Ledger Looking Back 25 years: 2/18/1997

FEBRUARY 18, 1997

Plagued by low gold prices and expansion permit uncertainty, Golden Sunlight Mine (GSM) instituted a series of steps designed to reduce costs throughout the mine’s operation. GSM was directed by its parent company in Vancouver, Placer Dome North America, to cut costs. All three Placer Dome mines in the U.S. received a similar directive to reduce costs. The price of gold was hovering around $300 an ounce, which was well below the price GSM needed to be profitable.

After over a year of mine site preparation and months of exploratory drilling, the operators of the Mayflower Mine...