LATIN AMERICA — Placer Dome drops Andacollo project

After a 1-year drilling and evaluation program at the Andacollo copper-gold property in northern Chile, Placer Dome (TSE) says it is pulling out of the project.

Placer paid US$1.2 million for the right to evaluate the deposit during a 12-month period and committed a minimum of US$4.8 million to a work program. Under a development agreement, Placer would have earned an 80% interest in the project, with state corporation Empress Nacional de Mineria owning the other 20%.

Placer has a 50% interest in, and is the operator of, La Coipa gold-silver mine in northern Chile.