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Barrick Gold Corporation Message Board

  • voodoo.three voodoo.three Sep 6, 2013 2:26 PM Flag

    Pascua was being Developed in 1997, Production in 2000

    In 1997 there was only The Pascua Mine (Chile). Lama (Argintina)never existed. Barrick was developing Pascua in 1997 and ready to start production in 2000 for $500 million.

    There is a long history, it goes back. This from ABX 1997 Prospectus dated April 14, 1997:

    "Pascua Mine Project"

    "The Pascua Mine Project is located approximately 30 miles to the north of the El Indio Mine complex and adjacent to the Chile-Argentina border. The Project is at an elevation of between 12,000 and 16,000 feet. Barrick holds an 80% interest In the Pascua Mine Project through its indirect subsidiary, Campania Minera Nevada SA At the time of Barrick 's acquisition of the Project in September 1994, proven and probable gold reserves were approximately 2 million ounces. Barrick 's discovery of The Quebrada de Pascua deposit in 1995 and its other exploration activities have resulted in an 8.1 million Ounce Increase in the Pascua Mine Project’s total proven and probable gold reserves, which stood at Approximately 10.1 million ounces as at December 31, 1996, of which Barrick's share is approximately 8.1 million ounces. Development work is continuing at the Project, with construction costs for the initial Project to develop the oxide reserve expected to be approximately $500 million. Commercial production is currently expected to commence in 2000, and the mine is expected to produce an average of 400,000 ounces of gold per year for a minimum of 20 years."

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