Barrick denies play for Placer

A street rumor which has American Barrick Resources making a play for an interest in Placer Development has been denied by a senior American Barrick official.

Placer is part of a proposed amalgamation involving Dome Mines and Campbell Red Lake Mines which would forge a huge gold-producing company to be known as Placer Dome Inc.

“To my knowledge, we are not involved in any transaction with respect to Dome and Placer,” American Barrick’s John Melville, senior vice-president corporate development, told The Northern Miner.

American Barrick, which produced more than 186,000 oz gold in 1986 and forecasts gold production of 260,000 oz this year, recorded a net profit of $5.7 million on revenues of $24.4 million during the first quarter of this year. For 1986, the company recorded a net income of slightly more than $15 million.