VANCOUVER – PLACER DOME reported this week that its net earnings for 2005 were US$80 million on sales of $1.98 billion, down sharply from US$284 million (and sales of $1.89 billion) in 2004. Production last year was 3.65 million oz of gold and 359 million lb of copper. The cost of producing both metals also rose. Cash costs and total costs per ounce of gold were US$284 (up 18%) and US$349 (up 17%), respectively. For copper, cash costs per pound were US$0.64 (down 0.06%) and total costs were US$0.82 (up 2.5%).
Placer Dome (www.PlacerDome.com) is in the process of being acquired by BARRICK GOLD (www.Barrick.com). The takeover is expected to be completed by the end of March 2006 and as a result, Placer Dome does not expect to have any statutory financial reporting requirements for 2005.