BALD MOUNTAIN MINE

Announced a major increase of the mineral resources at its Bald Mountain mine, Nevada, USA. Through exploration and definition drilling the company has doubled its measured and indicated gold mineral resources to 2.8 million ounces and tripled its inferred gold mineral resources to 600,000 ounces, while mineral reserves stand at 900,000 ounces. An active drilling program continues on the property. An evaluation of the mineral resources is underway aimed at converting a portion of the mineral resources to mineral reserves by the end of this year and expanding production levels to approximately 300,000 ounces per year, more than triple the production forecast for 2005.

Production at Bald Mountain in the third quarter of 2003 was 64% less than in the prior year period with a commensurate increase in cash costs due to the planned processing of stockpiled ore. Mining activities at site during the quarter focussed on the pre-stripping of Top Pit Stage 7.

The development of Stage 7 of Bald Top Pit was approved. Mining at Bald Mountain, which was previously scheduled to cease in July 2003, is now expected to continue until the first quarter of 2007 with the heap leach pads expected to produce gold until 2009. Pre Pre-stripping of Top Pit Stage 7 started in June 2003 with production scheduled to commence in 2004. Stage 7 adds 400,000 incremental ounces to the mine's production profile with total future production now estimated at approximately 600,000 ounces at estimated cash and total cost per ounce of $192 and $239, respectively. Capital costs, principally overburden removal for Top Pit Stage 7 are estimated at $36 million.