In addition to previously announced ore reserves of 18.4 million oz., Placer Dome (TSE) estimates that it holds measured and indicated resources totalling 8.5 million oz. gold at its mines and 8.3 million oz. at exploration projects.
This total includes 2 million oz. at the Dome mine in Canada, 1.8 million oz. at the Cortez joint venture in the U.S. and 1.8 million oz. at the Porgera mine in Papua New Guinea.
The company also holds inferred resources of an additional 5.2 million oz. at mines and 7.5 million oz. at exploration properties. A large portion of the exploration resources are those at the Kerr-Sulphurets project in British Columbia and the Namosi project in Fiji.
By mid-1993, Placer Dome expects to release the first initial resource estimate for the Las Cristinas gold property in Venezuela, a joint venture with the government-owned Corporacion Venezuelan de Guyana. Ongoing drilling and exploration is concentrated in a limited favorable area of 12 sq. km within the 40-km area controlled by the joint venture.
Placer President John Willson said information generated for the mid-year resource estimate will be used to test other targets within the 12-sq-km area with the aim of starting a pre-feasibility study by early 1994. Surface exploration work is planned for the remainder of the area, described as having difficult access and a lack of mineral exposures.
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