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Placer Dome prevails on Ontario mining tax appeal
All amounts in U.S. dollars
VANCOUVER, Aug. 31 /PRNewswire-FirstCall/ -- Placer Dome Inc. (NYSE, TSX, ASX:
PDG) announced today that the Ontario Court of Appeal ruled in its favour in
reversing a decision of the Superior Court (Ontario) dated September 25, 2002
regarding the reassessment of certain Ontario mining taxes for the 1995 and
1996 taxation years for its wholly-owned subsidiary Placer Dome (CLA) Limited
(the successor to Placer Dome Canada Ltd.). Placer Dome is reviewing the
judgment with a view to assessing the impact on its financial statements.
Vancouver-based Placer Dome Inc. operates 17 mines on five continents. The
company's shares trade on the Toronto, New York, Swiss and Australian stock
exchanges and Euronext-Paris under the symbol PDG.
For further information please contact:
Investor Relations: Greg Martin (604) 661-3795
Media Relations: Theresa Coles (604) 661-1911
On the Internet: http://www.placerdome.com/
Head Office
Suite 1600, Bentall IV
1055 Dunsmuir Street
(PO Box 49330,
Bentall Postal Station)
Vancouver, British Columbia
Canada V7X 1P1
Tel: (604) 682-7082
Fax: (604) 682-7092
CAUTIONARY NOTE
Some of the statements contained in this report are forward-looking statements,
such as estimates and statements that describe Placer Dome's future plans,
expectations, objectives or goals, including words to the effect that Placer
Dome or management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as "believes",
"anticipates", "intends", "expects", "estimates", "may", "could", "would",
"will" or "plan". Such forward-looking statements are made pursuant to the safe
harbour provisions of the United States Private Securities Litigation Reform
Act of 1995. Since forward-looking statements are based on assumptions and
address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results relating to, among other
things, mineral reserves, resources, results of exploration, reclamation and
other post-closure costs, capital costs, mine production costs, and Placer
Dome's financial condition and prospects, could differ materially from those
currently anticipated in such statements by reason of factors such as the
productivity of Placer Dome's mining properties, changes in general economic
conditions and conditions in the financial markets, changes in demand and
prices for the minerals Placer Dome produces, litigation, environmental,
legislative and other judicial, regulatory, political and competitive
developments in domestic and foreign areas in which Placer Dome operates,
technological and operational difficulties encountered in connection with
Placer Dome's mining activities, labour relations matters, costs and changing
foreign exchange rates and other matters discussed under "Management's
Discussion and Analysis" or detailed in Placer Dome's filings with securities
regulatory authorities. This list is not exhaustive of the factors that may
affect any of Placer Dome's forward-looking statements. These and other factors
should be considered carefully and readers should not place undue reliance on
Placer Dome's forward-looking statements. Further information regarding these
and other factors which may cause results to differ materially from those
projected in forward-looking statements are included in the filings by Placer
Dome with the U.S. Securities and Exchange Commission and Canadian provincial
securities regulatory authorities. "Placer Dome" is used in this report to
collectively mean Placer Dome Inc., its subsidiary companies and its
proportionate share of joint ventures. "Placer Dome's share" is defined to
exclude minority shareholders' interest. The "Corporation" and "the company"
refer to Placer Dome Inc.
Placer Dome does not undertake to update any forward-looking statement that may
be made from time to time by Placer Dome or on its behalf, except in accordance
with applicable securities laws.
DATASOURCE: Placer Dome Inc.
CONTACT: Investor Relations: Greg Martin, (604) 661-3795; Media
Relations: Theresa Coles, (604) 661-1911; On the Internet:
http://www.placerdome.com/;
Head Office: Suite 1600, Bentall IV, 1055 Dunsmuir Street, (PO Box 49330,
Bentall Postal Station), Vancouver, British Columbia, Canada, V7X 1P1, Tel:
(604) 682-7082, Fax: (604) 682-7092