Gold und Silberminen im fernen Osten

Norilsk Nickel to Invest $2.3Bln in Gold Projects
Created: 08.04.2005 15:23 MSK (GMT +3), Updated: 17:57 MSK

MosNews

The head of Polyus, the gold unit of Russia’s mining giant Norilsk Nickel, said on Friday, April 8, that the company plans to invest a total of $2.3 billion in various projects over the next five years.

Russia’s gold industry has been booming in recent years as market players cash in on high global prices to invest in new acquisitions and explore Russia —- which has some of the world’s biggest untapped gold fields.

Yevgeny Ivanov, head of Polyus spoke to reporters in the Siberian city of Krasnoyarsk. He was quoted by Reuters as saying that the company wanted to raise its direct gold exports next year from around 15 tons in 2005 —- although he declined to say by how much. As MosNews reported last month, Polyus received a license to export the gold it produces directly without using the service of intermediary banks.

“We think that we can sell without intermediaries,” Ivanov said, adding that next year’s export volume would depend on how well this year’s transaction goes and logistical capabilities.

Analysts, quoted by the agency, say it is natural that Polyus, which produced around 34 tons of gold last year, would want to raise the proportion of gold it sells directly on the global market.

Regarding investment, Ivanov said Polyus planned to borrow 25 percent while the rest would be its own cash. The investment figure includes $600 million for new acquisitions in Russia and possibly other ex-Soviet states, as well as a further $600-700 million for construction of a new processing plant at its huge Natalkinskoye mine in the Magadan region in the Far East, Ivanov said. Polyus would spend at least $140 million on exploration of new gold deposits in Russia, he said, adding that Polyus plans to keep gold production at the 2004 level this year and in 2006.

The Russian gold producer’s earnings before interests, taxes, depreciation and amortization (EBITDA) were $199 million in 2004, calculated to International Accounting Standards which is a 50 percent rise from 2003.

Asked whether Polyus was considering floating shares on a stock exchange, Ivanov said the company was “mature enough” to do that but had yet to take a decision.

CHINA PRESS: ICBC Given OK For Gold Derivatives Operation
SHANGHAI (Dow Jones)--Industrial & Commercial Bank of China (ICBC.YY), one of China's four largest lenders, has received regulatory approval to launch gold derivatives products, the state-owned China Securities Journal reports.

The report cites an unnamed official at the bank as saying that the China Banking Regulatory Commission has recently approved ICBC for the business.



The report doesn't disclose what kind of gold derivatives ICBC will launch, but cites the official as saying they are in active preparations for the operation.

ICBC said earlier it is considering setting up a fund management firm with Credit Suisse First Boston Corp. (CSF.YY) and state-run shipping firm China Ocean Shipping (Group) Co., or COSCO Group.

China's central bank earlier announced that ICBC, along with other two major state-owned banks, had been chosen to set up fund-management companies as part of a pilot program.

Newspaper Web site: http://www.cs.com.cn

Shandong, Kingdom of GoldKen Reser

Apr 8, 2005

'Confucius' the great sage once said: "I was not born knowledgeable, I am devoted to antiquity and am quick to seek knowledge."

Located in China's NE and bordering the coast, the Shandong Province is a land steeped in history of Gold Mines, Diamonds, Sapphire, Oil, Iron, Coal & many other minerals. Shandong is the birthplace and eternal resting place of the great philosopher 'Confucius' and a land of much splendor in the shadow of Mt Tai with the fertile delta of the Yellow River embracing its rich agriculture. For hundreds of years the Chinese have dubbed Shandong the Kingdom of Gold. With respect to the eternal yellow metal, Shandong Province produces 26% of China's annual gold production and with new exploration at depth may become one of the world's major gold provinces. (China mined over 212 tons of gold in 2004) (64.5 tons in Shandong Province alone in 2004).

Situated on the confluence of the North China and the Yangtze continental blocks, Shandong is blessed with unique geological structures rich in mineral resources being diversified in each of its several tectonic units. Only now in our time are the depths of these tectonic structures beginning to be tested.

'Confucius' once said: "If work halts, as when it does only one basketful of earth short of completing a mound, it would be I who halt it. If work advances, as when it does with one basketful of earth poured in leveling the ground, it would be I who make it proceed."

Since its acceptance into the WTO, China has hastened to modernize mining laws (White Paper) in order to draw investment and mining expertise from the west. Historically and even today most gold mines are nothing but shallow open pit operations, high-grading the easy low value surface gold. In order to maximize these known gold showings the government has encouraged foreigners to come and joint venture with existing mines, undertake new exploration and form new working relationships beneficial to local communities and infrastructure. One mine producing on a current small scale may in future with modern equipment and technology become another of the world's larger gold deposits and this is the intent of Chinese wisdom in the deregulation and simplification of mining laws and permits.

Goldfields C.E.O. Ian Cockerill in 2003 called China the World's next major gold mining province. He also believes in the potential of major gold finds in the deep complex geological mineral structures of Shandong province and has a JV with Sino Gold of Australia in that area. Goldrea Resources Corp is currently very active in Rushan, Shandong Province in a JV with Shandong Daye Mining Co. Other mining companies from Canada are actively working in China such as Placer Dome, APAC Minerals, SW Resources, Energold, Pacific Minerals, Minco Mining & Metals, Ivanhoe Mines, TVI Pacific & Alcan among others.

One very salient aspect of Chinese reasoning other than gaining western expertise to maximize gold mining potential in China is the fact that mining companies invest equity in joint venture companies, they invest in local infrastructure, they pay taxes and they provide employment at a local level. In China as in all Asian nations the people are most industrious and hard working. Unlike here in the west where we look to our employer for days off for leisure, they in turn look to their employer for extra days and hours of work. When the husband brings home a paycheck for a period of time, soon his wife or sons have a family business to complement their income. Now I do not know if it was Confucius or not who said: "A bird in the hand is worth two in the bush" but it applies to the forward thinking of China's new approach to JV mining with our established mine exploration companies of the west.

In a paper on Mining in China which Placer Dome created they stated the following.
(Excerpt)

Western Business Approach.
Do business
Become friends

Eastern Business Approach.
Become friends
Do business

In China my task is to have friends. It is my friend's task to bring me the project I need.

In China you will find your best friend and your worst enemy, your task is to make sure they are not the same person.

In China everything is possible or impossible, it is up to you. (end of excerpt)

Current large mines in China produce 30,000 to 70,000 oz of gold p/yr. They want mines that produce 300,000 to 400,000 oz p/yr. With modern mining exploration practices and extensive drill testing they will in all probability have a few in due course. From the sheer vastness of China's boundaries, to the hard working industriousness of its people, and the immeasurable wealth of untapped minerals, China is exactly the place for the world's next great gold discoveries to be made.

So, if from my writing you have gained some insight into the potential and security of foreign mining companies venturing into the land of the Golden Dragon and more specifically Shandong Province 'The Kingdom of Gold' then you will realize why China has in recent months and years revised over 2500 Mining Laws and regulations, and why China is a very big part of our gold mining future.

'Confucius' also said: "When three men walk together, there is always something I can learn. Choose to follow what is good in them and correct what is not good."

Ken J. Reser
Investor Relations Consultant

Re: News Releases - 2005 - Monday, April 11, 2005
Drilling Continues to Intersect Wide Zones of Gold
Mineralization, Boka Gold Project, Yunnan Province, China

To view the Southwestern Resources Corp. April 11th, 2005 news release:

Drilling Continues to Intersect Wide Zones of Gold Mineralization, Boka
Gold Project, Yunnan Province, China

please click on the link and check the results :

Associated File:

http://www.swgold.com/i/pdf/2005/SWG-Apr112005.pdf

27 KB in size, approx. 6 seconds to download at 56.6Kbps

Ich habe erst jetzt eine neue mining company gefunden die gleich auf den radar bei mir kommt. Die sind dort gut vertreten bei einem goldrush in china. Schaut mal selbst und bildet euch eine meinung.

http://www.mundoro.com/s/Home.asp :))

mfg

XEX

valueman

Ja, die bohrergebnisse von MUN.TO sind nicht aufregend, aber SWG.TO war da besser. Auf der anderen seite ist MUN nicht gross gefallen in der letzten zeit und das wundert mich wiederum. Ich behalte die mal im Auge und wer weiss was die noch finden. SWG.TO halte ich fuer einen bargain, bin zwar -30% unten aber es stoert mich nicht im moment.
Untersuche mal die SWG und schreibe mir deine meinung.

Thanks

Gruss

XEX

AFCAN Mining Corporation: Start of 2005 Exploration Programme at

Tanjianshan
Tuesday April 12, 10:58 am ET

TORONTO, ONTARIO--(CCNMatthews - April 12, 2005) - AFCAN (TSX:AFK - News) is pleased to announce the commencement of its 2005 field exploration programmes at Tanjianshan.

At Jinlonggou, the targets are the zones between the main deposit and the satellite deposits of M7 and Pubugou. The work programme, comprising mapping, trenching, surface and underground validation sampling and 5,000 metres of HQ core drilling, is expected to greatly increase total resources by additions not only from Jinlonggou extensions to the M7 and Pubugou deposits, but in the deposits themselves. The previous owners tested M7 and Pubugou by substantial drilling and underground sampling, yet neither deposit is yet included in the current resource inventory. Mapping and sampling validation commenced on the 7th April and drilling is expected to start in early July, following completion of mapping, interpretation and targeting.

At Qinlongtan, a 2,000 metres HQ core drilling programme will target the down plunge extensions of the mineralisation to the south and this is expected to greatly increase the high grade resources there. In addition the drilling will test for repetitions of mineralised shoots nearer surface and also try to locate the fault offset, high grade structure at the northern end. Drilling is expected to start at the end of May.

Mapping, sampling, ground geophysical methods and 3,000 metres of drilling are planned for some of the more promising of the 23 prospects delineated on the four exploration tenements. The tenement block covers a total of 338 km2.

At Xijingou, old surface mine workings together with limited drilling have identified substantial zones of gold mineralisation. A 12 holes programme of shallow drilling, together with validation sampling is expected to provide appropriate data for resource estimation.

One of the more exciting prospects on the tenements is the Huitugou - Palonggou structure. This is a major NNW-SSE trending fault which extends the length of the Tanjianshan range. Sampling from trenches and shafts indicate that the structure is gold mineralised over a substantial strike length. The zone will be explored by mapping, trenching and drilling. The Mantougou Prospect was discovered as part of Afcan's 2004 regional exploration programme and will be sampled underground by excavation of an adit and cross cuts. At Qinlongtan, previous mapping and sampling has indicated that there are a number of other mineralised horizons parallel to the main zone. These will be traced by detailed mapping, trenching, and ground IP/Resistivity geophysical methods.

Exploration work on the four tenements is undertaken by Afcan's JV partner, The First Brigade for Geology and Mineral Exploration of Qinghai Province (Q1) under Afcan's supervision and will start at the end of April.

In addition to work on the Tanjianshan Project, Afcan is also reviewing investment opportunities in other advanced projects within Qinghai Province as well as other Provinces in China.

The samples are prepared at an on-site sample preparation laboratory constructed and set up by SGS Laboratory Services Ltd. Pulp samples of 100gm are sent to Genalysis Laboratories in Perth, Australia for analysis by fire assay using a 50gm sample. Duplicates are sent to Standard and Reference Laboratories also in Perth for 50gm fire assay with "part and weigh" detection."

All programmes are being carried out under the supervision of Phil Fillis, an independent geological expert and Qualified Person for Afcan.

AFCAN is an emerging gold producer in China and owns 85% of the TJS Project at Tanjianshan in Qinghai Province. A Bankable Feasibility Study has been completed on the Project, detailed design has commenced with construction starting shortly. There are an additional 23 anomalies on the licence area of 341 km2 that are being explored. Afcan growth is focused on exploration and development of its advanced projects.

valueman

Danke fuer die schnelle analyse von SWG.
Im Endeffekt war mir alles bekannt aber finde mit dem backing von NEM/Cambior ist das Risiko jedoch geringer. Ich lasse SWG weiter in der Schublade und bin ueberzeugt das sie ein gewinner sind. Peru und China haben noch grosses potential fuer weitere funde. Die Bohrergebnisse sind ja gut und die Studie wird schon noch kommen.

mfg

XEX

valueman

Wird schon,einer nach den anderen, wie beim skispringen.
Die meiste zeit bin ich zu hause.

mfg

XEX

Hugo North Deposit extended to Ivanhoe/Entree joint-venture property boundary

Wednesday April 13, 8:30 am ET
-

NEW INDEPENDENT COPPER AND GOLD RESOURCE ESTIMATE FOR OYU TOLGOI PROJECT EXPECTED SHORTLY

ULAANBAATAR, Mongolia, April 13 /PRNewswire-FirstCall/ - Ivanhoe Mines' Vice-President, Exploration, Douglas Kirwin announced today that ongoing step-out drilling on the Hugo North Deposit has extended the high-grade copper mineralization to the boundary of the Ivanhoe-Entree Gold Inc. (TSX-V:ETG - News) joint-venture property, contiguous with and directly north of Ivanhoe's 100%-owned Oyu Tolgoi Project in Mongolia's South Gobi region.
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Hole EDG006, collared five metres north of the Ivanhoe-Entree joint-venture property border, has intersected approximately 90 metres of strong chalcopyrite and bornite (copper sulphide) mineralization with quartz veining, beginning at a down-hole depth of 992 metres (true depth of approximately 960 metres). The hole is still drilling ahead in visibly strong copper mineralization at a down-depth of 1,082 metres as of the morning of April 13th in Mongolia. Completion of drilling of the hole and assaying the drill core is expected to take approximately one month.

EDG006 has visibly extended the length of the Hugo North high-grade copper-gold discovery to greater than 1.8 kilometres. Hugo North is part of the now 3.0-plus-kilometre-long Hugo Dummett Deposit, which in turn is part of the now 6.1-kilometre-long chain of copper and gold deposits discovered to date by Ivanhoe at Oyu Tolgoi.

Ivanhoe currently has eight high-capacity rigs drilling on the Oyu Tolgoi Project and the Ivanhoe/Entree joint-venture property.

Ivanhoe has the right to earn a participating interest of 80% in all minerals extracted below a sub-surface depth of 560 metres on the Ivanhoe-Entree Gold joint-venture property, and a 70% interest in all minerals extracted from surface to a depth of 560 metres, by spending US$35 million on exploration and/or development of the property over eight years. Ivanhoe is required to spend a minimum of US$3 million during the first year in exploration, consisting of US$500,000 on geophysics and US$2.5 million on drilling. This US$3 million investment will secure for Ivanhoe a long-term option to utilize any and all rights Entree may have for the surface of the optioned property to construct mine buildings, tailings ponds, waste dumps, power lines and roads, providing that Ivanhoe first completes condemnation drilling to ensure that there is no economic mineralization below the surface of the areas directly affected. With the expenditure of US$5 million in the first year, Ivanhoe will have the right to continue earning its interest in the joint-venture property.

Ivanhoe owns 4.6 million Entree common shares and 4.6 million common share purchase warrants at an exercise price of CDN$1.10 until November, 2006. Assuming the full exercise of the warrants, Ivanhoe will own approximately 17% of Entree's issued and outstanding shares.

NEW INDEPENDENT OYU TOLGOI RESOURCE ESTIMATE

--------------------------------------------

John Macken, Ivanhoe Mines' President, also announced today that the company expects to release the results of a new, independent global resource estimate for the Oyu Tolgoi Project in the near future. The assay cut-off date for the new estimate will be April 18, and the estimate is expected to be finalized within the following three weeks. The new estimate will upgrade AMEC E&C Services (AMEC) of Canada, August, 2004, estimate (see Ivanhoe's August 18, 2004, news release for details). The new resource estimate is being prepared under the direction of AMEC's Dr. Harry Parker, Ch. P. Geol., and Dr. Stephen Juras, P.Geo., independent qualified persons as defined by NI 43-101.

The detailed results and geological models from the new AMEC resource estimate will be incorporated into the Integrated Development Plan for the Oyu Tolgoi Project, which is scheduled to be completed near the end of the second quarter. The Integrated Development Plan will integrate data from the ongoing open-pit feasibility study for the Southern Oyu Deposits and the ongoing underground pre-feasibility study for the block-caving operation at the Hugo North Deposit.

Charles Forster, P.Geo., Ivanhoe Mines' Turquoise Hill Manager, and Stephen Torr, Ivanhoe Mines' Chief Resource Geologist, qualified persons as defined by NI 43-101, supervised the preparation of the information in this release.

Ivanhoe has a 100% interest in the Oyu Tolgoi gold and copper project in Mongolia and owns or controls exploration rights covering approximately 125,000 square kilometres in central and southern Mongolia, where additional copper-gold and coal discoveries have been made. Ivanhoe produces LME grade A copper from its Monywa joint venture in Myanmar.

Ivanhoe shares are listed on the Toronto and New York stock exchanges under the symbol IVN.

SKN is pleased to announce that the name of the Company will be changed to:

SILVERCORP METALS INC. in order to reflect its current business focus.
Please view attachment or visit
http://www.sknresources.com/news_04_14_05.html for more information.

TVI Pacific Inc.: Rapu Rapu Exploration Update

Thursday April 14, 3:44 pm ET

CALGARY, ALBERTA--(CCNMatthews - April 14, 2005) - TVI Pacific Inc. (TSX:TVI - News)
The Rapu Rapu project, located in the province of Albay, Philippines, is a polymetallic mining project which a group of companies including Lafayette Mining Limited, a publicly traded Australian company, is developing.

TVI retains a 2.5% net smelter return royalty (NSR) in the project.

The following is a verbatim reproduction from a Lafayette news release issued on April 14, 2005

Encouraging Results from exploration drilling at Rapu Rapu

Lafayette Mining today announced encouraging results from its initial drilling program at the Rapu Rapu project in the Philippines.

The Company's first quarter exploration program was targeted over the current Ungay Malobago orebody, and comprised a 22-hole drill program of 1,188 metres, designed to identify extensions to the current orebody. Results from the program included:

- 13m@1.61% Cu, 3.04% Zn, 2.07 g/t Au and 93.68 g/t Ag,

- 7m@1.7% Cu and 2.16 g/t Au; and

- 2m@1.02% Cu, 6.33% Zn and 1.98 g/t Au.

Lafayette's Managing Director, Mr Andrew McIlwain, stated that these encouraging results will increase the resource within the Ungay pit substantially and said that the Company intends to be in a position to release an updated JORC compliant resource by the end of June 2005.

Exploration activities will now focus on the nearby Hixbar deposit where an electromagnetic survey has just been completed. The survey indicated several strong induced polarization responses including a significant anomaly trending north west, and these will be targeted with a follow up drilling program to be completed in the second quarter. This program will include 4,500m of reverse circulation (RC) drilling targeting the deeper anomaly and the known zones of oxide mineralization at the eastern end of the Hixbar mine with the objective of defining a JORC compliant resource in the Hixbar area.

"The recently completed capital raising enables the Company to now focus on an aggressive exploration program to (initially) increase the life of the Rapu Rapu project," Mr McIlwain said.

About Lafayette Mining Limited (ASX: LAF - News)

Lafayette Mining Limited, through its subsidiary companies and Philippine partners, hold an interest in the Rapu Rapu polymetallic project in the Philippines. The Rapu Rapu mineral resource will support an initial 6 year mine life producing approximately 10,000 tonnes of copper in concentrates, 14,000 tonnes of zinc in concentrates, 50,000 ounces of gold and 600,000 ounces of silver annually.

Construction commenced in mid 2004 under a fixed price construction contract with Leighton Contractors (Philippines) Inc. covering the plant, wharf, and associated infrastructure. Mining works started in early 2005 with the first production from the gold plant scheduled in the second quarter of 2005 and base metals concentrate production to commence three months later.

The Project is financed through a syndicate of banks comprising NM Rothschild & Sons (Australia) Limited, ANZ Investment Bank, ABN AMRO Bank NV (Australian Branch), Korea First Bank and Investec Bank (Mauritius) Limited. Lafayette made its first drawdown of funds under this facility in early September 2004.

The Project has also secured the support of LG International Corporation and KORES, the Korean government strategic resources investment arm, whom together, hold 26% of Lafayette's subsidiary company, Lafayette Philippines Inc.

The recent decision by the full bench of the Supreme Court of the Philippines in favour of the Mining Sector has reinforced recent political statements also in favour of the industry. President Gloria Macapagal-Arroyo has announced her Administration's full support of the mining industry and this comes at a time when commodity prices permit a more aggressive project development approach.

In a major thrust to support investment in the sector, the Philippines government is now committed to implementing streamlined procedures for mining applications which investors can be confident will be administered under a clear policy directive to support resource development in a transparent and sustainable manner.

For further information, visit: http://www.lafayettemining.com

News Releases - Thursday, April 14, 2005

Jinshan Gold Mines/Ivanhoe Mines Joint Venture Sells its Interest
in the JBS Project in China for US$1.4 Million=========================================================

VANCOUVER, CANADA -- Jinshan Gold Mines announced today that it has
sold its interest in the JBS Joint Venture Company, which holds an
option on the Jinbaoshan (JBS) Palladium and Platinum property and
other regional exploration properties in Yunnan Province, China, for
US$1.4 million. Jinshan, together with its joint-venture partner,
Ivanhoe Mines Ltd., had earned an approximate 20% interest in the JBS
Joint Venture Company.

The interest held by the JBS Joint Venture Company will be sold back to
the Chinese partner, subject to approval by Chinese authorities. The
US$1.4 million proceeds from the sale will be split evenly between
Jinshan and Ivanhoe. The first payment of US$500,000 has been
received, and the balance is scheduled to be paid in two additional
installments over the next 12 months.

Jinshan has carried out drilling, geological modeling and regional
exploration within the permitted areas of the JBS property over the
past two years. An independent resource estimate was prepared in
April, 2004, on the property (see Jinshan's news release May 13, 2004);
however, after initial scoping studies it was determined that the
estimated grade and tonnage did not meet Jinshan's financial criteria.
Jinshan will apply its share of the proceeds from the sale towards its
other projects in China.

About Jinshan
Jinshan Gold Mines is a Canadian company focused on the exploration and
development of precious and base metals (gold and copper) in China.
Jinshan's most advanced project is the 217 Gold Project in the Inner
Mongolia Autonomous Region in northern China. The company also is
conducting exploration work on prospective properties in Xinjiang,
Yunnan, Shandong, Guizhou provinces, and Inner Mongolia.

Jinshan shares are listed on the TSX Venture Exchange under the symbol
JIN.

Sino Silver Announces Closing of Silver Dragon Transaction and a Supplement to the CITIC Metal Strategic Cooperation Agreement

Friday April 15, 9:15 am ET

VANCOUVER, British Columbia--(BUSINESS WIRE)--April 15, 2005--Sino Silver Corp. (OTCBB:SSLV - News) today announced the signing of an Agreement with Silver Dragon Resources Inc. (OTCBB:SDRG - News) whereby Silver Dragon has acquired 50% of Sino Silver's interest in the net proceeds from the sale of minerals or the sale of mining rights as a result of the exploration, evaluation and development of the Aobaotugounao property located in the Erbaohuo Silver District in Northern China.
The transaction requires a payment by Silver Dragon of US$350,000 over a two year period, US$150,000 of which has been paid, along with 250,000 shares of restricted Silver Dragon common stock, plus an additional 250,000 shares to be delivered to Sino Silver in one year.

In addition, the transaction gives Silver Dragon the option of acquiring 50% of Sino Silver's interest in the net proceeds from the sale of minerals or the sale of mining rights in one additional property within the region within 30 days on similar terms.

Further to the press release of November 29, 2004, Sino Silver is pleased to announce that it has signed a supplement to the Strategic Cooperation Agreement with CITIC Metal Co., Ltd. ("CITIC Metal"), a subsidiary of China International Trust and Investment Corporation ("CITIC").

Under the terms of the supplement CITIC Metal and Sino Silver have agreed to establish a Joint Operating Committee, consisting of two designees of CITIC Metal, Mr. Sun Yufeng, President and Mr. Cao Tiezhue, Master and two designees of Sino Silver, Mr. Ian Park, President and J. Randy Martin, Director.

This Committee will review potential acquisitions of producing silver mines and/or feasibility stage silver projects in China and will undertake all legal and technical due diligence in connection with the possible acquisition of such projects. In addition, it will determine the appropriate legal structure for each separate project with equity ownership to be determined on a case by case basis and will negotiate the acquisition of the project if deemed warranted. If either party decides not to participate in any acquisition, then the remaining party may proceed alone or with a third party.

CITIC, established in 1979, is a large transnational conglomerate with 44 subsidiaries located on mainland China, Hong Kong and in other parts of the world. CITIC's core businesses include finance, energy, manufacturing, real estate and telecommunications. CITIC Metal is one of the few licensed silver importers and exporters in China. CITIC Metal is also involved in the import and export of major metals products such as ferro-niobium, nitrovan ferro-alloy and iron ore.

Certain statements in the news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to plans for future business development activities and prospective financial matters. Such forward looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Potential risks and uncertainties include, but are not limited to, general economic conditions, specific factors affecting the silver markets, competition, interest rate sensitivity and exposure to regulatory and governmental requirements and changes, as well as those risks disclosed in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2004.

http://www.thebullandbear.com/…r/bbfr-archive/linux.html

Barrick Targets Russia, Central Asia to Cut Costs (Update1)

April 14 (Bloomberg) -- Barrick Gold Corp., the world's third-biggest gold producer, plans to get as much as a fifth of its output from Russia and Central Asia by 2010 to reduce costs.

Toronto-based Barrick expects to be extracting between 15 and 20 percent of its gold in the region by then, Chief Executive Greg Wilkins said today in Moscow. The company doesn't produce gold in Russia now.

Extracting gold in Russia should cost less than $200 an ounce, compared with Barrick's current average of $220 to $230 an ounce, Wilkins said. The Toronto-based company expects the international gold price to be in the ``mid-$400s'' an ounce for the next two to three years.

``We have no direct production in Russia now, but there are significant opportunities here and the supply and demand fundamentals of gold are favorable,'' Wilkins said in an interview at the opening of Barrick's new Moscow office.

Barrick also wants to increase its 10 percent stake in Celtic Resources Holdings Plc, a Dublin-based company that plans to develop gold assets in Kazakhstan and the northeastern Siberian region of Yakutia.

Barrick and Celtic will develop the Nezhdaninskoye deposit in Yakutia, with Celtic owning the operating company.

Joint Projects

Barrick also holds a 14 percent stake in Highland Gold Mining Ltd, a London-based company that mines for gold in Russia. The two will jointly develop the Taseevskoye deposit in the Chita region in Russia's far east.

Wilkins said Barrick is looking at 10 to 15 more sites in Russia and Central Asia. The company wants to increase output by at much as 11 percent to 5.4 to 5.5 million ounces this year as three mines in Peru, Argentina and Tanzania start production.

Barrick shares fell 2 percent to 28.50 Canadian dollars at 9:09 a.m. in Toronto.

Wilkins said he was open to the idea of talking to Russian companies about joint participation in the auction for Sukhoi Log, Russia's biggest untapped gold field with at least 1,000 tons of reserves.

The Russian government said March 22 it wouldn't hold a tender for the field this year, and that only Russian companies will be able to bid when it does sell the field.

Developing Sukhoi Log will cost about $1.5 billion, ``so business prudence means you would need partners,'' Wilkins said. Barrick is not talking to potential partners yet because the rules and timing of the tender are unknown, he said.

Colorado-based Newmont Mining Corp. is the world's biggest gold producer by 2003 output, followed by AngloGold Ashanti Ltd. of South Africa.