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Key Property Data
Download/view 2000-2004 Property Data (11K requires Adobe Acrobat Reader)
View mineral reserves and mineral resources tables and notes at December 31, 2004

OVERVIEW
Operations at Turquoise Ridge in Nevada, USA, consist of two underground mines – the Turquoise Ridge mine and the Getchell underground mine.

The Turquoise Ridge mine was re-initiated in 2003 and on December 23, 2003 a joint venture was formed with Newmont that is expected to reduce costs, improve recoveries, increase reserves and extend the life of the operation. As part of the joint venture agreement, Newmont has contributed pre-existing royalties and processing at Twin Creek’s Sage mill in exchange for a 25% share of the venture.

In 2003 and 2004, capital projects included improving infrastructure such as materials handling, backfill production, ventilation, dewatering and water treatment. In addition, the underground maintenance shop was expanded, select pieces of new mobile equipment were commissioned and rehabilitation of the pre-existing mobile equipment fleet was conducted. Also, the mining team was staffed and trained during this time.

In response to the shortage of experienced miners Turquoise Ridge began their own Miner Training Academy in August of 2004.

The Turquoise Ridge mine is expected to reach full production of 300,000 ounces of gold per year by the end of 2006.

Placer Dome’s share (75%) of proven and probable mineral reserves at December 31, 2004 are estimated at 3,150,000 ounces. For reserve and resource details and qualified persons, please see tables and notes.

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PROPERTY
The Turquoise Ridge property is located in Potosi Mining District, about 44 miles northeast of Winnemucca, Nevada, on the eastern flank of the Osgood Mountains. Access to the property is by a paved road from the main interstate highway, I-80, and approximately 10 miles of improved dirt road. Most of the workforce lives in the towns of Winnemucca and Battle Mountain, with the majority in Winnemucca.The property consists of 16,000 acres of unpatented mining and mill site claims and 14,100 acres of fee land. This includes 8,960 acres that make up the area of influence for the joint venture. All pertinent permits have been received for the Getchell operation. An Exploration Plan of Operations is in place thus allowing for the continued exploration of the property. Additional permitting will be required for changes in the operation or exploration of outlying areas.

CLIMATE
The climate is a semi-arid, steppe climate characterized by dry, hot summers and cold winters. Annual precipitation averages less than 10 inches. Average monthly temperatures range from a low of 23 degrees Fahrenheit in December to a high of 86 degrees Fahrenheit in July. The elevation of the site is about 5,348 feet.

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GEOLOGY AND MINERALIZATION
Regional and detailed syntheses indicate the known gold deposits within the Getchell Trend are Carlin-type, sediment-hosted, replacement deposits containing micron gold. Gold mineralization is found in a number of different rock types generally at the intersection of a number of high-angle and low-angle fault sets. The low-angle faults and associated folds are the result of Devonian and Permian-age compressional events and the higher angle faults and fracture sets formed during Tertiary extension. Mineralization is both structurally and stratigraphically controlled. Gold is associated with arsenic, mercury, and to a lesser extent antimony, and commonly with pervasive decalcification, silicification and carbonaceous alteration. Gold is micron-scale, generally intergrown with arsenical pyrite, which in turn, is encrusted in barren, diagenetic pyrite. Late stage realgar and orpiment are commonly associated with high-grade ores.

Turquoise Ridge consists of the Getchell, Turquoise Ridge and N Zone deposits. The Getchell deposit is found within the Getchell fault and footwall to the fault. Footwall orebodies are at intersections of northeast, north-south and northwest trending faults hosted in carbonaceous limestone, silty limestone and calcareous mudstone breccias. The Turquoise Ridge deposit is hosted by hornfelsed mudstone, limestones, calcareous mudstones and some pillow basalts, which are generally located at the intersection of north-south, northeast and northwest trending faults. The N Zone deposit is hosted within interbedded, carbonaceous mudstones and limestones and calcareous mudstone breccias of Ordovician age. Gold distribution is related to low-angle structural zones, and intersecting, high-angle north south and northeast trending faults. Anticlines trending to the northwest and the northeast play a significant role in localizing gold.

Spacing of holes drilled from surface at the N Zone has decreased from about 90 meters to about 45 meters, and a new geologic model of the deposit has been developed. The interpretation of the occurrence of the mineralization has changed from dominantly flat or bed-like zones to five structurally controlled mineralized zones. Mineralization is hosted at the intersection of high-angle and low-angle structural zones within favorable lithological units. Portions of the deposit are amenable to underground bulk mining methods. There are five north-south trending faults, which dip moderately to steeply to the west. The faults are separated by 180-230 meters, and are named, from west to east, EM, BBT, N Shear Valmy and Jasperoid. Gold grades are significantly higher where the north-south trending structures are intersected by high-angle northeast trending faults. Extensions to the mineralized zones occur along low-angle faults and within favorable lithologies.

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MINING AND PROCESSING
Operations at Turquoise Ridge Joint Venture currently consist of two underground mines - the Turquoise Ridge mine and the Getchell mine. Turquoise Ridge mining plans are primarily based on proven and probable reserves.

The Getchell underground is fully developed and is accessed from the Getchell open pit via two portals. The Getchell underground has a short life based on current proven mineral reserves; however, it is likely its life will be extended with the lower processing costs of the joint venture, additional exploration drilling, and engineering analysis. Mining methods for the Getchell underground are a mixture of longhole stoping and drift-and-fill stoping.

The Turquoise Ridge mine is accessed by two existing shafts. All mining in Turquoise Ridge and N Zone has been based on using an underhand cut-and-fill mining method due to the relatively low rock quality in the ore zones. This mining method has been proven to be safe and effective. Over 8,000 feet of topcut development was completed to validate the effectiveness and safety of the new method. Topcuts were developed in four major ore zones.

The construction of underground systems to improve materials handling, dewatering and ventilation was completed in 2004.

Ore is transported to the Sage Mill at Twin Creeks for processing. Twin Creeks is scheduled to process up to 1,800 tonnes per day of ore. Gold is recovered using a combination of pressure oxidation and carbon-in-leach ("CIL") technology. The process consists of grinding, pressure oxidation, cyanide leaching, CIL, carbon stripping, zinc precipitation and refining.

A surface quarry and crusher are operated to provide aggregate for cemented backfill. This operation, as well as the operation at the Getchell underground, is provided by an outside contractor.

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POWER SUPPLY
Electrical power is purchased from Sierra Pacific Power Company. The power available is more than enough to meet planned operational schedules and any reasonable expansion. Power requirements are estimated to average 7.0 mega watts.

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HISTORY
1934: Gold discovered on Getchell property.
1935: Senator Nobel Getchell and George Wingfield purchase Getchell property.
1937: Constructed townsite (90 cottages, plus boarding house & bunkhouse) and cyanide mill.
1938: Production commenced March 1 at 660 tonnes per day. Getchell Property the second largest gold producer in the U.S.
1942: Tungsten and gold ores are mined. Cottell Electrostatic precipitator added to the roasting circuit to recover arsenic, allowing Getchell to remain open during World War II. A 250 tonne scheelite flotation plant was built to recover tungsten and operated until June 1944.
1948: A carbon recovery process was developed on site by the US Bureau of Mines. This is now commonly used throughout the industry.
1951: Gold production was suspended, replaced by tungsten.
1957: New gold reserves discovered. Tungsten production ceased.
1983: FRM Minerals, Inc. a wholly owned subsidiary of First Mississippi Corp., purchases the Getchell property from Conoco, Inc. for $5 million (US).
1985: Oxide heap leach operations commence.
1987: Construction of a new mill utilizing autoclave technology commenced. First Mississippi Gold Corp. (FRMG) incorporated. Open pit development and mill construction begin. This was one of the early autoclave operations.
1988: Production mining begins. 3.25 million shares sold in IPO.
1989: Production at Getchell resumed. Mill construction completed. First autoclave commissioned with the second and third in May and June.
1991: Production of oxide open pit ore commenced at Turquoise Ridge mine. Underground mining potential identified.
1993: In June, Turquoise Ridge deposit discovered. Development begins in August on the Getchell underground mine.
1995: First commercial production from Getchell Underground Mine. In October, First Mississippi Gold Corp. spins off from parent First Mississippi Corp.
1996: In January, construction begins on Turquoise Ridge project and #1 shaft. With shaft #2 beginning in December. In June, name changed to Getchell Gold Corp.
1997: N Zone mineralization discovered. No. 1 shaft completed to 521 meters in depth.
1998: No. 2 shaft completed to 564 meters in depth. December, Placer Dome, Inc. and Getchell Gold Corp. announce their intention to merge.
1998: Underground production commenced at Turquoise Ridge mine in May 1998.
1999: Getchell Gold Corporation and Placer Dome Inc. merged on May 27, 1999.
2001: December, decision made to put property on care and maintenance.
2002: Development drilling continues.
2002: In December, decision is made to restart Getchell underground using contractor.
2003: In April, restart plan for Turquoise Ridge is finalized for 1,100 tonnes/day operation.
2003: In September, Board approved Joint Venture with Newmont.
2003: In December, Placer Dome and Newmont signed Joint Venture and Ore Sales Agreements. Turquoise Ridge Joint Venture is created.

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Additional upgrades to the water treatment plant and the construction of two more rapid infiltration basins are included in the capital projects for 2004. All of the major permits required to operate as defined in the Restart Plan are current; however some minor approval and permit modifications will be required to address several additional planned activities.

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Human Resources:
Turquoise Ridge Joint Venture
HC66 Box 220
Golconda, NV 89414

Fax: 775-529-0753
Email: tridge_hr@placerdome.com

* Source: http://placerdome.com October 4, 2004