Investor Center — Forward Looking Statements

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

From time to time, we make written and oral forward-looking statements concerning the business, operations and financial performance and condition of the Company, within the meaning of certain securities laws, included in this filing, in other filings with Canadian regulators, in reports to shareholders and in other communications. These forward-looking statements include, among, others, statements with respect to our objectives in 2004, and in the medium and long terms, and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "project" and words and expressions of similar import are intended to identify forward-looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved.

We caution readers not to place undue reliance on these statements as a number of important factors could cause actual results to differ materially from the plans, objectives, expressions, estimates and intentions expressed in such forward-looking statements. Factors which could cause actual results to differ from those implied in the forward-looking statements include but are not limited to: exploration and development risks; risks related to permits and title to property; regulatory, political or economic developments in the areas in which we carry on business; operating hazards; foreign currency fluctuations; competition; fluctuations in the market price of mineral commodities and transportation costs; uncertainty as to calculations of mineral deposit estimates; uninsured risks; and, dependence upon key management personnel and executives. We caution that the foregoing list is not exhaustive. When relying on our forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. We do not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by us or on our behalf. For a more detailed discussion of risks relevant to the Company, see our Annual Information Form on file with the securities regulatory authorities.