Production on the rise for Placer

Gold output for Placer Dome (TSE) is expected to reach 2 million oz. in 1996, up from a projected 1.8 million oz. in 1995.

The company expects its cash cost of production to average US$220 per oz. in 1995, dropping to US$211 per oz. next year.

With production decisions for the Musselwhite, Pipeline, Las Cristinas, Mt. Rawdon and Mulatos gold projects slated for next year, Placer is on its way to reaching its annual production goal of 2.5 million oz. by the year 2000.

Placer expects to complete a feasibility study on the 68%-owned Musselwhite project in Ontario by this February, and mine development is expected to begin in the first quarter of 1996.

A production decision on the 60%-owned Pipeline project in Nevada should be announced by the second quarter of 1996, with startup scheduled for mid-1997.

Meanwhile, at its 70%-owned Las Cristinas project in Venezuela, Placer is working to identify high-grade starter pits. If construction starts in 1996, the mine could be in production by 1998.

Farther afield, feasibility work is in progress at the Mt. Rawdon mine in Australia (70% owned by Placer Pacific), as well as at the Mulatos project in Mexico.

President John Willson estimates that, by the year 2000, Placer will have interests in 24 operating mines, 19 of which will be gold operations.