With ore reserves nearing depletion, Placer Dome (TSE) has announced that it will close its Dona Lake mine near Pickle Lake in northwestern Ontario on Aug. 1.
Eighty-one employees will be affected by the shutdown and a program of gradual downsizing of the workforce will start immediately.
Exploration drilling for new reserves is under way at the mine and should additional reserves be found, then the August closure may be delayed, the company says.
The mine, which opened in February, 1989, produced 46,000 oz. gold at a cash cost of US$283 per oz. in 1992.
At the end of 1992, proven and probable reserves stood at 132,000 tons grading 0.225 oz. gold per ton, sufficient for five months of production.
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