Kinross Gold Corporation ( TSE-K; NYSE-KGC) announced today that the QR Mine would be placed on a care and maintenance basis starting March 1, 1998.
Toronto, Ontario
Toronto, Ontario - Kinross Gold Corporation ( TSE-K; NYSE-KGC) announced today that the QR Mine would be placed on a care and maintenance basis starting March 1, 1998. The QR Mine is located 70 kilometres southeast of Quesnel in south central British Columbia. This action is the result of the current weak gold price.
In the interim, the QR Mine will continue normal operations through the end of February when it is expected to have depleted existing stockpiles and developed ore. The mine will then begin an orderly shutdown of the underground mine and the mill. The operation will be on full care and maintenance by the end of March. The company will review the carrying value of this investment as further information is developed and on-going reviews are completed.
The past successes that have been achieved at QR are the direct result of the strength and dedication of the Kinross employees there. Kinross Gold Corporation recognizes these achievements and will help all employees to find alternative employment within other Kinross operations or with other organizations in mining or in the Quesnel area. Outplacement and relocation assistance will also be provided.
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