Dakota Mining boosts reserves

Assays from a drill program last fall allowed Dakota Mining (TSE) to increase the oxide reserve at its Gilt Edge gold mine near Deadwood, S.D.

The proven and probable figure has expanded by 34%, rising to 8.6 million tons grading 0.026 oz. per ton, or about 222,000 oz. gold.

The success of the fall program prompted another round of drilling, in an area southwest of the existing orebody. The fire assays listed below pertain to the first three stepout holes and are not included in the current reserves. These results are expected to expand reserves further and, consequently, the perimeters of the pit design.

Meanwhile, a revised reclamation plan for the nearby Anchor Hill mine has received the approval of the South Dakota Board of Minerals and Environment. Permitting will likely be completed by late in the year.

Dakota lost US$5.7 million (or 33 cents per share) in 1994 on revenue of US$8.4 million. Results for the fourth quarter showed a loss of US$618,000. Hole No. Interval Intersection Grade

(ft.) (ft.) (oz./t)

95-887 90- 125 35 0.059

140- 190 50 0.053

365- 550 185 0.124

95-888 225- 230 5 0.108

275- 315 40 0.055

330- 360 30 0.021

400- 465 65 0.039

485- 500 15 0.067

600- 610 10 0.032

95-889 5- 20 15 0.020

75- 80 5 0.036

155- 180 25 0.029

240- 265 25 0.389

315- 435 120 0.152

490- 585 95 0.044

610- 685 75 0.062

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