the Las Cristinas gold mine in Venezuela, rules that country's Supreme Court

Placer Dome confident about financing for gold mine

Article Abstract:

Placer Dome Inc. has expressed confidence in finalizing talks by the end of 1998 for the funding of the $575-million Las Cristinas gold mine in Venezuela. The company will obtain the financing through bank loans totaling $250 million, with the rest of the balance consisting of equity, including $80-million in cash already invested. Construction of the project, which is 70%-owned by Placer Dome and 30%-held by state agency Corporacion Venzolana de Guyana, is expected to commence in early 1999, with production to start in late 2000 or early 2001.

Comment:

ExpresseS confidence in finalizing talks by end of 1998 for the funding of the $575-mil Las Cristinas gold mine in Venezuela

Facilities & equipment

Placer Dome shifts financing deadline

Article Abstract:

Placer Dome Inc of Vancouver, British Columbia, is seeking to complete the financing for its Las Cristinas gold project in Venezuela by the end of the 1st qtr 1999. The mining company is negotiating for a $250-million financing package from a group of lenders. Placer Dome said that the Las Cristinas project, which is estimated to cost $575 million to develop, is slated to start production in mid-2001.