(Washington, D.C -- March 21, 2001) The Gold Institute supports the Bureau of Land Management's (BLM) proposal to suspend recently adopted regulations under subpart 3809, of Title 43, of the Code of Federal Regulations. BLM has requested public input over a 45-day comment period. If adopted as final rule, the proposal would suspend current regulations governing surface management of hard-rock mining operations on public lands. The current rule, promulgated by the Clinton Administration, took effect on January 20, 2001, and will continue in effect until a final rule is published. BLM anticipates publishing a final rule in July.

The current regulation, three years in the making, changed rules governing how hard-rock mining is conducted on federal public lands. BLM's analysis states that the implementation of the rule would result in the loss of up to 6,000 jobs, costing American workers almost $400 million in personal income. The agency also projects that mine production from public lands under the current rule could decline by as much as 30%.

"These regulations, if allowed to go forward, will have a disturbing effect on the domestic mining industry," said Paul Bateman, President of the Gold Institute. "We are pleased with the BLM's proposal to suspend these rules, and our industry looks forward to working with them as the rule-making process progresses," Bateman added.

The Gold Institute is a nonprofit international industry association representing leading gold producers and refiners, bullion suppliers and manufacturers.

For Further Information Contact:

Mike DiRienzo
The Gold Institute
1112 16th Street, N.W., Suite 240
Washington, D.C. 20036
Tel: (202) 835-0185
Fax: (202) 835-0155
E-mail: info@goldinstitute.org