Board-Ansicht
Mix-Ansicht- Glamis Gold Ltd. (NYSE: GLG) bricht aus - Hat jemand die auf der Watchlist? - off-shore-trader, 11.11.2003, 22:07
- Danke für den Hinweis! Jetzt weiß ich, was die anderen Goldaktien vorhaben (owT) - Silberblick, 11.11.2003, 23:03
Glamis Gold Ltd. (NYSE: GLG) bricht aus - Hat jemand die auf der Watchlist?
-->Glamis Gold Announces Board Approval of Marlin Project
Tuesday November 11, 9:06 am ET
RENO, Nev.--(BUSINESS WIRE)--Nov. 11, 2003--Glamis Gold Ltd. (NYSE:GLG - News; TSX:GLG - News) is pleased to announce that its Board of Directors has given formal approval to proceed with final design and construction of the Marlin gold and silver project in Guatemala. The Marlin project will be developed as a combination open pit and underground mine with commercial production slated for the first quarter of 2006. Glamis previously announced the receipt of the Resolution approving the Environmental Impact Assessment for Marlin and expects to receive the key Exploitation License as early as mid-December of this year.
Kevin McArthur, President and Chief Executive Officer of the Company stated,"Glamis has made considerable progress at all of its development projects in 2003, especially at Marlin. The rapid transition from exploration to full-scale development is a tribute to the dedication and skills of the Glamis team in Guatemala. The approved plan calls for mining of 2.5 million ounces of gold over a ten-year mine life, and the deposit remains open to the west and at depth. Having reached a construction decision at Marlin, we are now moving to enhance exploration programs on land we control around each of our properties. We continue to be very successful in our efforts at Marigold Mine and are anxious to pursue exploration opportunities at Marlin, San Martin, and El Sauzal."
Marlin Project Summary
The following tables provide key parameters contained in the revised Marlin feasibility study:
-0-
Mineral Reserves and Resources by Area
--------------------------------------
Total Pit Ore Gold
Mining Area Classification (tonnes) (tonnes) (g/tonne)
--------------------------------------------------------------------
Open Pit Proven & 54,616,000 11,834,000 3.18
Probable
Underground Probable 2,314,000 12.82
Underground Inferred 909,000 10.64
resources in
the Mine Plan
Gold Silver Silver
Mining Area (ounces) (g/tonne) (ounces)
--------------------------------------------------------------------
Open Pit 1,211,000 38.5 14,641,000
Underground 953,000 254.5 18,927,000
Underground 311,000 261.3 7,638,000
Notes:
1. Proven and probable reserves and mineral resources have been
calculated as of August 28, 2003 in accordance with definitions
adopted by the Canadian Institute of Mining, Metallurgy and
Petroleum on August 20, 2000. Employees of Glamis Gold Ltd.
under the supervision of James S. Voorhees, Vice President of
Operations and Chief Operating Officer have prepared these
calculations.
2. All reserve and resource calculations are based on a gold price
of $325 per ounce and a silver price of $5.00 per ounce.
Marlin Project Feasibility Results-November 2003
------------------------------------------------
Average Annual Gold Production 217,000 ounces
Average Annual Silver Production 3.3 million ounces
Mine Life 10 years
Initial Capital $120.3 million
Mill Throughput 4,000 tonnes/day
Gold Recovery Rate 91%
Silver Recovery Rate 83%
Total Cash Cost $93/oz Au
Total Production Cost $210/oz Au
IRR (at $325/oz Au; $5.00/oz Ag) + 25%
Commercial Production Q1 2006
Five Year Plan and 2004 Budget
The Board of Directors also approved the Company's new five year plan and 2004 budget. Glamis expects to produce 260,000 ounces in 2004 at total cash costs of between $170 to $180 per ounce. The plan now envisions growth to over 600,000 ounces of gold production by 2006 at a total cash cost well below $150 per ounce.
During 2003, early-stage exploration programs were initiated in and around each of Glamis' mining operations and development properties. The success of these programs has prompted the Company to significantly expand exploration spending in these areas. In 2004 the Company plans to invest $9.5 million on exploration. Of this amount, approximately $4.2 million is expected to be expensed and $5.3 million is expected to be capitalized.
Glamis is projecting capital expenditures of $235 million over the next two years with approximately $150 million being spent in 2004 and $85 million in 2005. This amount is expected to bring El Sauzal project to commercial production, provide for construction of Marlin Project and continue the Marigold expansion process. Glamis entered the fourth quarter of 2003 with $147.2 million in cash and equivalents. The Company believes that cash balances and cash flows are adequate to execute and complete these high-quality growth programs.
At 3:00 pm EDT (12:00 Noon PDT) today, Glamis will host a conference call and simultaneous webcast slide presentation. On this call, the senior management of Glamis Gold will provide a detailed review of the Marlin feasibility study and development schedule, and will also discuss the 2004 exploration program, capital spending estimates and the Company's new five year growth plan.
-0-
Participants may join the conference call by dialing:
1-877-500-5824 For the U.S. and Canada
1-706-634-0787 For calls outside the U.S. and Canada
Participants should quote the Conference ID #3675418. A replay of the conference call will be available until November 25, 2003 by calling 1-800-642-1687 for the United States and Canada and 1-706-645-9291 internationally and again quoting the Conference ID #3675418. To connect to the simultaneous webcast presentation, participants should go to the Glamis Gold Ltd. website at www.glamis.com and click onto the link on the main page.
Glamis Gold Ltd. is a premier intermediate gold producer with low-cost gold mines and development projects in Nevada, Mexico and Central America. The company remains debt free and 100 percent unhedged. Glamis' near-term strategic goal is to increase annual gold production to more than 500,000 ounces at a total cash cost below $150 per ounce.
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes"forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, include, but are not limited to those with respect to, the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, Glamis' hedging practices, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as"plans","expects", or"does not expect","is expected","budget","estimates","forecasts","intends","anticipates" or"does not anticipate", or"believes", or variation of such words and phrases or state that certain actions, events or results,"may","could","would","might" or"will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Glamis to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, possible variations in ore grade or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled"Other Considerations" in the Glamis Annual Information Form. Although Glamis has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
email requests for investor packets to: info@glamis.com
email questions/correspondence to: michaels@glamis.com
--------------------------------------------------------------------------------
Contact:
Glamis Gold Ltd.
Michael A. Steeves, 775-827-4600 Ext. 3104
Website: www.glamis.com
--------------------------------------------------------------------------------
Source: Glamis Gold Ltd.
<ul> ~ yahoo</ul>
Thread gesperrtgesamter Thread:
