Drilling expands Millennium project

Denver — Glamis Gold (GLG-N) is halfway through an 80,000-ft. drilling program at the Millennium project, a mile south of the Marigold gold mine in northern Nevada. The company expects to see a new resource by the end of July.

Glamis owns a 66.7% interest in Marigold. The remainder is held by Homestake Mining (HM-N).

Stepout drilling continues on Section 31, where mineralization remains open to the south and west of previously identified zones. Infill drilling is proving to be successful in converting waste into ore at the main zone. This suggests that the original pit design could be enlarged.

The company has yet to get to the resource found in Section 30, which will be the focus of the second half of the US$2.1-million drilling program.

Glamis expects to update the reserves and resources at the Millennium project by the end of July.

Marigold is expected to contribute 48,000 oz. gold to Glamis’ account in 2001 at cash costs of US$200 per oz.

As of the beginning of the year, reserves at the open-pit operation stood at 20.2 million tons averaging 0.035 oz. gold per ton, for 709,000 oz. gold, including more than 450,000 oz. from the Millennium project.

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