I have been a subscriber to The Northern Miner for 35 years. I have always read your publication to remain informed of the ever-changing North American mining industry.
As you are generally factual and accurate in your reporting, I must therefore point out to you my disappointment in a recent front-page article on Gold Fields’ 39% ownership of Eldorado Gold Corp. (“Gold Fields evaluates stake in Eldorado,” in T.N.M., Aug. 17-23/98).
In late July 1998, Gold Fields reported second-quarter results, and its managing director, Tom Dale, was misquoted by Reuters on July 27 in reference to Eldorado. Gold Fields subsequently stated clearly in a news release that it has no intention of selling Eldorado shares. In a subsequent face-to-face meeting with the Reuters writer, Mr. Dale informed him that Gold Fields has no intention of selling Eldorado shares.
Both Gold Fields and Eldorado are aggressively cutting costs in overhead, non-core activities and at operations. It is a testament to our employees and our gold-producing assets that we have responded quickly to the challenge of historically low gold prices.
The continued speculation by the press on three continents on Gold Fields’ intentions in regard to its Eldorado shares has hurt the shareholders of Eldorado. In the future, I would invite your paper to contact the principles of the companies involved before adding to unfounded speculation that hurts the small and the large shareholder alike.
Richard Barclay
President
Eldorado Gold
Vancouver, B.C.
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