Production rises at Golden Bear

Better-than-expected production from the Golden Bear mine in northwestern British Columbia is strengthening the bottom line of Wheaton River Minerals (WRM-T) and providing a push to the Bellavista gold mine project in Costa Rica.

Production to date from the seasonal Golden Bear mine reached 63,000 oz. gold, surpassing the target of 59,000 oz. set earlier this year. Total production for 1999 is expected to reach 69,000 oz. before mining is suspended for the winter.

Average total cash costs are now pegged at US$175 per oz., compared with the original projection of US$203. With 54,000 oz. sold forward at US$302 per oz., a debt-free Wheaton River is expected to have about $8.5 million in cash by year-end.

The improved performance reflects the mining of better-than-predicted tonnage and grade from the Ursa pit. In total, 380,000 tonnes grading 5.65 grams gold per tonne were mined, crushed and stacked on the Totem Creek heap-leach pad this season.

Heap leaching at the Fleece Bowl pad has been completed and the area is now being decommissioned. This pad produced 69,037 oz. gold during the period 1997-99.

Meanwhile, work is progressing at the Bellavista gold mine project, where a feasibility study was completed earlier this year. Capital costs for an open-pit operation targeted to produce an average of 60,000 oz. gold annually over a 7.3-year mine life are estimated at US$28.3 million.

Cash operating costs are projected to be US$156 per oz. gold produced, whereas total cash costs are pegged a bit higher at US$179 per oz.

Wheaton River was recently informed it does not have to apply for another environmental impact assessment beyond the one prepared by previous owners in 1986. This paves the way for construction to begin in 2000, provided bank financing is arranged.

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