Zeev's Turnips Patch-No Politics (ZEEV)

[basserdan]

*** Wheaton River Reports Solid Earnings ***

Hi ml,
Not too shabby..... <gg>

Wheaton River Reports Solid Earnings
Wednesday March 19, 5:15 pm ET


VANCOUVER, British Columbia--(BUSINESS WIRE)--March 19, 2003--Wheaton River Minerals Ltd. (AMEX:WHT - News; TSX:WRM - News) today reported net earnings of US$5.6 million or US$0.04 per share for 2002 compared to a net loss of US$10.7 million or US$0.18 per share in 2001.
Since acquiring the Mexican assets in June 2002:

Revenue more than tripled to US$35 million in 2002 compared to US$9 million in 2001;
Earnings from mining operations increased significantly to US$12.2 million in 2002 compared to US$1.5 million in 2001;
Gold equivalent sales were 106,337 ounces at a total cash cost of US$182 per ounce;
Ended the year with cash and cash equivalents of US$23 million.
Chairman and CEO Ian Telfer stated, "These spectacular results reflect the strong management and experienced personnel at our Mexican operations."

A conference call to discuss these results will be held Thursday, March 20, 2003, at 4:00 p.m. Eastern Time (1:00 p.m. Pacific Time). You may join the call by dialing 1-877-888-4210, or 416-695-5261 for calls outside of Canada and the US.

Financial Statement Highlights
Year Ended December 31, 2002
(US Dollars)
The Company achieved substantial growth during the year to become a significant producer of gold and other precious metals, as a result of the acquisition of the Luismin mining operations in Mexico.

Acquisition of Luismin

On June 19, 2002, the Company acquired all of the outstanding shares of Luismin SA de CV ("Luismin"), a Mexican gold and silver producer that owns three mining operations, for a purchase price of $85,071,000. Consequently, the results of operations of Luismin have been consolidated since that date.

During the year, the Company completed a private placement for gross proceeds of $82,068,000 to fund this acquisition.

Results of Operations

Net earnings for the year were $5,602,000 ($0.04 per share), compared with a net loss of $10,733,000 ($0.18 per share) in 2001.

Earnings from mining operations were $12,235,000 in 2002, compared with $1,503,000 in 2001, reflecting the Luismin acquisition during 2002.

The 2002 net earnings include earnings of $4,990,000 from the Mexican operations, for the six months from the date of acquisition to December 31, 2002. During this period, the Company sold 106,337 gold equivalent ounces (59,662 ounces of gold and 3,208,924 ounces of silver) at an average price of $326 per ounce, generating revenues of $34,693,000. Total cash costs were $182 per gold equivalent ounce.

In comparison, during 2001 Wheaton generated revenues of $9,010,000 through the sale of 33,711 ounces of gold from the Golden Bear mine in Canada. Total cash costs were $167 per ounce, as 2001 was the last year of commercial production. Reclamation of the site is now in process.

Net earnings for the three months ended December 31, 2002 were $2,577,000 ($0.01 per share), compared with $2,665,000 ($0.04 per share) in 2001. During the quarter, the Company sold 55,593 gold equivalent ounces (32,270 ounces of gold and 1,672,206 ounces of silver) at an average price of $323 per ounce, generating revenues of $17,938,000. Total cash costs were $184 per gold equivalent ounce. Sales for the comparative period in 2001 were nominal.

Financial Position

The Company ended 2002 with cash and cash equivalents of $22,936,000 (2001 - $1,735,000) and net working capital of $ 24,422,000 (2001 - $17,372,000).

At December 31, 2002, total shareholders' equity was $108,054,000 (2001 - $16,316,000) and total assets amounted to $152,098,000 (2001 - $21,207,000).

Outlook

Effective March 17, 2003, the Company acquired Rio Tinto's 25% interest in the Bajo de la Alumbrera gold-copper mine in Argentina and 100% interest in the Peak gold mine in Australia, for cash consideration of $214 million. In order to finance the acquisition, the Company raised gross proceeds of Canadian $333,500,000 by way of private placement, in what is believed to be the largest gold equity financing done in Canada.

As a result of this acquisition, the Company projects 2003 production, on an annualized basis, of 458,500 gold equivalent ounces at a cash cost of $124 per gold equivalent ounce.

To see the actual numbers:

http://biz.yahoo.com/bw/030319/195591_1.html

not bad, eh?
Dan