I think they are getting closer to a release along these lines than many think. All they need to do is change Red to Rice and a few other numbers around as our recovery rate should be higher and we'll be somewhere in the 50$ range by 2012.

RED LAKE MINE

EXCEPTIONAL FIRST YEAR OF COMMERCIAL PRODUCTION

During 2001, the performance of the Red Lake Mine significantly exceeded the original business plan (feasibility study) forecasted annual production of 240,000 ounces of gold at a cash cost of $88 per ounce. The 503,385 ounces produced during 2001 represents a 110% improvement from original forecasts, while the cash cost of $59 per ounce is 33% lower.

Fourth quarter production of 113,694 ounces resulted from the processing of 64,898 tons (at an average rate of 705 tons per day) with an average grade of 2.14 ounces of gold per ton (opt) or 73.38 grams per tonne (gpt) with a recovery rate of 88.2%. Year to date production of 503,385 ounces has resulted from the processing of 246,618 tons (at an average rate of 676 tons per day) with an average grade of 2.26 opt Au (77.50 gpt) with a recovery rate of 88.5%. This production also included 16,355 ounces from processing concentrate.

ACHIEVING EXPLORATION SUCCESS

During the fourth quarter, 2001 work continued towards the goal of doubling the vertical extent of the High Grade Zone (HGZ) to a depth of 7000 feet (ft) or 2134 metres (m). To date the main focus has been on the Hanging Wall 5 Zone (HW5) which is the highest grade zone and accounts for 25% of our reserves. Results continued to be encouraging with intersections of up to 13.82 opt (473.7 gpt) over a length of 16.0 ft (4.9 m) in hole 34L860DW. The deepest intersection to date identified the HW5 Zone at a vertical depth of 6763 ft (2061m) with an average grade 5.41 opt (185.5 gpt) over a length of 8.0 ft (2.4 m) in hole 34L860GW. This work has progressed now more than 80% towards the goal of doubling the vertical extent of the HW5 Zone.

Additional drilling continued to indicate that the Footwall Zones of the HGZ were larger and more continuous than previously thought and, perhaps most importantly, that the mineralization in these zones remains open at depth. The most significant recent intersections included 7.94 opt Au (272.2 gpt) across 4.0 ft (1.22m) in hole 37L167 and 2.84 opt Au (97.3 gpt) across 10.0 ft (3.05m) in hole 37L168.

PAST PRODUCTION, INTRIGUING POTENTIAL

Prior to mining the HGZ, past production from the Red Lake Mine (1948 to 1996) took place in lower grade (sulphide) mineralization, with the deepest area mined being 4400 ft (1372 m) below surface. Drilling prior to 2001 has encountered this mineralization for an additional 3000 ft (915 m) vertically. Drilling during 2001 continued to identify the continuity of this mineralization with intersections of up to 0.96 opt (32.9 gpt) across 16.4 ft (5.0 m) in hole 37L037.

LARGE TARGET – FAR EAST ZONE

To the east of current mine workings exploration of the Far East Zone is testing the potential for additional mineralization of both the high grade type currently being mined, and the lower grade (or sulphide) type previously mined. During the fourth quarter the most significant intersection to date was obtained in hole 16L1141 with 1.42 opt Au (48.7 gpt) across 27.3 ft (8.3 m). To date mineralization in the Far East Zone has been encountered over a vertical extent of 5,400 ft (1646 m) and lateral distance of 1500 ft (457 m). This mineralization is located approximately 1200 ft (366m) east of the easterly limits of previous mine activity and is more than 4000 ft (1219 m) from the eastern property boundary.

2002 PRODUCTION AND EXPLORATION OUTLOOK

A decision was made to decrease production modestly at the Red Lake Mine in 2002 relative to 2001 to facilitate additional development work in support of our exploration effort. This additional development will create access points which will allow systematic exploration to test for the continuation, at depth, of all the individual zones, which together make up the HGZ and the testing of three other major exploration target areas. A minor increase in production costs at Red Lake in response to this, is forecast, although we are still forecasting low cash costs of below $70 per ounce. Relative to 2001 higher production costs at the Wharf Mine are anticipated during 2002.

For 2002 total corporate production is forecast at 570,000 ounces of gold at a cash cost of less than $100 per ounce. The contribution from Red Lake is forecast to be 475,000 ounces at a cash cost of less than $70 per ounce. The 2002 exploration program at the Red Lake Mine will focus on 4 principal target areas. First, to test for the vertical continuation of all zones comprising the HGZ. Second, to test for lateral extensions of the HGZ to the east and west. Third, to explore for extensions of the lower grade sulphide mineralization at depth; and Fourth, to test (by surface and underground drilling) for continuation of Far East mineralization to the east.