Kinross+Placer im joint venture - 500 Beiträge pro Seite

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Wie sich die Zeiten ändern-vor einem Jahr wäre diese Meldung bestimmt nicht +15%Wert gewesen!...Related Quotes
K.TO
KGC 2.29
1.45 +0.27
+0.19
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Thursday April 11, 4:08 pm Eastern Time
Press Release
SOURCE: Kinross Gold Corporation
Kinross and Placer Dome to form Timmins area joint venture
TORONTO, April 11 /PRNewswire-FirstCall/ - Kinross Gold Corporation (TSE- K; AMEX-KGC) is pleased to announce that it has signed a letter of understanding with a wholly owned subsidiary of Placer Dome Inc. (TSE-PDG; NYSE-PDG), Placer Dome (CLA) Limited, to form a joint venture that will combine the two companies` respective gold mining operations in the Porcupine district in Ontario, Canada.

Placer will own a 51% interest and Kinross will own a 49% interest in the Porcupine Area Joint Venture, which will be operated by a Placer affiliate. Placer will contribute the Dome mine and mill and Kinross will contribute the Hoyle Pond, Pamour and Nighthawk Lake mines as well as the Bell Creek mill. Future capital and operating costs will be shared in proportion to each party`s ownership interest.

According to Kinross Chairman and CEO, Robert Buchan ``This will achieve the ultimate synergies for our Timmins area assets that Kinross has been striving to attain over the past several years. These include lower operating costs, an opportunity to economically process the Pamour ``60 Pit`` and numerous other resources while allowing exploration and development of new projects in the Timmins camp to proceed.``

As of December 31, 2001 Kinross` reserves in the Porcupine district totaled 1.160 million ounces of gold, using a $300 per ounce gold price assumption. Measured and indicated resources (excluding reserves) totaled 3.045 million ounces of gold, with a further 2 million ounces in the inferred resource category. The impact of this transaction is expected to result in a conversion of approximately 1.3 million ounces of gold from measured and indicated resources at the Pamour ``60 Pit`` to proven and probable reserves using a gold price assumption of $300 per ounce. Consequently, Pamour ``60 Pit`` reserves would be expected to total approximately 2.1 million ounces and are in addition to year-end reserves of over 0.4 million ounces at the Hoyle Pond mine. For the first quarter of 2002, the Hoyle Pond operation produced 53,476 ounces of gold equivalent at a total cash cost of $144 per ounce.

As of December 31, 2001 proven and probable reserves at the Dome mine were approximately 1.3 million ounces of gold, using a gold price assumption of $275 per ounce. Measured and indicated resources totaled approximately 2.1 million ounces of gold.

The formation of the joint venture is subject to several conditions including due diligence, completion of a definitive agreement, and the approval of the respective Placer Dome (CLA) Limited and Kinross Boards of Directors.

This press release includes certain ``Forward-Looking Statements`` within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Kinross Gold Corporation (``Kinross``), are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Kinross` expectations are disclosed under the heading ``Risk Factors`` and elsewhere in Kinross` documents filed from time to time with the Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.

[weisenstein]

dazu eine Meinung aus dem Bullboard v. stockhouse :
this is good reaction to the PDG working agreement. POG has not even changed, any strenght in gold prices and we will break our year high of 2.39. The chart indicates further upside- we keep moving up !!
Merrill increased there target on K this am after the Timmins announcement....