Wheaton reports record gold production in 2004 Toronto Stock
Exchange: WRM American Stock Exchange: WHT VANCOUVER, Jan. 20
/PRNewswire-FirstCall/ -- Wheaton River Minerals Ltd. ("Wheaton")
(TSX: WRM; AMEX: WHT) is pleased to report: - A 34% increase in
production to 621,000 gold equivalent ounces (513,000 ounces of
gold and 6.7 million ounces of silver) in 2004, compared to 464,000
gold equivalent ounces in 2003. - 2004 cash costs of less than zero
US dollars per gold equivalent ounce, compared to US$61 in 2003. -
Production projected to increase to 675,000 gold equivalent ounces
in 2005 and 955,000 in 2006, as Wheaton's new mines are brought on
stream. Ian Telfer, Chairman & Chief Executive Officer of
Wheaton, said, "Wheaton has previously proven its ability to add
significant shareholder value by making high quality acquisitions.
I am extremely proud of our strong operating team, who continue to
demonstrate that their experience and dedication are maximizing
shareholder returns. We exceeded production targets at each
operation and reduced operating costs to record lows". OPERATIONS
PRODUCTION
------------------------------------------------------------ 2003
2004 2004 2005 2006 Actual Plan Actual Plan Forecast
------------------------------------------------------------ Gold
(ounces) Luismin 106,900 105,000 132,500 142,000 157,000 Los Filos
- - - - 86,000 Peak 92,300 125,000 142,700 136,000 162,000
Alumbrera 183,000 213,800 237,700 208,000 224,000 Amapari - - -
61,000 189,000
------------------------------------------------------------
382,200 443,800 512,900 547,000 818,000
------------------------------------------------------------ Silver
(ounces) Luismin 6,086,000 6,700,000 6,666,000 7,879,000 8,488,000
------------------------------------------------------------ Gold
Equivalent (ounces) 463,800 534,700 621,100 675,000 955,000
------------------------------------------------------------
------------------------------------------------------------ Copper
(pounds) Peak 3,614,000 4,409,000 6,637,000 6,636,000 7,278,000
Alumbrera 120,364,000 144,678,000 145,865,000 151,419,000
150,685,000
------------------------------------------------------------
123,978,000 149,087,000 152,502,000 158,055,000 157,963,000
------------------------------------------------------------
------------------------------------------------------------
Luismin Mines In 2004, Luismin achieved its highest production and
lowest costs in its history. Under Wheaton control, Luismin has
increased investment in infrastructure and exploration which has
allowed for access to better grades and increased haulage
efficiency. Operational improvements include improving mine
dilution from 12% to 10%, as well as reducing energy costs by 15%.
The San Dimas mine has continuously improved labour efficiency over
the past four years, reducing total manpower from 1,043 persons in
2001 to 867 workers in 2004, despite increased production. At the
same time, the company has increased training and improved working
conditions. Peak Mine 2004 gold production was the best since 1997,
with record mill throughput and lowest ever operating costs. Since
acquisition in March, 2003 significant improvements have been made
in terms of mine design, overall productivity and operating costs.
The Peak operation continues to make further improvements overall,
with the main priority to lift mill throughput by 15% to 750,000
tpa by the end of 2005. Alumbrera Mine Alumbrera continues to
exceed expectations with 2004 production of 237,700 ounces of gold,
an improvement of 11% over plan. The mill throughput rate for
December broke another monthly record at Alumbrera as the
processing operation continues to improve following the flotation
circuit expansion in 2004. This exemplary operation continues to be
a major contributor to the Wheaton group results. Wheaton received
a cash dividend of US$28M from Alumbrera in December 2004, bringing
the total cash distributions received during the year to over
US$125M. Amapari Project Progress on the construction of the
Amapari project has exceeded expectations, with the project on
budget and ahead of schedule. The bulk earth moving and civil works
have been completed, and pit pre-stripping is well underway. Steel
erection is now proceeding in parallel with major concrete works,
and plastic liners are being laid on the leach pads and inside the
solution ponds. The leach boom stacker is being assembled in
readiness for first ore, now anticipated during the third quarter
of 2005. Over 1300 personnel are on site as construction activities
reach their peak. In December, exploration drilling commenced on
the Vila De Meio trend immediately south of the existing planned
pits. Los Filos Project The Los Filos feasibility study is near
completion, and is expected by March 31, 2005. All necessary
surface rights were granted in 2004 and an extensive community
relations program is well underway. Metallurgical studies are
showing better than expected metal recoveries and lower than
expected consumable costs, both of which are very positive for the
project economics. Drilling is underway to the east, the northeast
and in the former Aguita open pit. Exploration work is also
underway on a number of regional targets. Qualified Person Certain
information in this press release has been reviewed by and prepared
under the supervision of Randy V.J. Smallwood, P.Eng., Director of
Project Development of Wheaton. Mr. Smallwood is a qualified person
under National Instrument 43-101 of the Canadian Securities
Administrators. Cautionary Statements Safe Harbor Statement under
the United States Private Securities Litigation Reform Act of 1995:
Except for the statements of historical fact contained herein, the
information presented constitutes "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements, including but not limited
to those with respect to the price of gold, silver and copper, the
timing and amount of estimated future production, costs of
production, reserve determination and reserve conversion rates
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievement of
Wheaton to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others,
risks related to the integration of acquisitions, risks related to
international operations, risks related to joint venture
operations, the actual results of current exploration activities,
actual results of current reclamation activities, conclusions of
economic evaluations, changes in project parameters as plans
continue to be refined, future prices of gold, silver and copper,
as well as those factors discussed in the section entitled "Risk
Factors" in the Form 40-F for the company on file with the
Securities and Exchange Commission in Washington, D.C. Although
Wheaton has attempted to identify important factors that could
cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward- looking
statements. For further information, please contact: Julia Hasiwar
Director, Investor Relations Wheaton River Minerals Ltd. Telephone:
604-696-3011 Fax: (604) 696-3001 e-mail: website:
http://www.wheatonriver.com/ DATASOURCE: Wheaton River Minerals
Ltd. CONTACT: Julia Hasiwar, Director, Investor Relations, Wheaton
River Minerals Ltd., Telephone: (604) 696-3011, Fax: (604)
696-3001, e-mail: , website: http://www.wheatonriver.com/
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