Barrick won't raise Placer Dome bid 'one iota': CEO

The head of Barrick Gold Corp. said Tuesday his company will not raise its $9.2-billion US bid for competitor Placer Dome "one iota."

Speaking at a conference in Toronto, Barrick CEO Greg Wilkins said his firm's bid was "full and fair and nothing that Placer Dome has said in response to our offer was new or unexpected."

Wilkins comments came after Placer Dome (TSX:PDG) dramatically boosted the gold reserve estimates for its Bald Mountain gold mine in northeastern Nevada.

Placer Dome said measured and indicated gold reserves at the project have doubled to 2.8 million ounces, while inferred gold resources have tripled to 600,000 ounces.

Vancouver-based Placer Dome said it was accelerating the completion of its reserve and resource estimates "in an effort to provide shareholders with important information in their consideration of Barrick's hostile bid."

• FROM Nov. 23, 2005: Placer Dome tells shareholders to reject Barrick takeover bid

Barrick's Wilkins fired back that Barrick (TSX:ABX) had expected Placer Dome to make announcements such as the one about Bald Mountain and factored that into its bid.

Barrick's bid for Placer Dome expires on Dec. 20.

• FROM Oct. 31, 2005: Barrick seeks Placer Dome in $9.2B US takeover bid

In an attempt to attract better bids, Placer Dome has opened its books to other potential suitors. Placer's board has told shareholders to reject the Barrick bid as "inadequate."

Barrick shares were down 30 cents at $31.51, while Placer Dome slipped eight cents to close at $25.73.