Zeev's Turnips Patch-No Politics (ZEEV)

[basserdan]

*** Gold related post (WHT) ***

G'morning Joe Bob,
I find it interesting that WHT would put this out on a Sunday night....


Wheaton Reports 325% Increase in Production and 66% Reduction in Cash Costs for 2003
Sunday February 15, 8:00 pm ET

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 15, 2004--Wheaton River Minerals Ltd. ("Wheaton") (AMEX: WHT - News; TSX: WRM - News) is pleased to report a 325% increase in production to 450,000 gold equivalent ounces in 2003 compared to 106,000 gold equivalent ounces in 2002. In 2003, cash costs decreased by 66% to US$62 per gold equivalent ounce, compared to US$182 per ounce in 2002. Reserves increased by over 600% to 5.3 million gold equivalent ounces and resources more than doubled.

Ian Telfer, Chairman & Chief Executive Officer of the Company said: "2003 was a pivotal year of growth for Wheaton with production more than tripling in a period of rising gold prices. Present mine development activities in Brazil and Mexico will allow Wheaton to double production again by 2006. All operations have delivered and all have proven profitable. We believe our resources in Australia, Brazil and Mexico are only just beginning to be understood. We look forward to the year ahead and continue to believe we are in an environment in which gold, silver and copper prices will continue to rise. This will result in continued success for Wheaton and its shareholders."

Luismin Operations

Continued investment into Luismin's San Dimas operations in Mexico has resulted in the lowest operating costs in the history of this prolific mining district. Increased exploration and development spending has produced some of the highest grades since the original San Luis vein was discovered over 100 years ago. Consolidation of processing operations into the Tayoltita mill was completed in 2003 and the San Antonio mill has ceased operating as planned. A 25% process capacity expansion at Tayoltita will be completed over the next two years.

At San Martin, 2003 saw the commencement of development into the Cuerpo 30 orebody, and the first delivery of ore from the neighboring San Pedrito project. Cuerpo 30 is a fault offset of the main San Martin orebody, and production grades to date have been higher than expected. Drilling continues testing the strike and dip extent of the orebody. A 20% increase in plant capacity is scheduled for 2004-2005.

Peak Operations

The Peak Gold Mine in New South Wales was acquired by Wheaton in March 2003, and aggressive exploration resulted in seven drills exploring for and defining orebodies along the Great Cobar Shear, host of all the historic production in the district. The campaign was extremely successful, with the high grade Perseverance orebody being extended substantially to depth, and significant mineralization being encountered in the Peak Deeps area. The upper reaches of Perseverance began production in 2003, and mining methods were improved in the New Occidental orebody.

Alumbrera Operations

Bajo del la Alumbrera continues to achieve results better than the plan. Wheaton is excited about the reserve and mine plan review scheduled to be completed by July 2004, as current reserves and mine planning are based on US$301 gold and US$0.82 copper. With mineralization known to extend to depth below the current pit design, the potential to extend the life of Alumbrera is high in light of current gold and copper prices.

Amapari Project

Construction has commenced at the Amapari Gold project in Brazil, with site clearing, access road construction, and foundation preparation underway for the process facilities. Condemnation and final delineation drilling is underway, and further exploration is planned for the second half of 2004. Amapari is scheduled to start producing gold late in 2005.

Los Filos Project

At the recently acquired Los Filos Gold development project in Mexico, metallurgical, geotechnical, and condemnation drilling is underway. Independent Mine Consultants of Tuscon, Arizona has been selected as lead consultant for the preparation of a final feasibility study during 2004, with support from Golder Associates of Denver, Colorado and McLelland Labs of Reno, Nevada. Los Filos is scheduled to commence production in early 2006.

Production Outlook

In 2004, Wheaton expects to produce approximately 540,000 gold equivalent ounces at a cash cost of less than US$50 per ounce, based on current metal prices. By 2006, Wheaton plans to bring the Los Filos and Amapari projects into operation increasing overall production to 900,000 gold equivalent ounces at cash costs of less than US$100 per ounce.

2003 Reserves and Resources

Continued at:

http://biz.yahoo.com/bw/040215/155112_1.html