MINING NEWS Wheaton River Buys Into Alumbrera

WHEATON RIVER MINERALS is buying a 25% interest in the Bajo de la Alumbrera gold-copper mine in Argentina. It is also purchasing 100% interest in the Peak gold mine in Australia. The cost of buying these two properties from RIO TINTO is US$210 million.

The benefits to Wheaton River are many. The acquisitions will more than double its gold production to an estimated 371,000 oz in 2003. Proven and probable reserves will quadruple to 3.3 million oz Au equivalent. Cash costs will decrease, and free cash flow will increase.

CMJ profiled the Alumbrera mine in its February 2000 issue (page 18). Last year the mine produced 759,360 oz Au and 199,550 tonnes Cu.

The Peak mine produced 100,800 oz Au in 2001.

Wheaton River has three gold projects in Mexico. To learn more, go to www.wheatonriver.com