Placer Dome reverses $76 million expense related to Ontario mining tax ruling All amounts in U.S. dollars VANCOUVER, Sept. 15 /PRNewswire-FirstCall/ -- Placer Dome Inc. (NYSE, TSX, ASX: PDG) today announced it has fully assessed the financial impact of an August 31, 2004 decision by the Ontario Court of Appeal regarding certain 1995 and 1996 Ontario mining taxes. As a result of the decision, Placer Dome will reverse a previously accrued expense of $76 million representing the potential tax and related interest liability for all open taxation years (1995-2004). The reversal will be recorded in income in the third quarter. Placer Dome also expects to be reimbursed for previously made cash payments totalling $37 million plus interest. In September 2002, Placer Dome lost an appeal to the Ontario Superior Court regarding the reassessment of certain Ontario mining taxes for the 1995 and 1996 taxation years for its wholly-owned subsidiary Placer Dome (CLA) Limited (the successor to Placer Dome Canada Ltd.). On August 31, 2004, the Ontario Court of Appeal ruled in Placer Dome's favour in reversing the decision. The Ontario Ministry of Finance has the right to seek leave to appeal the Ontario Court of Appeal's decision to the Supreme Court of Canada, which in most cases would occur within 60 days after the date of judgement. Based on external legal opinions, management is of the view that Placer Dome will ultimately prevail. Vancouver-based Placer Dome Inc. operates 17 mines on five continents. The company's shares trade on the Toronto, New York, Swiss and Australian stock exchanges and Euronext-Paris under the symbol PDG. For further information please contact: Investor Relations: Greg Martin (604) 661-3795 Media Relations: Joe Danni (604) 661-1941 Head Office Suite 1600, Bentall IV 1055 Dunsmuir Street (PO Box 49330, Bentall Postal Station) Vancouver, British Columbia Canada V7X 1P1 Tel: (604) 682-7082 Fax: (604) 682-7092 On the internet: http://www.placerdome.com/ CAUTIONARY NOTE Some of the statements contained in this report are forward-looking statements, such as estimates and statements that describe Placer Dome's future plans, expectations, objectives or goals, including words to the effect that Placer Dome or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "intends", "expects", "estimates", "may", "could", "would", "will" or "plan". Such forward-looking statements are made pursuant to the safe harbour provisions of the United States Private Securities Litigation Reform Act of 1995. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, mineral reserves, resources, results of exploration, reclamation and other post-closure costs, capital costs, mine production costs, and Placer Dome's financial condition and prospects, could differ materially from those currently anticipated in such statements by reason of factors such as the productivity of Placer Dome's mining properties, changes in general economic conditions and conditions in the financial markets, changes in demand and prices for the minerals Placer Dome produces, litigation, environmental, legislative and other judicial, regulatory, political and competitive developments in domestic and foreign areas in which Placer Dome operates, technological and operational difficulties encountered in connection with Placer Dome's mining activities, labour relations matters, costs and changing foreign exchange rates and other matters discussed under "Management's Discussion and Analysis" or detailed in Placer Dome's filings with securities regulatory authorities. This list is not exhaustive of the factors that may affect any of Placer Dome's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Placer Dome's forward-looking statements. Further information regarding these and other factors which may cause results to differ materially from those projected in forward-looking statements are included in the filings by Placer Dome with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. "Placer Dome" is used in this report to collectively mean Placer Dome Inc., its subsidiary companies and its proportionate share of joint ventures. "Placer Dome's share" is defined to exclude minority shareholders' interest. The "Corporation" and "the company" refer to Placer Dome Inc. Placer Dome does not undertake to update any forward-looking statement that may be made from time to time by Placer Dome or on its behalf, except in accordance with applicable securities laws. DATASOURCE: Placer Dome Inc. CONTACT: Investor Relations: Greg Martin, (604) 661-3795; Media Relations: Joe Danni, (604) 661-1941; Head Office: Suite 1600, Bentall IV, 1055 Dunsmuir Street, (PO Box 49330, Bentall Postal Station) Vancouver, British Columbia, Canada V7X 1P1, Tel: (604) 682-7082, Fax: (604) 682-7092; On the internet: http://www.placerdome.com/

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