Wheaton River Minerals Ltd. (Vancouver, British Columbia) is pleased to report third quarter net earnings of US$31 million (US$0.06 per share) for the three months ended September 30, 2004 compared with US$15 million (US$0.03 per share) in 2003. Operating cash flows for the three months were US$46 million, or US$0.08 per share (2003 – US$31 million, or US$0.07 per share).
During the quarter, Wheaton sold 149,700 gold equivalent ounces at a total cash cost of minus US$37 per ounce (net of by-product copper sales). This compared with sales of 126,100 gold equivalent ounces at a total cash cost of US$98 per ounce in 2003, from the same base of operating assets.
“Wheaton’s operations continue to perform extremely well, at cash costs significantly below industry averages” said Ian Telfer, Chairman and CEO. “With no hedging, no debt, and US$500 million in cash resources available for acquisitions, Wheaton is poised to continue its significant growth.”
Net earnings for the nine months ended September 30, 2004 amounted to US$86 million, an increase of 189% over the comparable 2003 earnings of US$30 million. Earnings per share increased significantly to US$0.15 in 2004 from US$0.08 per share in 2003. For the nine months, 454,900 gold equivalent ounces were sold at a total cash cost of minus US$29 per ounce (net of by-product copper sales), compared with 2003 sales of 294,100 gold equivalent ounces at a total cash cost of $114 per ounce. Operating cash flows for the nine months were US$147 million, or US$0.26 per share (2003 – US$62 million, or US$0.17 per share).
