Allstocks.com's Bulletin Board Post New Topic  Post A Reply
my profile login | register | search | faq | forum home

  next oldest topic   next newest topic
» Allstocks.com's Bulletin Board » Asia, China and Canadian Stocks » WRM News

 - UBBFriend: Email this page to someone!    
Author Topic: WRM News
TradingWizard
Member


Icon 1 posted      Profile for TradingWizard         Edit/Delete Post   Reply With Quote 
Wheaton to Release First Quarter Results on May 13th


VANCOUVER, BRITISH COLUMBIA, May 11, 2004 (CCNMatthews via COMTEX) -- (CCN Mathews)


Wheaton River Minerals Ltd. (Vancouver, British Columbia) will release First Quarter Results after the close of business on Thursday, May 13th, 2004.

A conference call will be held Friday, May 14th at 11:30 am (EDT) to discuss these results. You may join the call by dialing toll free 1-877-461-2814, or and (416) 695-9757 for calls from outside of Canada and the US.

A playback of the call and audio webcast will also be available. Please find details on the website at www.wheatonriver.com on the day of the event.

Wheaton is a leading gold producer and expects 2006 production from all of its mines to increase to approximately 900,000 gold equivalent ounces at a total cash cost of less than US$100 per ounce. Current production exceeds 500,000 gold equivalent ounces (over 400,000 ounces of gold and 7 million ounces of silver) at a total cash cost of less than US$50 per ounce.

On March 30, 2004, Wheaton and IAMGOLD announced a proposed business combination which will create one of the world's ten largest gold producers. The new company will have operating interests in seven gold operations located in the Americas, West Africa and Australia. Forecast annualized 2004 production will be one million gold equivalent ounces at a total cash cost of less than $100 per ounce.

The annual and special meeting of the shareholders of Wheaton is to be held at the Design Exchange, 234 Bay Street, Toronto Dominion Centre, Toronto, Ontario on Tuesday, June 8, 2004 at 11:00 am (EDT), in order to approve the proposed business combination.



Posts: 1021 | From: Canada | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
TradingWizard
Member


Icon 12 posted      Profile for TradingWizard         Edit/Delete Post   Reply With Quote 
And what analysts say about WRM (historical)

February 17, 2004 GMP Securities - Larry Strauss (416) 943-6121

"(WRM C$3.87; Target: C$5.25) Strong 2003 operating results of 450,000 oz at $62/oz; 2004 looks even better with 20% more output at 540,000 oz with cash costs near $0/oz."

February 17, 2004 Orion Securities - George Albino, Analyst (416-864-3594)

"We are maintaining our Overweight recommendation and C$4.65 target. We believe Wheaton continues to be well positioned among the mid-tier gold producers. We feel the shares continue to offer upside from these levels, especially at current metal prices."

February 12, 2004 UBS Warburg - Tony Lesiak (416) 814-3697

UBS Warburg initiates coverage of Wheaton River Minerals.

November 11, 2003 Salman Partners - Haytham Hodaly, Analyst (604-662-5279)

"A flurry of acquisitions create an undervalued company with excellent gold growth...this company has the ability to generate excellent cash flows in the next few years...We are initiating coverage on Wheaton River Minerals Ltd. with a Cdn$3.75 per share 12-month target price and a BUY recommendation."

November 10, 2003 Orion Securities Inc. - George Albino, Analyst (416-864-3594)

"With this acquisition [Amapari Gold Project, Brazil], Wheaton is expected to maintain its leading position in the intermediate gold horse race. In a sector that, we believe, is likely entering another round of consolidation, a producer closing in on the 1 million ounce per year level is likely to prove attractive. Maintaining Overweight; raising target to C$3.30 based on recent higher metal prices."

November 7, 2003 Research Capital - Barry Allan, Analyst (416-860-8679)

"Wheaton River remains undervalued relative to its peers. We maintain a BUY rating and upgrade our target price from C$3.10 to C$3.60. Overall, the [Amapari] acquisition is positive and adds growth in production, earnings and cash flow."

November 7, 2003 Griffiths McBurney & Partners - Larry Straus (416) 943-6121

"We are maintaining our BUY recommendation on WRM and are raising our target price to C$3.75 from C$3.25. Our new NAV is C$1.96/share compared with C$1.82/share previously."

August 28, 2003
Orion Securities Inc. - George Albino, Analyst (416-864-3594)
"Wheaton River remains one of the least expensive gold stocks in our intermediate gold producer universe. With the recently added production, the company moved from our 'Emerging Intermediate' group to the Intermediate group, where it now ranks as one of our best values."

August 28, 2003 BMO Nesbitt Burns - Craig Miller, Analyst (416-359-7770)

" Second Quarter Exceeds Expectation...Wheaton River reported EPS of $0.03/share (earnings of 11.1 million) on revenues of $28.8 million. We had been expecting $0.02/share on revenues of $9.9 million."

July 28, 2003 Griffiths McBurney & Partners - Larry Straus (416) 943-6121

"Wheaton shares rally on stong gold, silver and copper prices; lower market multiples prompts an increase in our target price to C$2.40 from C$1.85; maintain BUY recommendation"

June 24, 2003 Canaccord Capital Europe - Jim Taylor (44 (0) 20 7518 7395)
"We recommend Wheaton River as a BUY. Wheaton is an ambitious, well-managed, major gold producer with a low cost base that remains undervalued against its peers. It is highly liquid, visible and remains unhedged, and we anticipate that it will be an increasingly significant player in the gold mining industry in the future."

June 3, 2003 Orion Securities Inc. - George Albino, Analyst (416-864-3594)

"Wheaton offers superior value in our intermediate gold producer group. It is the only company in our group that trades at a discount to our 6%-discounted NAV of $1.16/sh (US). We re-iterate our Overweight recommendation and 12-month C$2.60 per share target price."

March 26, 2003 BMO Nesbitt Burns - Craig Miller, Analyst (416-359-7770)

"Wheaton River’s shares remain undervalued on the basis of our estimates following this latest transaction [additional 12.5% interest in Alumbrera]. We are maintaining our Outperform rating, and increasing our target price to C$2.00 per share..."

March 26, 2003 Research Capital - Barry Allan, Analyst (416-860-8679)
"We view this as an excellent deal [additional 12.5% interest in Alumbrera] for WRM since it is accretive to NAV, EPS, and CFPS. We maintain a BUY rating and a target price of C$2.00."

March 19, 2003 Salman Partners - Haytham Hodaly, Analyst (604-662-5279)
"Compared to intermediate gold producers, the company appears undervalued. Using a US$0.20 per share 2003 cash flow estimate (Cdn$0.29), the company is trading at a P/CFPS multiple of only 4.1 times."

March 5, 2003 Yorkton Securities - George Albino, Analyst (416-864-3594)

"The 'new Wheaton' will be on a par with Goldcorp, IAMgold and Meridian, and surpasses [in annual production] Glamis and Agnico - cash costs should be comparable to low-cost intermediates. We reiterate our Overweight recommendation, but we are increasing our target price to C$2.60 from C$1.95."

February 12, 2003 Research Capital - Barry Allan, Analyst (416-860-8679)

“Wheaton River is a dramatically transformed intermediate gold/copper/silver producer. We are initiating coverage with a BUY rating and a target price of C$2.00 based on a 1.1x NAV multiple.”

January 16, 2003 Raymond James - Eric Zaunscherb, CFA, Analyst (604-659-8234)

"We have a high regard for management. Management's ability to very quickly achieve the goals outlined at the time of the Luismin acquisition has reaffirmed our high regard. We find the current acquisition [25% Alumbrera & 100% Peak] consistent with management's growth-oriented business plan and suspect that other acquisitions will follow."

December 13, 2002 Sprott Securities - David Stein, Analyst (416-943-6407)

"We are initiating coverage of Wheaton River with a BUY recommendation, and a 12-month target price of C$2.25 (US$1.50)."

December 3, 2002 BMO Nesbitt Burns - Craig Miller, Analyst (416-359-7770)

"Wheaton River was able to acquire, with Luismin, a low-cost gold and silver producer with a large resource base, an experienced management team and significant potential for growth through a pipeline of development and exploration projects...Wheaton River appears undervalued by our key valuation of metrics when compared to its junior gold producer peers..."

November 28, 2002 Yorkton Securities - George Albino, Analyst (416-864-3594)

"We were extremely impressed with technical staff and management. In fact, we consider the group running San Dimas to be the equal of any underground operating team we can recall."
November 27, 2002 Canaccord Captial Daily Letter - Mike Jones, Analyst (44) 20 75187365

"Following the closing of the acquisition of the Luismin operations on June 19, 2002, Wheaton River has exceeded expectations...We maintain our BUY recommendation with a target price of C$1.70."

November 25, 2002 Griffiths McBurney & Partners - Larry Straus, Analyst (416-943-6121)

"Wheaton reported solid Q3/02 results on strong Luismin operating results; maintaining BUY recommendation and C$1.85 target price."
October 22, 2002
Yorkton Securities Third Quarter 2002 Preview - George Albino, Analyst (416-864-3594)

"Since acquiring the Mexican mining assets of (Luismin), Wheaton River has enjoyed production and costs in line with, or better than, originally forecast."
September 6, 2002
Griffiths McBurney & Partners - Larry Straus, Analyst (416-943-6121)

"(Wheaton) successfully acquired a 100% interest in (Luismin)...on June 19, 2002, for total proceeds of $82.5 million, which propelled Wheaton into a debt-free intermediate gold and silver producer."
September 4, 2002
Canaccord Capital - Mike Jones, Analyst (44) 20 75187365

"Undervalued price on immediate assets, and significant upside potential; 12-month Target Price C$1.70."


Posts: 1021 | From: Canada | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
TradingWizard
Member


Icon 12 posted      Profile for TradingWizard         Edit/Delete Post   Reply With Quote 
More News today May 14:


Wheaton Earnings Rise 700% to US$34 Million-7th Successive Quarter of Record Earnings


VANCOUVER, British Columbia, May 13, 2004 (BUSINESS WIRE) -- (BusinessWire)


Wheaton River Minerals Ltd. (AMEX:WHT) (TSX:WRM) is pleased to report record net earnings of US$34 million (US$0.06 per share) for the three months ended March 31, 2004 compared with US$4 million (US$0.02 per share) for 2003. Operating cash flows for the three months were US$62 million, or US$0.11 per share (2003 - US$10 million, or US$0.04 per share).

"Wheaton is not only the fastest growing but also one of the most profitable gold mining companies in the world," stated Ian Telfer, Chairman & CEO, "In the end, it comes down to the exceptional quality of our assets and our people. We look forward to a successful merger with IAMGold, which will increase our ability to enhance shareholder value."

During the quarter, Wheaton sold 156,000 gold equivalent ounces at a total cash cost of minus US$67 per ounce (net of by-product copper sales). This compared with sales of 56,000 gold equivalent ounces at a total cash cost of US$175 per ounce in 2003.

A conference call will be held Friday, May 14th at 11:30 EST to discuss these results. You may join the call by dialing toll free 1-877-461-2814, or (416) 695-9757 for calls from outside of Canada and the US. A playback of the call and audio webcast will also be available. Please find details on the website at www.wheatonriver.com on the day of the event.

Wheaton is a leading gold producer and expects 2006 production from all of its mines to increase to approximately 900,000 gold equivalent ounces at a total cash cost of less than US$100 per ounce. Current production exceeds 500,000 gold equivalent ounces (over 400,000 ounces of gold and 7 million ounces of silver) at a total cash cost of less than US$50 per ounce.

On March 30, 2004, Wheaton and IAMGold announced a proposed business combination which will create one of the world's ten largest gold producers. The new company will have operating interests in seven gold operations located in the Americas, West Africa and Australia. Forecast annualized 2004 production will be one million gold equivalent ounces at a total cash cost of less than $100 per ounce.

The annual and special meeting of the shareholders of Wheaton is to be held at the Design Exchange, 234 Bay Street, Toronto Dominion Centre, Toronto, Ontario on Tuesday, June 8, 2004 at 11:00 am (EST), in order to approve the proposed business combination.

Management's Discussion and Analysis of Results of Operations and Financial Condition Three months ended March 31, 2004

This Management's Discussion and Analysis should be read in conjunction with the Company's unaudited consolidated financial statements for the three months ended March 31, 2004 and related notes thereto which have been prepared in accordance with Canadian generally accepted accounting principles. In addition, the following should be read in conjunction with the 2003 audited consolidated financial statements, the related annual Management's Discussion and Analysis, and the Annual Information Form/40F on file with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities. All figures are in United States dollars unless otherwise noted. This Management's Discussion and Analysis has been prepared as of May 10, 2004.

FIRST QUARTER HIGHLIGHTS

- Record net earnings of $33.7 million ($0.06 per share) for the three months, compared with $4.1 million ($0.02 per share) in 2003.

- Operating cash flows of $61.8 million for the three months (2003 - $9.8 million).

- Sales of 156,500 gold equivalent ounces and 42.9 million pounds of copper (2003 - 55,600 gold equivalent ounces and 3.6 million pounds of copper).

- Total cash costs of minus $67 per gold equivalent ounce (2003 - $175).

- Cash and cash equivalents at March 31, 2004 of $173.8 million (December 31, 2003 - $151.9 million).

- Amapari acquisition finalized.

- Wheaton and IAMGold Corporation announce a proposed business combination to create one of the ten largest gold producers in the world, to be named Axiom Gold Corporation.

OVERVIEW

Wheaton River Minerals Ltd. ("Wheaton" or the "Company") is a growth-oriented precious metals mining company with operations in Mexico, Argentina, Brazil and Australia.

During 2002, Wheaton acquired the Luismin gold/silver mines in Mexico, followed by the 2003 acquisition of a 37.5% interest in the world-class Alumbrera gold/copper mine in Argentina and 100% of the Peak gold mine in Australia. In addition, the Company acquired the Los Filos gold project in Mexico and in January, 2004, the Amapari gold project in northern Brazil.

On March 30, 2004, the Company announced a proposed combination with IAMGold Corporation ("IAMGold") that will be completed by way of a plan of arrangement whereby each share of the Company will be exchanged for 0.55 of an IAMGold share. As a result of the proposed transaction, the combined company will be held 68% by existing Wheaton shareholders and 32% by existing IAMGold shareholders (74% and 26% respectively, on a fully diluted basis). The combination is subject to receipt of all requisite regulatory approvals, third party consents and other conditions customary in transactions of this nature. The combination must be approved by at least two-thirds of the votes cast by the shareholders of Wheaton and by a majority of the votes cast by the shareholders of IAMGold. The shareholder meetings will be held on June 8, 2004, with the transaction expected to close shortly thereafter. In certain circumstances, including if the combination does not occur as a result of one of the parties accepting a superior proposal from a competing bidder, then the party which accepted the superior proposal will be required to pay a fee equal to three percent of its market capitalization to the other party.

Click here for additional information


(1) Gold and silver are accounted for as co-products at the Luismin mines. Silver sales are converted into gold sales using the ratio of the average gold price to the average silver price for the period. For the three months ended March 31, 2004, the equivalency ratio was 60 ounces of silver equals one ounce of gold sold (March 31, 2003 - 76).

(2) Includes Peak's results from March 18, 2003 onwards.

(3) Includes, with the exception of sales, 25% of Alumbrera's total operating results for the period March 18 to June 23, 2003, and 37.5% of the results for the period June 24, 2003 onwards. Sales include 37.5% of Alumbrera's total sales for the period from June 24, 2003 onwards. Prior to June 24, 2003, the Company used the equity method to account for its 25% investment in Alumbrera.

(4) Includes Luismin's results from June 19, 2002 onwards.

(5) The calculation of total cash costs per ounce for Peak and Alumbrera is net of by-product copper sales revenue.

Net earnings for the three months ended March 31, 2004 totaled $33,671,000 ($0.06 per share), on sales of $114,134,000. The comparable period in 2003 included the operating results of Luismin and two weeks of Alumbrera and Peak, with net earnings of $4,064,000 ($0.02 per share) on sales of $17,257,000.

Click here for additional information


(1) Gold and silver are accounted for as co-products at the Luismin mines. Silver sales are converted into gold sales using the ratio of the average gold price to the average silver price for the period. For the three months ended March 31, 2004 the equivalency ratio was 60 ounces of silver equals one ounce of gold sold (March 31, 2003 - 76).

(2) Peak results include the Company's 100% interest from March 18, 2003 onwards. The calculation of total cash costs per ounce of gold is net of by-product copper sales revenue.

(3) Includes, with the exception of sales, 25% of Alumbrera's total operating results from March 18, 2003 onwards. During the first quarter of 2003, the Company used the equity method to account for its 25% investment in Alumbrera.

(4) The calculation of total cash costs per ounce of gold for Alumbrera is net of by-product copper sales revenue. If copper production were treated as a co-product, average total cash costs at Alumbrera in 2004 would be $111 per ounce of gold and $0.48 per pound of copper.

Click here for additional information


(1) Gold and silver are accounted for as co-products at the Luismin mines. Silver sales are converted into gold sales using the ratio of the average gold price to the average silver price for the period. For the three months ended March 31, 2004 the equivalency ratio was 60 ounces of silver equals one ounce of gold sold (March 31, 2003 - 76).

During the first quarter of 2004, the Luismin gold/silver operations in Mexico sold 59,200 gold equivalent ounces, compared with sales of 46,100 gold equivalent ounces in the same period of 2003. This 28% increase in sales of gold equivalent ounces was primarily due to increased gold grades processed. In addition, the average realized gold price increased by 16% to $410 per ounce, as compared with the same quarter in 2003, and the average realized silver price increased by 46%, resulting in increased sales from $15,653,000 in 2003 to $23,715,000 in 2004.

Total cash costs were $170 per gold equivalent ounce in the first quarter of 2004, compared with $185 during 2003. The primary reason for this decrease was the increased gold grades processed.

General and administrative expenses for the first quarter of 2004 were $1,234,000 compared to $1,088,000 in the same period of 2003.

Luismin owns a significant number of exploration properties, several of which are being explored and funded by joint venture partners. Luismin exploration expense in the first quarter was $285,000 compared with $225,000 in 2003.

Luismin paid no significant cash taxes during the first quarter of 2004.

Click here for additional information


(1) The calculation of total cash costs per ounce of gold is net of by-product copper sales revenue.

(2) Peak results include the Company's 100% interest from March 18, 2003 onwards.

Peak sold 33,400 ounces of gold and 2.6 million lbs of copper during the three months ended March 31, 2004, compared with 4,800 ounces of gold in the two weeks following acquisition to March 31, 2003.

Total cash costs averaged $217 per ounce (net of by-product copper sales revenue) during the quarter, compared with $330 per ounce during the comparative quarter in 2003. The 2003 costs were abnormally high, as a result of treating lower grade ore from open pit operations.

No significant cash taxes were paid during the first quarter of 2004.

Click here for additional information


(1) The calculation of total cash costs per ounce of gold for Alumbrera is net of by-product copper sales revenue. If copper production were treated as a co-product, first quarter 2004 average total cash costs at Alumbrera would be $111 per ounce of gold and $0.48 per pound of copper.

(2) Includes with the exception of sales, 25% of Alumbrera's total operating results from March 18, 2003 onwards. During the first quarter of 2003, the Company used the equity method to account for its 25% investment in Alumbrera.

Wheaton's share of Alumbrera's first quarter 2004 sales amounted to 63,900 ounces of gold and 40.3 million lbs of copper, compared with 4,700 ounces of gold and 3.6 million lbs of copper in the two weeks following acquisition to March 31, 2003. The 2004 average realized copper price of $1.33 per lb was significantly higher than the 2003 price of $0.68 per lb and was the primary reason for the reduction in 2004 total cash costs, which are presented net of by-product copper sales revenue.

No significant cash taxes were paid in the first quarter of 2004.

Click here for additional information


General and administrative expenses in the first quarter of 2004 totaled $2,441,000 compared with $905,000 in 2003, reflecting the increased level of corporate activity compared with 2003.

Interest and finance fees were $1,255,000 in 2004, as a result of the June 24, 2003 debt financing of the acquisition of an additional 12.5% interest in Alumbrera. The 2004 foreign exchange loss of $534,000 resulted from the weakening of Canadian dollar denominated cash deposits against the US dollar during the period, whereas in 2003 the Canadian dollar strengthened against the US dollar and the Company recognized a $912,000 foreign exchange gain.

Effective January 1, 2004, the Company retroactively adopted the amended recommendations of the CICA Handbook Section 3870, "Stock-Based Compensation and other Stock-based Payments", whereby the fair value of all stock options granted are estimated using the Black-Scholes method and are recorded in operations over their vesting periods. In 2003, stock-based awards made to non-employees of $84,000 were recognized and measured using the fair value based method at the date of grant, whereas for stock options granted to employees and directors, no expense was recorded. The amended recommendations have been applied retroactively from January 1, 2002 in the financial statements, without restatement of prior periods. As a result, as of January 1, 2004, retained earnings decreased by $16,848,000, share purchase options (a separate component of shareholders' equity) increased by $14,861,000, share capital increased by $1,883,000 and contributed surplus increased by $104,000.

The total compensation expense recognized in the statement of operations for share purchase options granted in the three months ended March 31, 2004 totaled $985,000. Had the same basis been applied to 2003 share purchase options granted, net earnings for the three months ended March 31, 2003 would have been as follows:

Click here for additional information


Stock-based compensation expense is determined using an option pricing model assuming no dividends are to be paid, a weighted average volatility of the Company's share price of 50% (2003 - 60%), an annual risk free interest rate of 3% (2003 - 4%) and expected lives of three years (2003 - three years).

No significant cash taxes were paid in Canada in the first quarter of 2004.

Non GAAP measures - total cash cost per gold equivalent ounce calculation

The Company reports total cash costs on a sales basis. In the gold mining industry, this is a common performance measure but does not have any standardized meaning. The following table provides a reconciliation of total cash costs per ounce to the financial statements:

Click here for additional information


(1) Total cash costs are calculated as if the Company's initial acquisition of a 25% interest in Alumbrera had been accounted for on a proportionately consolidated basis. The consolidated financial statements however present the initial 25% interest using the equity method until the Company increased its interest to 37.5% on June 24, 2003, and thereafter accounted for its interest on a proportionately consolidated basis.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2004 the Company had cash and cash equivalents of $173,814,000 (December 31, 2003 - $151,878,000) and working capital of $128,146,000 (December 31, 2003 - $147,484,000).

In the opinion of management, the working capital at March 31, 2004, together with cash flows from operations, are sufficient to support the Company's normal operating requirements on an ongoing basis.

Total assets increased to $1,039,387,000 at March 31, 2004 from $891,005,000 at December 31, 2003. Contributing to the growth was the January 9, 2004 acquisition of the Amapari gold project located in northern Brazil for $25,000,000 in cash, 33,000,000 Wheaton River common shares and 21,500,000 Wheaton River Series "B" common share purchase warrants. Based upon the trading price of the common shares and warrants at the time of closing, this represents aggregate consideration of approximately $114,649,000, including $1,104,000 of acquisition costs. During 2004, the Company is required to make additional cash payments of $15,200,000 to repay debt.

During the quarter, the Company generated operating cash flows of $61,848,000, compared with $9,752,000 during the first quarter of 2003.

During the three months ended March 31, 2004, the Company repaid long-term debt in the amount of $4,645,000 and invested a total of $10,148,000 in property, plant and equipment, including expenditures of $5,224,000 at the Luismin operations, $1,748,000 at Peak, $1,483,000 at Alumbrera and $1,662,000 at Amapari.

As of May 10, 2004, there were 568,220,638 common shares of the Company issued and outstanding. In addition, the Company had 23,936,161 stock options outstanding under its share option plan and 176,660,019 share purchase warrants outstanding.

Derivative instruments

The Company has employed metal, interest rate and Canadian dollar forward and option contracts to manage exposure to fluctuations in metal prices and foreign currency exchange rates.

Under the terms of the Company's $50,000,000 bank term loan negotiated in 2003, the Company acquired put options to sell gold at a price of $300 per ounce during the period from January 2004 to June 2008. At March 31, 2004, the Company held put options to sell 656,280 ounces of gold and the fair value of these options was $885,000.

During 2003, the Company entered into a gold-indexed interest rate swap transaction, whereby the effective interest rate on the bank term loan varies in relationship to the price of gold. At a minimum gold price of $300 per ounce or less, the effective interest rate will be approximately 0.4% and at a maximum gold price of $410 or higher, the effective interest rate will be 9.5%. At March 31, 2004 the fair value of the gold-indexed interest rate swap was $(2,043,000).

Long-term debt repayment schedule

Scheduled minimum repayments of the Company's long-term debt are as follows:

Click here for additional information


During May 2004, Alumbrera provided to its debt holders irrevocable notice of its intention to repay 100% of the debt during May 2004 out of cash on hand. Accordingly, the Company has recorded its entire share of the remaining debt balance at March 31, 2004 as current.

Contractual obligations

Commitments exist at Alumbrera, Peak and Amapari for capital expenditures in 2004 of $12,800,000. The Company rents premises and leases equipment under operating leases that expire over the next nine years. Operating lease expense in the first quarter of 2004 was $411,000 (2003- $514,000). Following is a schedule of future minimum rental and lease payments required:

Click here for additional information


Related party transactions

In 2001, the Company entered into a financial advisory agreement with Endeavour Financial Corporation ("Endeavour"), a corporation with two directors in common. Under the terms of this agreement, which can be cancelled on 30 days notice, Endeavour provides financial advisory services to the Company and is entitled to a monthly fee of $10,000 and a success fee to be negotiated based on the value of any acquisitions, dispositions and financings. During the first quarter of 2004, Endeavour was paid consulting and financial advisory fees of $30,000 (2003 - $673,000).

In addition, acquisition costs related to the proposed combination with IAMGold include financial advisory fees of $5 million, payable to Endeavour on successful completion of the combination.

OUTLOOK

On January 9, 2004, the Company acquired the Amapari gold project located in northern Brazil. Construction of an open pit heap leach operation has commenced, and site clearing, access road construction and foundation preparation are underway for the process facilities. Condemnation and final delineation drilling is in process, and further exploration is planned for the second half of 2004. Production is planned to commence during the fourth quarter of 2005.

The Company has planned capital expenditures for the remainder of 2004 of approximately $47,000,000. Of these, approximately $20,000,000 will be incurred at Amapari, $11,000,000 at Peak, and $16,000,000 at the Luismin operations of which $5,000,000 relates to Los Filos and $11,000,000 to San Dimas and San Martin.

A reserve and mine plan review is scheduled to be completed at Alumbrera by July 2004, as current reserves and mine planning are based on metal prices of US$295 gold and US$0.80 copper. With new mineralization defined in the 2003 drilling program, there is potential to extend the life of Alumbrera in light of current gold and copper prices.

In 2004, Wheaton expects to produce approximately 540,000 gold equivalent ounces at a cash cost of less than US$50 per ounce. By 2006, with the Los Filos and Amapari projects in operation, overall production will increase to 900,000 gold equivalent ounces at a cash cost of less than US$100 per ounce.

On March 30, 2004, the Company announced a proposed combination with IAMGold which is expected to close on or about June 15, 2004. The combination will create one of the world's ten largest gold producers, with 2004 annualized gold production for the combined company of approximately 1,000,000 gold equivalent ounces at a cash cost of less than US$100 per ounce. By 2006, production will increase by over 30% to 1,300,000 gold equivalent ounces through the development of the Amapari and Los Filos projects and the expansion of IAMGold's Tarkwa mine in Ghana. The new company will have a strong balance sheet with approximately US$300,000,000 in cash and cash equivalents and gold bullion. Proven and probable reserves will increase to 9,000,000 ounces plus additional measured and indicated resources of 4,400,000 ounces and inferred resources of 10,500,000 ounces. In addition, the company will have a large portfolio of exploration projects in the Americas and West Africa.

Additional information relating to the Company, including its Annual Information Form, is available on SEDAR at www.sedar.com.

This Management's Discussion & Analysis contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in Company documents filed from time to time with the Toronto Stock Exchange and other regulatory authorities.

Click here for additional information


1. DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS

Wheaton River Minerals Ltd ("Wheaton" or the "Company") is engaged in gold mining and related activities including exploration, extraction, processing, refining and reclamation. The Company has mining operations in Mexico, Argentina and Australia, project developments activities in Mexico and Brazil, and ongoing exploration activities in Mexico and Australia. The Company is in the process of reclaiming the Golden Bear Mine in Canada, which ceased commercial production in 2001.

On January 9, 2004, the Company acquired the Amapari gold project in northern Brazil (Note 3).

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These unaudited interim consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles for interim financial information and they follow the same accounting policies and methods of application as the audited consolidated financial statements of the Company for the year ended December 31, 2003 except as noted below. These unaudited interim consolidated financial statements do not include all the information and note disclosures required by generally accepted accounting principles for annual financial statements and therefore should be read in conjunction with the most recent annual audited consolidated financial statements and the notes below.

(a) Stock-based compensation

Effective January 1, 2004, the Company adopted the amended recommendations of the CICA Handbook Section 3870, "Stock-based Compensation and Other Stock-based Payments". Under the amended standards of this Section, the fair value of all stock-based awards granted are estimated using the Black-Scholes model and are recorded in operations over their vesting periods. The compensation cost related to stock options granted after January 1, 2004 is recorded in operations.

Previously, the Company provided note disclosure of pro forma net earnings and pro forma earnings per share as if the fair value based method had been used to account for share purchase options granted to employees, directors and officers after January 1, 2002. The amended recommendations have been applied retroactively from January 1, 2002 without restatement of prior periods. As a result, as of January 1, 2004, retained earnings decreased by $16,848,000, share purchase options (a separate component of shareholders' equity) increased by $14,861,000, share capital increased by $1,883,000 and contributed surplus increased by $104,000.

The total compensation expense recognized in the statement of operations for share purchase options granted in the three months ended March 31, 2004 totaled $985,000. Had the same basis been applied to 2003 share purchase options granted, net earnings for the three months ended March 31, 2003 would have been as follows:

Click here for additional information


Stock-based compensation expense is determined using an option pricing model assuming no dividends are to be paid, a weighted average volatility of the Company's share price of 50% (2003 - 60%), an annual risk free interest rate of 3% (2003 - 4%) and expected lives of three years (2003 - three years).

(b) Derivative instruments

The Company has employed metal, interest rate and Canadian dollar forward and option contracts to manage exposure to fluctuations in metal prices and foreign currency exchange rates. For derivative contracts that have been designated as effective hedges and where the documentation standards as described by Accounting Guideline 13, "Hedging Relationships" ("AcG-13") have been met, gains or losses are recognized in sales when the hedged production is sold. For derivative contracts that have not been designated as hedges or do not meet the documentation standards under AcG-13, gains or losses arising from the changes in their fair value subsequent to January 1, 2004 are recorded in operations.

(C) Basis of presentation

These consolidated financial statements include the accounts of the Company and its subsidiaries. Principal subsidiaries and investments at March 31, 2004 are listed below:

Click here for additional information


(d) Investment in Minera Alumbrera Ltd

On March 18, 2003 the Company acquired a 25% indirect interest in Alumbrera which was accounted for using the equity method and the Company's share of earnings of Alumbrera have been included in the earnings of the Company since that date.

On June 24, 2003 the Company acquired an additional 12.5% indirect interest in Alumbrera. As a result of this acquisition, the Company now has joint control over Alumbrera and therefore has proportionately consolidated its 37.5% share of the financial statements of Alumbrera from June 24, 2003 onwards.

(e) Comparative amounts

Certain comparative amounts have been reclassified to conform to presentation adopted in 2004.

3. ACQUISITION OF AMAPARI GOLD DEVELOPMENT PROJECT

On January 9, 2004 the Company acquired a 100% interest in the Amapari gold development project in Brazil for total consideration of $114,649,000 including acquisition costs. Of the purchase price, $25,000,000 was paid in cash and $88,545,000 by way of 33 million Wheaton common shares and 21.5 million Series "B" common share purchase warrants.

The acquisition of Amapari has been accounted for using the purchase method. The preliminary allocation of the purchase price is summarized in the table below.

Click here for additional information


Sale of Metates property

Effective February 25, 2004, the Company sold its 50% interest in the Metates property in Mexico to American Gold Capital Corporation ("American Gold"), a company listed on the TSX Venture Exchange. The Company received 5,000,000 shares of American Gold as consideration, 4,500,000 of which are held in escrow to be released over the period to February 2007. The Company has not recorded a gain on this disposition. Gains on the sale of the shares will be recorded in income when the shares are sold.

7. OTHER NON-CURRENT ASSETS

Click here for additional information


8. BANK CREDIT LINE

The Company has an Aus$5,000,000 ($3,794,000), unsecured, revolving working capital facility for its Peak Mine operations of which $nil was drawn down at March 31, 2004. The loan bears interest related to the Australian Treasury Bill rate plus 1.5% per annum.

9. LONG-TERM DEBT

Click here for additional information


(i) The bank term loan bears interest at LIBOR plus 2.75% and has a maturity date of June 30, 2007. Principal repayments are due on a semi-annual basis and are comprised of (a) a minimum amount ($5,000,000 every six months, increasing to $7,500,000 on December 31, 2005); plus (b) 25% of the excess of the Company's consolidated net cash flows over the consolidated debt service for the period. The Company may repay the term loan prior to maturity without penalty.

During 2003 the Company entered into a gold-indexed interest rate swap transaction, whereby the effective interest rate on the bank term loan varies in relationship to the gold price. At a minimum gold price of $300 per ounce or less, the effective interest rate will be approximately 0.4% and at a maximum gold price of $410 or higher, the effective interest rate will be 9.5%.

Under the terms of the loan agreement, the Company acquired options to sell 700,000 ounces of gold at a price of $300 per ounce during the period January 2004 to June 2008. The cost of $5,786,000 was deferred and is amortized against income as the options expire or are exercised. An amount of $362,000 has been amortized to March 31, 2004 (December 31, 2003 - $nil). The fair value of the 656,280 ounces of unexpired put options at March 31, 2004 was $885,000.

(ii) The bank revolving working capital facility bears interest at LIBOR plus 3% and may be drawn down to a maximum of $25,000,000 prior to December 31, 2007, thereupon reduced to $15,000,000 until maturity date, June 30, 2008.

(iii) The bank indebtedness is secured by corporate guarantees of Luismin and Peak. Debt issue costs of $4,242,000 were deferred and are being amortized to earnings over the term of the debt. An amount of $1,072,000 has been amortized to March 31, 2004 (December 31, 2003 - $745,000).

(iv) The promissory note is due to Rio Algom, bears interest at LIBOR plus 2% and has a maturity date of May 30, 2005. The note is secured by the Company's 12.5% indirect interest in Alumbrera acquired during June 2003 from Rio Algom. Principal repayments are comprised of 75% of any distributions received from Alumbrera, relating to the 12.5% interest acquired from Rio Algom. The promissory note is redeemable prior to maturity without penalty.

(v) The Alumbrera project debt was incurred to finance the construction and operation of the Alumbrera Mine. The debt is formalized by a Common Security Agreement between Alumbrera, the owners of Alumbrera, and a consortium of commercial banks that was originally signed on February 26, 1997. There are certain pledges and mortgages associated with this agreement that apply to Alumbrera's assets. The project debt is non-recourse to the Company and bears interest at LIBOR plus 1.5% to 1.75%.

Under the project debt agreement, Alumbrera is required to maintain a Senior Debt Reserve Account in a segregated offshore trust account which is used to set aside funds for the servicing of upcoming, scheduled long-term debt repayments. The Company's 37.5% interest in these funds is disclosed in these financial statements as appropriated cash and at March 31, 2004 amounted to $8,821,000.

During May 2004, Alumbrera provided to the debt holders irrevocable notice of its intention to repay 100% of the debt during May 2004 out of cash on hand. Accordingly, the Company has recorded its entire share of the remaining debt balance at March 31, 2004 as current.

(vi) Amapari project debt acquired is due to Anglogold Brasil Ltda, bears interest at the United States Consumer Price Index and is due in August 2004. The debt is secured by a corporate guarantee of Amapari and is non-recourse to the Company.

(vii) Scheduled minimum repayments of the Company's long-term debt are as follows:

Click here for additional information


10. SHAREHOLDERS' EQUITY (a) Warrants exercised

During the period, 147,800 warrants were exercised for common shares with an average exercise price of Cdn$2.27 per share for total proceeds of $255,000. The warrants were originally issued between August 2002 and January 2004 and were due to expire between May 2007 and August 2008.

(b) Share purchase options

During the period, the Company granted 825,000 share purchase options at an average exercise price of Cdn$3.74 and which expire between March 2008 and February 2009.

During the period, 1,062,202 share options were exercised for common shares with an average exercise price of Cdn$0.69 per share for total proceeds of $565,000. The share options were originally issued between March 2000 and June 2003 and were due to expire between January 2004 and June 2008.

11. SUPPLEMENTAL CASH FLOW INFORMATION

Click here for additional information


13. SUBSEQUENT EVENT

On March 30, 2004, IAMGold Corporation ("IAMGold") and Wheaton announced that their boards of directors had unanimously agreed to combine IAMGold and Wheaton under the name Axiom Gold Corporation ("Axiom"). Under the terms of the agreement, each IAMGold share will become an Axiom share and each Wheaton share will be exchanged for 0.55 of an Axiom share. As a result of the proposed transaction, the combined company will be held 32% by existing IAMGold shareholders and 68% by existing Wheaton shareholders. Under the terms of the agreement, each Wheaton warrant or stock option which gives the holder the right to acquire a common share of Wheaton when presented for exercise will be exchanged for 0.55 of a common share of Axiom.

The business combination will be accounted for as a reverse takeover purchase transaction, with Wheaton, for accounting purposes, being identified as the acquirer and IAMGold as the acquiree. As a result, IAMGold's assets and liabilities are fair valued and added to Wheaton's balance sheet at the date of the transaction. The value of IAMGold's outstanding common shares is determined as if the inverse exchange ratio of 1:0.55 had been used to issue the equivalent number of Wheaton River common shares (i.e. 145,536,179/0.55 or 264,611,235 deemed common shares). The deemed Wheaton shares issued are valued at a price of $3.06 (Cdn$4.00) per share being the average common share price of Wheaton four days before, the day of, and four days after the date of announcement less an amount for deemed share issue costs.

An estimated allocation of the purchase price summarized in the table below is based on the consolidated financial statements of IAMGold as at December 31, 2003. The fair value of the net assets of IAMGold will ultimately be determined at the date of closing of the transaction. Therefore, it is likely that these will vary from those shown below and the differences may be material.

Click here for additional information


Acquisition costs, above, include financial advisory fees of $5 million, payable to Endeavour Financial Corporation (a company with two directors in common) on successful completion of the combination.

The combination of the Company and IAMGold is subject to, among other things, regulatory and shareholder approvals which are expected to be received in June 2004.

Click here for additional information


SOURCE: Wheaton River Minerals Ltd.

Wheaton River Minerals Ltd. Investor Relations 1-800-567-6223 ir@wheatonriver.com



Posts: 1021 | From: Canada | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
TradingWizard
Member


Icon 12 posted      Profile for TradingWizard         Edit/Delete Post   Reply With Quote 
Wheaton earnings rise on purchases, metal prices


7:01pm ET (Reuters)


(Amounts in U.S. dollars unless noted)

VANCOUVER, British Columbia, May 13 (Reuters) - Wheaton River Minerals Ltd. posted an eightfold increase in first-quarter earnings on Thursday boosted by the acquisition of several gold and silver mines, and stronger metal prices.

Wheaton, which unveiled a friendly reverse takeover of rival Iamgold Corp. in March, reported net earnings of $34 million, or 6 cents a share. That compared with $4 million, or 2 cents a share, in the first quarter of 2003.

During the latest quarter, Wheaton sold 129,700 ounces of gold and 42.9 million pounds of copper. A year ago, Vancouver-based Wheaton sold 35,100 ounces of gold and 3.5 million pounds of copper.

During 2003, the acquisitive company purchased a 37.5 percent stake in the Alumbrera gold and copper mine in Argentina and the Peak gold mine in Australia.

Wheaton sold each ounce of gold at $412 in the first quarter, up from the $347 a year ago. It obtained a copper price of $1.33 a pound, nearly twice the 68 cents it secured in the 2003 March quarter.

The company and fellow Canadian gold producer Iamgold unveiled a $2.2 billion deal on March 30 that will see Wheaton shareholders end up with 68 percent of the enlarged company -- to be called Axiom Gold Corp.

Shareholders of both companies will vote on the transaction on June 8.


Posts: 1021 | From: Canada | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
TradingWizard
Member


Icon 12 posted      Profile for TradingWizard         Edit/Delete Post   Reply With Quote 
Iamgold produces higher first-quarter profit


7:36am ET (Reuters)


TORONTO, May 14 (Reuters) - Iamgold Corp. , which is set to merge with a rival gold producer next month, said it produced higher first-quarter results, helped by a rising gold price and royalties from its interest in the Diavik diamond mine.

Toronto-based Iamgold, involved in merger plans with Wheaton River Minerals Ltd. said in a release late on Thursday that it earned $5.9 million, or 4 cents a share for the period ended March 31, up from a profit of $3.5 million, or 3 cents for the same time last year.

The company said a rising gold price, which averaged $411 an ounce during the quarter compared with $359 an ounce the previous year, helped it post higher results.

Operating cash flow for the period was $5.8 million, or 4 cents a share during the period, down from $12.3 million, or 9 cents a share in the previous year.

The company, which has interests in Africa, Canada and South America, said it produced 105,657 ounces of gold at a cost of $312 an ounce during the period, up from 101,102 ounces of gold at a cost of $282 an ounce during the same period last year.

Iamgold and Wheaton River unveiled a $2.2 billion deal on March 30 that will see Wheaton shareholders end up with 68 percent of the enlarged company to be named Axiom Gold Corp.

Shareholders are set to vote on the deal in early June.

Wheaton also reported higher first-quarter earnings on Thursday of $34 million, or 6 cents a share, up from $4 million, or 2 cents a share for the same period last year.

($1=$1.40 Canadian)


Posts: 1021 | From: Canada | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
TradingWizard
Member


Icon 10 posted      Profile for TradingWizard         Edit/Delete Post   Reply With Quote 
No real news, just price of gold climing.
The stock trading now around 4 dollars, a few weeks high.

------------------
'Alone we can do so little; together we can do so much.' - Helen Keller


Posts: 1021 | From: Canada | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
TradingWizard
Member


Icon 12 posted      Profile for TradingWizard         Edit/Delete Post   Reply With Quote 
Wheaton, Iamgold shares up on U.S. miners' bids


9:42am ET (Reuters)


(In U.S. dollars unless noted)

TORONTO, May 28 (Reuters) - Shares of Wheaton River Minerals Ltd. and Iamgold Corp. rose sharply on Friday as the mining firms received separate takeover offers from U.S. firms looking to step in the way of their planned marriage next month.

Iamgold shares jumped 52 Canadian cents, or 7 percent, to C$7.90 on the Toronto Stock Exchange, and gained 13 cents, or 2.4 percent, to $5.57 on the American Stock Exchange.

Wheaton River shares rose 13 Canadian cents, or 3 percent, to C$4.09 in Toronto, and added 3 cents, or 1 percent, to $2.96 on the American Stock Exchange.

Late on Thursday, Idaho-based Coeur d'Alene Mines Corp. offered $1.7 billion (C$2.5 billion) in stock and cash to buy mid-sized gold producer Wheaton River, which agreed in March to an offer from rival Iamgold to create one of the world's 10 biggest gold miners.

Separately, Denver-based Golden Star Resources Ltd. launched an all-share bid worth about $884 million for Toronto-based Iamgold, a company with ambitions to expand its gold portfolio outside of West Africa.


------------------
'Alone we can do so little; together we can do so much.' - Helen Keller


Posts: 1021 | From: Canada | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
TradingWizard
Member


Icon 12 posted      Profile for TradingWizard         Edit/Delete Post   Reply With Quote 
Wheaton to respond on Monday to Coeur bid-source


1:41pm ET (Reuters)


(In U.S. dollars unless noted)

VANCOUVER, British Columbia , May 31 (Reuters) - Wheaton River Minerals Ltd. plans to respond later on Monday to a takeover bid from Coeur d'Alene Mines Corp. , a source close to Wheaton said, four days after an unsolicited offer that could upset the Canadian miner's merger plans.

The source said the board of Wheaton, a mid-sized gold, copper and silver producer based in Vancouver, was meeting on Monday to discuss the $1.7 billion stock and cash offer. It was expected to give its formal response after the market's close at 4 p.m. EST (2000 GMT).

Wheaton spokeswoman Julia Hasiwar declined to comment.

Idaho-based Coeur, the world's biggest silver producer, surprised equity markets last week with its offer to Wheaton shareholders, who are due to vote on June 8 on a friendly bid from fellow Canadian miner Iamgold Corp. .

Wheaton management gave its blessing in March to the union with Toronto-based Iamgold to create Axiom Gold, a new mining company which is forecast to produce about a million ounces of gold this year.

In a third prong to the takeover frenzy, Denver-based Golden Star Resources Ltd. last week launched a $900 million takeover bid for Iamgold.

Iamgold spokesman Thomas Atkins declined to comment on when the Mali and Ghana-focused gold producer would respond to the offer from Golden Star, whose gold operations are also located in Ghana.


------------------
'Alone we can do so little; together we can do so much.' - Helen Keller


Posts: 1021 | From: Canada | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
TradingWizard
Member


Icon 12 posted      Profile for TradingWizard         Edit/Delete Post   Reply With Quote 
WRAPUP 2-Wheaton, Iamgold reject bids, favor own gold union


8:01pm ET (Reuters)


(Adds Iamgold comment, details. Amounts in U.S. dollars unless noted)

By Nicole Mordant

VANCOUVER, British Columbia, May 31 (Reuters) - The boards of Wheaton River Minerals Ltd. and Iamgold Corp. rejected separate unsolicited bids from two U.S.-based mining companies on Monday, re-endorsing their own plans for a merger to create a new intermediate gold producer.

As expected, the directors of both Vancouver-based Wheaton and Toronto-headquartered Iamgold urged their shareholders to support a Canadian marriage in a vote set for June 8.

Iamgold, a producer with operations in West Africa, unveiled a friendly $2.2 billion bid on March 30 for Wheaton, a gold, silver and copper miner in Australia and the Americas.

Despite investor concerns that Iamgold was overpaying for Wheaton, analysts expected the merger to be approved by both sets of shareholders, who are seeking growth prospects at a time of high metal prices and few new mineral finds.

But Coeur d'Alene Mines Corp. , the world's No. 1 primary silver producer, threw a wrench into the works on Thursday when it launched an unexpected $1.7 billion cash-and- share takeover bid for Wheaton. Virtually simultaneously, Colorado-based Golden Star Resources Ltd. announced a $900 million all-stock offer for Iamgold.

MONEY-LOSING COEUR

Wheaton Chairman and Chief Executive Ian Telfer said he had spoken to Wheaton's major shareholders in the wake of the Coeur offer and that they did not support a takeover by a money-losing silver producer, especially when it has been his company's ambition all along to become a bigger gold producer.

"They have made their feelings felt," Telfer told Reuters in an interview.

For an Iamgold-Wheaton combination to succeed, two-thirds of Wheaton shareholders and a majority of Iamgold investors need to back the proposal to create a new company that is expected to produce nearly 1 million ounces of gold this year.

Coeur said in a news release that it would continue to pursue a friendly transaction with Wheaton and gave no indication, for now, that it might launch a hostile offer.

Wheaton's stock rose 6 Canadian cents to C$4.02 on Monday on the Toronto Stock Exchange. Coeur's stock was untraded as U.S. markets were closed for the Memorial Day holiday.

PROBLEMS WITH GOLDEN STAR OFFER

Iamgold said the offer from Golden Star, a small producer of gold in Ghana, would reduce its financial strength and dilute its earnings, cash flow and net asset value.

The West African gold miner also said the Golden Star proposal was not a formal offer and the combination held greater project development risk than a union with Wheaton.

Iamgold's shares rose 7 Canadian cents to C$7.74. Golden Star's shares listed in Toronto dipped 2 Canadian cents to C$6.74.

Of the three permutations on the table, several analysts favor a Golden Star-Iamgold combination, pointing to less onerous financial terms and synergies as the companies have assets in the same geographic location.

"As far as asset mix is concerned, this combination makes more sense than the Wheaton-Iamgold merger," Desjardin Securities analyst Michael Fowler said.

Iamgold Chief Executive Joseph Conway admitted that some shareholders were disgruntled with the copper and silver output that Wheaton would add to Iamgold's gold production.

Pure gold "plays" traditionally trade at premiums to mixed metals companies.

"Some of our shareholders don't like our situation, but I am very comfortable that it is a vocal minority," Conway said.

There is speculation that Golden Star might raise its bid -- equal to C$8.33 per Iamgold share -- to try to win over Iamgold shareholders, a move Conway said he "did not rule out".

Golden Star representatives were not immediately available for comment. ($1=$1.36 Canadian)


------------------
'Alone we can do so little; together we can do so much.' - Helen Keller


Posts: 1021 | From: Canada | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
TradingWizard
Member


Icon 14 posted      Profile for TradingWizard         Edit/Delete Post   Reply With Quote 
This is becoming messy:

Golden Star says to launch Iamgold bid on court OK


5:11pm ET (Reuters)


VANCOUVER, British Columbia , June 2 (Reuters) - Golden Star Resources Ltd. said on Wednesday it would launch a formal bid for rival gold producer Iamgold Corp. , if a Canadian court ruled in its favor.

The Colorado-based company said it had asked the Ontario Superior Court of Justice to rule on whether it had breached a 2003 confidentiality agreement signed with Iamgold. Golden Star said Iamgold has alleged breach of the "standstill" terms of this contract.

"In the event the court determines that Golden Star is not bound by the standstill provisions of the confidentiality agreement, Golden Star intends to proceed immediately with a formal offer by way of takeover bid for Iamgold," Golden Star said in a release.

------------------
'Alone we can do so little; together we can do so much.' - Helen Keller


Posts: 1021 | From: Canada | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
TradingWizard
Member


Icon 14 posted      Profile for TradingWizard         Edit/Delete Post   Reply With Quote 
UPDATE 2-Wheaton River rejects sweetened Coeur takeover bid


8:30am ET (Reuters)


(Recasts first paragraph, adds details and background)

NEW YORK, June 7 (Reuters) - Gold and silver miner Wheaton River Minerals Ltd. on Monday rejected a sweetened takeover offer from Coeur d'Alene Mines Corp. saying the revised bid does not significantly increase the deal's value.

Vancouver, British Columbia-based Wheaton, however, said its board of directors continues to recommend that shareholders vote in favor of a merger with Iamgold Corp. .

The vote will still be held on Tuesday, as scheduled, the company said, despite a request from Coeur, the world's biggest silver producer, that the vote be postponed.

"Following a thorough review of the revised proposal by CDE, Wheaton continues to believe that the Iamgold transaction is superior," Wheaton Chairman and Chief Executive Ian Telfer said in a statement.

The revised proposal does not significantly increase the value of the offer because Coeur's share price has fallen, according to Wheaton.

The value of the share exchange ratio under the revised offer is C$4.40 per Wheaton share based on Coeur's closing price on June 3, the date the revised proposal was made, Wheaton said, less than Coeur's original proposal of C$4.50 per share.

Wheaton also said its growth could be impaired because of interest and principal payments on as much as C$285 million in subordinated notes that would be issued as part of the deal.

Idaho-based Coeur d'Alene last week raised its C$2.5 billion ($1.8 billion) offer for Wheaton by about 11 percent, putting another C$285 million, or 50 Canadian cents per Wheaton share, on the table.

Coeur launched its takeover proposal at the end of May, leaving Wheaton shareholders little time to weigh the two bids.

At the same time Coeur made its unsolicited bid for Wheaton River, Golden Star Resources unveiled a a bid for Iamgold. Iamgold has rejected the Golden Star all-share offer, saying it still prefers a union with Wheaton.


------------------
'Alone we can do so little; together we can do so much.' - Helen Keller


Posts: 1021 | From: Canada | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
   

Quick Reply
Message:

HTML is not enabled.
UBB Code™ is enabled.

Instant Graemlins
   


Post New Topic  Post A Reply Close Topic   Feature Topic   Move Topic   Delete Topic next oldest topic   next newest topic
 - Printer-friendly view of this topic
Hop To:


Contact Us | Allstocks.com Message Board Home

© 1997 - 2013 Allstocks.com. All rights reserved.

Powered by Infopop Corporation
UBB.classic™ 6.7.2

Share