WHEATON EARNINGS INCREASE BY 900% TO US$28 MILLION FOR THE FOURTH QUARTER AND US$58 MILLION FOR THE YEAR
March 15, 2004
Wheaton River Minerals Ltd. today reported record net earnings of US$27.8 million (US$0.06 per share) for the three months ended December 31, 2003 and US$57.7 million (US$0.14 per share) for the year. Net earnings for both the fourth quarter and the full year increased by more than 900%, compared with 2002. Similarly, earnings per share increased by 500% and 250%,
respectively.
"Our results are nothing short of spectacular", said Ian Telfer, Chairman & CEO. "Over the last two years, significant shareholder value has been created through the timely acquisition of quality, long-life and low-cost operations. These assets have generated operating cash flows for Wheaton of US$127 million, or US31 cents per share, for the year. These cash flows set Wheaton apart from its peers, and enable the Company to continue its aggressive growth strategy, focussed on delivering increased shareholder value. Current metal prices are significantly higher than the 2003 prices realized by Wheaton, which should have a continued positive impact on results moving forward". During the fourth quarter, Wheaton sold 156,000 gold equivalent ounces at a total cash cost of minus US$39 per gold equivalent ounce (net of copper credits). For the year, total sales amounted to 450,100 gold equivalent ounces at a total cash cost of US$61 per gold equivalent ounce (net of copper credits).
Wheaton is a leading gold producer with annual production of more than 500,000 gold equivalent ounces (over 400,000 ounces of gold and 7 million ounces of silver) at a cash cost of less than US$50 per ounce. By 2006, Wheaton is scheduled to produce approximately 900,000 gold equivalent ounces at a cash cost of less than US$100 per ounce.
Conference Call Details
Wheaton will hold a conference call at 11:00 a.m. EST today, March 15th, 2004, to discuss these results. You may join the call by dialling toll free 1-800-446-4472, or 416-696-6140 for calls outside of Canada & the United States. You may also go to the website at www.wheatonriver.com to listen to the call via live or archived audio webcast.
For further information please contact Investor relations at (604) 696-3011 or email ir@wheatonriver.com
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