Nov.

21, 2004

Rosebel Tour
2 Rosebel – Analyst Visit

CAMBIOR
• Réjean Gourde Senior Vice President – Guiana Shield
• Robert LaVallière Manager – Investor Relations

ROSEBEL
• Denis Miville-Deschênes General Manager
• Paul Johnson Mine Manager
• Samir Chefai Mill Superintendent
• Réjean Sirois Geology Superintendent
• Myriam Figueiredo Exploration
3 Republic of Suriname

• A former Dutch colony – Independence in 1975

• Capital: Paramaribo
• Population: 435,500 inhabitants

Languages: Dutch, English (widely spoken),
Sranan Tongo and local dialects

• Presidential system

51 elected members

Next national election: May 2005

President: Dr. Ronald R. Venetiaan
• Literacy: 93%
4 Political Situation – Republic of Suriname

• Per capita GDP - US $3,500 (2002 est.)

• Primary exports - alumina

crude oil
lumber
shrimp/rice/bananas

• GDP growth - 1.2% (2002 est.)

• Major foreign companies - Alcoa

BHP-Billiton

Currency - Surinamese Dollar

SRG per US $: 2.70 (sept. 2004)
5 Climate

• Tropical; warm (26°C) and high humidity (85-93%)

• Average rainfall is greater than 60 mm in the driest
month(s)

Annual precipitation is 2,200 mm
(highest precipitation May to July)

4 seasons:
• February - March, a short dry season
• April-July, a long rainy season
• August-November, a long dry season
• December-January, a short rainy season

• CBJ experienced in climate - similar to Omai

6 Rosebel Mine _ Suriname

Atlantic Ocean
Atlantic Ocean
South
America

Georgetown
PARAMARIBO

GUYANA Paramaribo

0 25
OMAI ROSEBEL Cayenne km
PARANAM
Saramacca
CAMP River
CAIMAN
SURINAME ZANDERIJ Suriname
FRENCH AIRPORT River
GUIANA

Thunder
KWAKUGRON Mountain

Rosebel
A new mining district
BROKOPONDO
Headley's
Reef 18 km
for Cambior Hydroelectric
plant
NJOENG
JACOBKONDRE Brokopondo
Reservoir
BROWNSWEG
7 History

• Exploration / Exploitation on-going in area for

the past 100 years
• Golden Star Resources (GSR) acquired option from
Grassalco in 1992
• Cambior acquired 50% interest in 1994
• Cambior acquired GSR’s 50% interest in 2002
• Cambior

Participated in exploration program 1994-1997

Three major studies completed
• 1997 – Feasibility
• 2001 – Soft / Transition ore study
• 2002 – Updated feasibility
Rosebel
Geological Information
9 Guiana Shield
60°W

10°N

Ciudad
Bolivar South
America
que
0 500
n o
Ore
km

Georgetown
Paramaribo
Las Cristinas
8.0 M oz
VENEZUELA Yaou-Dorlin
Omai 1.0 M oz Cayenne
4.0 M oz
Rosebel
3.2 M oz
GUYANA
SURINAME Camp Caiman
COLOMBIA FRENCH 1.9 M oz
GUIANA
BRAZIL
BRAZIL

60°W

0°

BRAZIL
Mesozoic and Cenozoic Sediments
zo n
Middle Proterozoic Sediments Manaus Ama
Undifferentiated Granite and Gneiss
Lower Proterozoic Greenstone Belt
Imataca Archean Complex
Major Gold Deposits
10 Rosebel Mine – Property Plan

Excellent Potential to
Increase Reserves
Koolhoven
Tailings
"J" Pond 20 k
Newly m
Acquired Pay Caro
S pi
Ground n

Mill Site East Pay Caro Mam

a Cr
eek

Airstrip
Rosebel
Roma
Monsanto
Mayo Royal Hill Hill
Nieuw Koffie Kamp

Exploration Zones
25 km
Property Limits
Gold @ $350/oz Tonnage Grade Gold
Planned Open Pits
M tonnes g Au/t Contained
Probable Mineral Reserves 47 1.6 2.4 M oz
Indicated Mineral Resources 23 1.2 0.9 M oz
11 Rosebel Mine - Suriname

345000E

350000E

355000E

360000E
890000N
Koolhoven 890000N

Granite
0 5
Rosebel Sediments J
Armina Sediments km
Armina Volcanics
Paramaka Volcanics Ros
Diabase Dykes
Pay Caro Spin ebe
l Pr
ope
Open Pits
rty
Lim
East Pay Caro its
Geochemical Anomalies
885000N 0.5 - 1.0 g Au/t Mam 885000N

> 1.0 g Au/t aC reek

Trends
Explored
Ra
il R

Not Explored
oa
d

Exploration
Zone
Rosebel Camp
Rosebel
Airstrip
Mayo

Roma Monsanto
Hill
Nieuw Koffie Camp

880000N 880000N
Royal Hill
Rosebel Project
Ore Deposit Locations and
Geochemical Anomalies Rosebel Property Limits
 5-80 m
Saprolite

Transition
30-100 m

Fresh Rock

Mineralized Zones
Laterite
Alluvium Surficial
Rosebel Project Dumps and Tailings
Typical Mineralization Profile Ore Zone
13 Exploration Work ( 1992 – 1997 )

• Geophysical survey
• Regional prospecting
• Soil sampling
• Deep augering – 35,000 meters
• Trenching – 45,300 meters
• Diamond drilling – 108,000 meters
• More than 166,000 samples analysed
• QA/QC program
 21800E

22000E

22200E

22400E

22600E

22800E

23000E

23200E
9600N 9600N

0.5 - 1.0 g Au/t

> 1.0 g Au/t
0 200
Trenches
metres
9400N Diamond Drilling 9400N

Old Workings
Access Roads

Section 22750W
9200N
Planned Pit Contour 9200N

9000N 9000N

8800N 8800N

ROSEBEL GOLD MINES N.V.

8600N
Pay Caro Deposit 8600N

Plan View
 8800 N

8900 N

9000 N

9100 N
8700 N
S N
Rosebel Project
Pay Caro Deposit
Cross-section 22750W
Planned Pit Outline

PC 059 Laterite
Saprolite PC 060 PC 061
PC 092 Saprolite
PC 113
PC 212
Surface
Transition

Transition
Rock

Rock
ANDESITE
2.2 / 17
-100 m
SEDIMENTS
4.2 / 17 2.3 / 12

3.1 / 7

0 50 100
te
ra

metres
me

-200 m
glo
n
Co

0.5 - 1.0 g Au/t 4.2 / 17

1.0 - 2.0 g Au/t
=
4.2 g Au/t over 17 m true width
> 2.0 g Au/t
16 Computer Modeling

• 6 block models were created in 1997

• Ore zones are defined and modeled based on
the alteration, structure, grade and lithological
association characteristics
• Laterite, saprolite, transition and hard rock limits
were also modeled in cross-sections
• 3D solids were created from cross-sections
• Block models were built from 3D solids
17 Estimation Parameters

• Method: Inverse distance squared technique (ID2)

• 5-meter length composites (capped)
• Ellipsoids are oriented according to each ore zone’s
orientation
• Geological contacts are treated as hard boundaries
18 Estimation Parameters

Search radii (m) Minimum Maximum Maximum

of compos. of compos. of compos.
Strike Dip Width per block per block per hole

Laterite 50 50 20
Measured Ore Zones 50 50 10 4 12 2
Host Rocks 25 25 5

Laterite 75 75 30
Indicated Ore Zones 75 75 20 3 12 2
Host Rocks 50 50 10

Laterite 100 100 30

Inferred Ore Zones 100 100 30 1 12 1
Host Rocks 75 75 10
19 Resource Estimates (1)

Deposit Laterite Saprolite Transition Rock Total Gold

Tonnes Au Tonnes Au Tonnes Au Tonnes Au Tonnes Au Ounces
(000) (g/t) (000) (g/t) (000) (g/t) (000) (g/t) (000) (g/t) Contained

Pay Caro 2,137 1.3 3,077 1.7 10,185 1.7 7,293 1.7 22,693 1.7 1,222,400
East Pay Caro 558 1.4 1,582 1.4 2,628 1.2 4,355 1.4 9,123 1.3 387,300
Koolhoven/Bigi 1,356 1.1 2,546 1.2 5,465 1.3 633 1.3 10,001 1.2 399,500
Royal Hill 6,428 1.3 4,906 1.3 963 1.3 4,056 1.5 16,352 1.4 714,700
Mayo 2,249 1.1 3,053 1.5 871 1.7 2,181 1.5 8,354 1.4 379,600
Rosebel 1,252 1.0 861 1.6 406 1.4 1,551 1.5 4,070 1.3 179,800

TOTAL 13,981 1.2 16,026 1.4 20,519 1.5 20,068 1.5 70,594 1.4 3,283,300

Feas. Study(2002) 13,160 1.3 15,566 1.5 19,059 1.6 20,702 1.5 68,487 1.5 3,243,900

(1)
Measured and indicated resources @ $350 – 2003/12/31
20 Mining

Total Mineral Reserves – 2003/12/31

Soft Rock Transition Ore Hard Rock Total Strip Gold

Site Waste Ore Grade Waste Ore Grade Waste Ore Grade Waste Ore Grade ratio contained
(000 t) (000 t) (g Au/t) (000 t) (000 t) (g Au/t) (000 t) (000 t) (g Au/t) (000 t) (000 t) (g Au/t) (000 oz)

Pay Caro 13,266 4,665 1.6 29,406 8,790 1.9 9,073 3,287 2.0 51,745 16,742 1.8 3.1 975
East Pay Caro 4,406 2,052 1.4 8,696 2,199 1.3 4,228 1,774 1.6 17,330 6,026 1.4 2.9 269
Koolhoven 6,920 2,349 1.3 7,756 2,130 1.60 0 0 0.0 14,677 4,478 1.5 3.3 209
Royal Hill 18,067 9,585 1.4 2,154 618 1.4 5,879 1,723 1.6 26,100 11,926 1.4 2.2 539
Mayo 11,149 4,256 1.4 1,653 581 2.0 1,766 542 2.0 14,568 5,379 1.6 2.7 270
Rosebel 3,594 1,767 1.3 894 300 1.5 1,228 548 1.7 5,715 2,615 1.4 2.2 119
TOTAL 57,402 24,674 1.4 50,560 14,617 1.7 22,174 7,874 1.8 130,136 47,165 1.6 2.8 2,382

Feas.Study 46,450 21,241 1.5 35,280 11,749 1.8 9,737 3,918 1.9 91,467 36,908 1.6 2.5 1,932

Mineral reserves calculated at a gold price of $350/oz

21 Mining - Production Schedule

• Truck and shovel operations

• Developed under the following
guidelines

Expose hard rock as soon as
possible

Soft rock mill feed for first
18 months

High grading soft rock first
18 months

Milling 14,000 tpd - 18 months Fleet equipment similar
to Omai
• Initiate exploration program in
2003-2004 to seek additional
soft rock reserves
22 Processing Plant

• Simple flowsheet
• Largely based on experience
at Omai
• Low operational risk
• Transfer “A” Circuit from Omai
23 Rosebel Flowsheet

Lime SAG Mill

Cyclones

Ore From Pits

SAG Mill
Discharge Screens (2X)
Saprolite Laterite
Gyratory Crusher Cyanide
Ball Mill
Crushed Ore
Gravity Sizing
Screens (2X)
Conveyor
SAG Reject SAG Mill Ball Mill
Stockpile Discharge Pump Box Discharge Pump Box
Stacker

Fines to Leach Circuit

Reichert
Fresh Water Linear Trash Lime and Cones (4X)
Pond Screen Flocculant

Heat
Exchanger Loaded Strip
Loaded Solution Tank
Process Carbon
Bin Carbon
Water Strip
Tank Loaded
Thickener Bypass Vessels
Carbon
Screen
Barren Strip Knelson Gravity Tailings
Acid Solution Tank Concentrator Pump Box
Wash
Vessel
Electrowinning
Fresh Carbon Cells (2X)
Heater
Calcination
Oven
2 Leach Tanks 6 CIL Tanks Horizontal Carbon Carbon
Sizing Screen Drain
Screen
Cathode
Gold

Flux

Process Air Tailings

Pumps (8X)

Induction
Mill Reclaim Water Furnace

Reclaim Barge
Effluent
Treated Water Treatment Concentrate Gold Bar
Plant Tailings Pond Kiln Table
24 Tailings Facility

• Designed by Golder & Associates

QA/QC and design for pond No. 2 at Omai

Expertise in similar environment
• Storage capacity for 46 million tonnes
• Possible to increase storage to 80 million tonnes
by raising dam by 10 metres (to 30 metres)
• Staged construction
• Independently reviewed by Cambior external
consultants (Brawner & Morgenstern)
• In accordance with Mining Association of Canada
guidelines
25 Capital Expenditures (in $ millions)

Description Actual Feas.

Costs Study

Projects and Construction 71.3 60.3

Mining – Preproduction 16.3 18.8
General Services 10.1 8.7
Construction Contingency - 5.4
Operations Contingency - 1.5
Sub-total 97.7 94.7
Additional Mine Equipment (1.3) -
Additional Preproduction (2.3) -
Total 94.1 94.7

• Additional equipment brought early and paid in 2004

• Additional 1.2 M tonnes mined at $1.93 per tonne
26 Mine Production
Pre-Prod. Production Mine Life %
Feb.11,2004 End Q3
Soft Ore (K tonnes ) 789 3,235 4,023 74
Soft Ore (g Au/t ) 1.4 1.7 1.7
Soft Waste(Ktonnes ) 1,373 3,891 5,264 56
Trans. Ore (Ktonnes) 162 1,185 1,348 25
Trans. Ore (g Au/t ) 1.7 1.8 1.8
Trans. waste( K t ) 560 3,193 3,753 40
Hard Ore ( K tonnes ) 6 66 73 1
Hard Ore ( g Au/t ) 1.9 1.8 1.8
Hard waste(ktonnes) 96 338 434 4
Total Ore ( K tonnes ) 957 4,486 5,443 100
Total Ore ( g Au/t ) 1.4 1.7 1.7
Total Waste (kt) 2,029 7,422 9,451 100
Total Combined(kt) 2,986 11,908 14,894
27 Mine Ore Production

Source ( % )
Pay Caro East Pay Royal
Caro Hill

Pre – Production 100% - -

Production: Feb. 11, 2004 56% 34% 10%

Mine Life: End of Q3 62% 30% 8%

28 Ore Stockpiles Status

K Tonnes g Au/t

Soft & Transition High Grade 565 1.7

Apron Feeder High Grade 139 1.7

Sub-total 704 1.7

Hard Rock High Grade 83 1.8

Contaminated with
Soft High Grade 329 1.6
Wood

Soft & Transition Low Grade 840 0.7

Sub-total 1,252 1.0

Grand Total 1,956 1.3

29 Production versus Mining Reserves ( $350 )

Mined
Ore Mined Reserves Variance (%)

g K g Ounces
K Tonnes Tonnes g Au/t
Au/t Tonnes Au/t of Gold

Year 2003 (Oct to Dec ) 455 1.28 542 1.42 (16%) (10%) (25%)

Year 2004 ( End Q3 ) 4,989 1.72 4,079 1.61 22% 7% 30%

Mine Life (End Q3 ) 5,443 1.68 4,621 1.59 18% 6% 25%

30 Production versus Mining Reserves ( $350 )

Ore Mined Mined Reserves Variance (%)

Ounces
K Tonnes g Au/t K Tonnes g Au/t Tonnes g Au/t
of Gold

Pay Caro 3,372 1.65 2,918 1.65 16% 0% 15%

East Pay Caro 1,606 1.76 1,230 1.50 31% 17% 53%

Royal Hill 465 1.66 473 1.43 (2%) 15% 14%

31 Mining Costs by Rock Types

Soft Soft Transition Transition Hard Hard

Unit Rock Rock Rock Rock Rock Rock Average Average

Production 000 t 67,688 7,125 47,028 4,378 13,653 405 140,277 11,908

Feas. Q3 2004 Feas. Q3 2004 Feas. Q3 2004 Feas. Q3 2004

Study YTD Study YTD Study YTD Study YTD

Drilling $ / tonne 0.06 0.08 0.11 0.14 0.13 0.14 0.10 0.10

Blasting $ / tonne 0.00 0.00 0.18 0.32 0.26 0.32 0.10 0.13

Loading $ / tonne 0.16 0.09 0.18 0.09 0.20 0.09 0.17 0.09

Hauling $ / tonne 0.33 0.18 0.33 0.18 0.33 0.18 0.33 0.18

Auxilliary $ / tonne 0.20 0.25 0.23 0.16 0.25 0.16 0.22 0.22

Minor Equip.
Maintenance $ / tonne 0.08 0.13 0.08 0.13 0.08 0.13 0.08 0.13

Admin. Mine $ / tonne 0.05 0.08 0.05 0.08 0.05 0.08 0.05 0.08

Admin.
Maintenance $ / tonne 0.06 0.07 0.06 0.07 0.06 0.07 0.06 0.07

Engineering $ / tonne 0.03 0.04 0.03 0.04 0.03 0.04 0.03 0.04

Geology $ / tonne 0.02 0.03 0.02 0.03 0.02 0.03 0.02 0.03

Total Cost $ / tonne 0.99 0.95 1.27 1.23 1.41 1.23 1.16 1.06
32 Mine Costs

THIRD QUARTER 2004 YEAR TO DATE

$ $

Mine Operations 2,992,172 6,710,340

Mine Maintenance 2,492,752 5,125,279

Geology & Grade Control 187,433 396,798

Engineering 197,045 438,963

Sub-total 5,846,402 12,671,380

Total 5,869,402 12,671,380

Tonnes Mined 5,737,747 11,908,005

Cost per Tonnes Mined 1.02 1.06

33 Rosebel Mine — Great Start-up

Gold
Throughput Grade
recovery
(000 t) Average tpd (g Au/t) (%)

February 224 11,800 1.2 90.9

March 445 14,400 1.8 91.3

April 454 15,100 2.0 91.4

May 441 14,200 2.1 93.4

June 422 14,100 1.9 92.9

July 475 15,300 1.7 93.7

August 533 17,200 1.5 94.0

September 493 16,400 2.0 96.6

Total 3,487 15,000 1.8 93.3

34 Mill Production Statistics

Year to Date
Actual

• Tonnage Milled ( tonnes ) 3,487,000

• Grade ( g Au/t ) 1.80

• Gold Recovery ( % ) 93.3

188,400
• Gold Production ( oz )

( 8000 )
• Permanent Inventory ( oz )

180,400
• Gold Production ( oz )
35 Mill Production Statistics

Third Quarter
Actual

• Tonnage Milled ( tonnes ) 1,501,600

• Grade ( g Au/t ) 1.72

• Gold Recovery ( % ) 94.9

79,000
• Gold Production ( oz )

-
• Permanent Inventory ( oz )

79,000
• Gold Production ( oz )
36 Mill Operating Costs
Third Quarter Year to Date

Actual Actual
000 $ 000 $
Tonnage ( 000 t ) 1,502 3,487
Salaries 1,132 2,358
Maintenance & Fuel 850 2,133
Mill Liners 130 253
Grinding Media 500 1,353
Cyanide 516 1,216
Lime 256 504
Carbon 73 262
Other Reagents 163 347
Freight 364 856
Total 3,983 9,281
Total $/tonne milled 2.65 2.66
37 Rosebel – Production

Original Plan
Feasibility
Throughput Gold
Study

Year 1 14,000 tpd 273,800 oz

Year 2 13,000 tpd 250,400 oz

Year 3 12,000 tpd 219,000 oz

New Plan

• Current production of 17,000 tpd will be maintained

290,000-300,000 ounces/year
38 Capex: Crusher and Effluent Treatment Plant

• Total Investment: $ 18 M
• Commissioning: July 1, 2005
• Spent at the end of 3rd quarter: $ 4.7 M
• Committed end of 3rd quarter: $ 4.4 M
• On Budget
• On schedule
39 Capex: Production Increase

• Modifications required :
Additional trash screen
Increase carbon stripping capacity
Additional screen in leach tanks

Investment: $ 4.0 M
Delivery: 2nd quarter 2005

Max. processing capacity: 17,000 tpd +

Not limited by ore handling and grinding yet
Only 9 months in operation
40 Power Consumption and Costs

Third Year to
Quarter Date
Actual Actual
Tonnage ( 000 t ) 1,502 3,487
Power Consumption 18,350 44,898
( MW-hr )
Power Consumption 12,2 12,9
( kW-hr/tonne )
Power Costs ( 000 $ ) 2,050 3,739
Power Costs ( $/t ) 1,37 1,07
Power Costs ($/kW-hr) 0,112 0,083

• Note: Third quarter – Payment of $720,000 on second power

contract for year to date fixed charge
41 Power Contract #1: Government - Hydro Power - 8 MW avg.

$/kWh
0.08
$0.07

0.07
$0.06

0.06
$0.05

0.05
$0.04

0.04 $0.03

0.03

0.02

0.01

275 300 310 325 350 375 400

Gold Price ($/oz)
42 Power Contract #2: EBS

• Duration: 2 years from January 2004

• Power available: 5 Mw
• Price attached to heavy fuel oil
• Fixed charge component: $ 86,000/m
• Can extend contract at same price if so
desire
• Could install gensets if preferable
43 General Services

Third Year to
Quarter Date
Actual Actual
000$ 000$
Administration 957 2,062
Proc. & Logistics 802 1,566
Human Resources 350 812
Camp Management 751 1,736
Transportation 519 1,218
Gen.Services Total 3,379 7,394
Tonnage Milled 1,502 3,487
Cost per tonne milled 2.25 2.12
44 General Services

• Higher cost: Feasibility study: $1.60/year1-3

• Variance: Exchange rate

Insurance
Fuel
Transportation
Potable water
Community relations and projects
Road maintenance
45 Health & Safety

Year 2004

Man hours worked 2,015,000

Lost Time accidents 9

Days Lost 296

Frequency 0.9

Severity 29

Light Duty Assignment 2

46 Environment

• Environment Management System

• ISO 14001 and training

• Mine Closure Plan

• Effluent Treatment Plant

47 Our Social Challenges

• High expectations for development

and Employment
• Low / non existing training and
education
• Poverty and poor quality
of life
• Lack of trust
• Small Scale Mining
48 Our Objectives

• To identify, prevent, minimize and

mitigate social issues
• To identify and constantly engage
stakeholders
• To plan and manage together
• To promote sustainable development
beyond our presence
49 Our Tools

• Social Impact Assessment, 2002

• Social Baseline, 2004
• RGM Community Relations Plan

Policy for local hiring

Policy for local purchasing

Social Investment Strategy

Consultation Strategy…
50 Our Contribution

Local Hiring
April May June July August

NKK 64 64 67 70 88
NW Lombé 14 13 14 15 14
Brownsweg 36 38 43 43 56
Klaaskreek 35 36 35 37 37
Baling Soela 11 11 14 14 12
Marshall Kreek 12 13 13 14 13
Compagniekreek 1 1 1 1 1
Asigron 1 2 1 1 1
Taporipa 3 2 2 2 2
Brokopondo 0 0 0 0 4
Total 177 180 190 197 213
51 Employment

Employees

• Exploration/Engineering 50-200
• Construction 1000-1400
• Production 800
• Explor./Constr. (2004-5) 300
52 Government

• Royalty on gold production: 2% in kind

• Royalty increase to 6.5% on portion above $425

• Foundation Development of Resources: 0.25%

• Redemption of shares ( $2.0 M )

• Dividend 5%
53

Exploration Program
54 Exploration Program 2004
55 Exploration Program 2004
56 Rosebel outlook

• Commissioning has been great

• Production capacity is higher
• Positive results on geology and block
model
• Work force of quality
• Position for growth
• Driven by exploration results
57 Rosebel outlook

• Limited work done on Mayo, Koolhoven

and Rosebel
• Surface anomalies in Spin, Mama Creek
and Roma
• Other targets from porknocking on
Headley’s Reef and Thunder Mountain
• Additional targets from geophysics on
concession
• Potential for development elsewhere in
Suriname
58 Forward Looking Statements
This presentation contains certain "forward-looking statements", including but not limited to, the
statements regarding the Company’s overall objectives and strategic plans, use of hedging and non-
hedging derivative instruments, future commercial production, production targets, timetables, mine
operating costs, capital expenditures, work programs, exploration budgets and targets, mineral
reserve and resource estimates and outlook, and safety and sustainability initiatives. Forward-looking
statements express, as at the date of this presentation, the Company’s plans, estimates, forecasts,
projections, expectations or beliefs as to future events or results. Forward-looking statements involve
a number of risks and uncertainties, many of which are beyond the Company’s control, and there can
be no assurance that such statements will prove to be accurate. Therefore, actual results and future
events could differ materially from those anticipated in such statements. Risks and uncertainties that
could cause results of future events to differ materially from current expectations expressed or implied
by the forward-looking statements include, but are not limited to, factors associated with fluctuations in
the market price of precious metals, mining industry risks and hazards, uncertainty as to estimation of
mineral reserves and resources, requirements of additional financing risk related to hedging and non-
hedge-derivative instruments, risks of delays in construction, production or obtaining permits and
other risks more fully described in the Company’s Annual Information Form filed with the Securities
Commissions of all provinces in Canada, and with the United States Securities and Exchange
Commission (under Form 40-F), as well as the Toronto Stock Exchange and the American Stock
Exchange. The reader is cautioned not to place undue reliance on these forward-looking statements.
The Company does not undertake to update any forward-looking statement that is contained in this
presentation.