U.S. ROUNDUP — Drilling continues at Haile property

Drilling, engineering and environmental studies are continuing at the Haile gold property near Kershaw, S.C., where three rigs are currently operating.

The property is under the control of Amax Gold (NYSE) which exercised its right to purchase a 62.5% interest early this year from owner Piedmont Mining (NASDAQ). The exercise price of the option totalled US$1.75 million in cash, plus one million shares of Amax common stock.

Amax expects to complete a bankable feasibility study on the project by the third quarter of 1993.

Preliminary studies put the likely operating rate of an open-pit mine and mill at about 5,000 tons per day for production of about 100,000 oz. gold per year at an average cost of US$200 per oz.