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Glamis doubles gold reserves at Mexico mine

Last Updated: Wednesday, June 21, 2006 | 4:14 PM ET

CBC News

Shares of Glamis Gold jumped in Wednesday trading after the company doubled the gold reserves at its Penasquito project in Zacatecas, Mexico.

Glamis stock rose $3.07 to $38.34 on the TSX.

Glamis says Penasquito project has 'outstanding potential'
Glamis says Penasquito project has 'outstanding potential'

The company announced Wednesday that proven and probable gold reserves at Penasquito have increased 102 per cent to 9.98 million ounces. It also said that proven and probable silver reserves have increased by 86 per cent to 575 million ounces.

It estimates initial production at Penasquito will begin in late 2008. The company anticipates a 20-year life for the project.

Glamis Gold acquired the Penasquito project when it bought Western Silver Corp. earlier this year for $1.2 billion. Glamis had failed in its attempt to buy Goldcorp in late 2004.

Earlier this month, Glamis lowered its gold production forecast for 2006 from 670,000 ounces to 620,000 — mainly because of production problems at a mill in Guatemala.

Glamis Gold is based in Reno, Nevada and has projects in Mexico, Nevada, and Central America. Its stock trades in both Toronto and New York.

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