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Press Release Source: Wheaton River Minerals Ltd.


Wheaton`s Third Quarter Earnings More Than Double to US$31 Million
Tuesday November 9, 9:07 pm ET


VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 9, 2004--Wheaton River Minerals Ltd. (AMEX:WHT - News; TSX:WRM - News) is pleased to report third quarter net earnings of US$31 million (US$0.06 per share) for the three months ended September 30, 2004 compared with US$15 million (US$0.03 per share) in 2003. Operating cash flows for the three months were US$46 million, or US$0.08 per share (2003 - US$31 million, or US$0.07 per share).
During the quarter, Wheaton sold 149,700 gold equivalent ounces at a total cash cost of minus US$37 per ounce (net of by-product copper sales). This compared with sales of 126,100 gold equivalent ounces at a total cash cost of US$98 per ounce in 2003, from the same base of operating assets.

"Wheaton`s operations continue to perform extremely well, at cash costs significantly below industry averages" said Ian Telfer, Chairman and CEO. "With no hedging, no debt, and US$500 million in cash resources available for acquisitions, Wheaton is poised to continue its significant growth."

Net earnings for the nine months ended September 30, 2004 amounted to US$86 million, an increase of 189% over the comparable 2003 earnings of US$30 million. Earnings per share increased significantly to US$0.15 in 2004 from US$0.08 per share in 2003. For the nine months, 454,900 gold equivalent ounces were sold at a total cash cost of minus US$29 per ounce (net of by-product copper sales), compared with 2003 sales of 294,100 gold equivalent ounces at a total cash cost of $114 per ounce. Operating cash flows for the nine months were US$147 million, or US$0.26 per share (2003 - US$62 million, or US$0.17 per share).

A conference call will be held Wednesday, November 10th at 11:00 am (ET) to discuss these results. You may join the call by dialing toll free 1-888-789-0150, or 416-695-6140 for calls from outside of Canada and the US. The conference call will be recorded and you can listen to a playback of the call after the event by dialing 1-888-509-0081 or 416-695-5275. A live and archived audio webcast will be available on the website at www.wheatonriver.com.

Wheaton currently produces 600,000 gold equivalent ounces annually at a total cash cost of less than US$50 per ounce, and expects 2006 production to increase to 900,000 gold equivalent ounces at a total cash cost of less than US$100 per ounce.

Management`s Discussion and Analysis
of Results of Operations and Financial Condition
Nine Months Ended September 30, 2004


This Management`s Discussion and Analysis should be read in conjunction with the Company`s unaudited consolidated financial statements for the nine months ended September 30, 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 November 9, 2004.

THIRD QUARTER HIGHLIGHTS

Net earnings of $31.4 million ($0.06 per share), compared with $14.7 million ($0.03 per share) in 2003.
Operating cash flows of $46.2 million (2003 - $31.5 million).
Sales of 149,700 gold equivalent ounces and 36.4 million pounds of copper (2003 - 126,100 gold equivalent ounces and 28.3 million pounds of copper).
Total cash costs of minus $37 per gold equivalent ounce (2003; $98).
Debt-free, following repayment of $65.5 million of debt during the quarter.
$86.3 million cash distribution received from Alumbrera.
Entered into a $300 million acquisition facility, increasing cash resources available for acquisitions to $500 million.
Silver Wheaton transaction completed on October 15, 2004, resulting in Wheaton holding 75% of a pure silver company having a market capitalization of approximately $500 million (Wheaton`s share - $375 million).
Unsolicited takeover bid from Coeur d`Alene Mines successfully rejected.
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. The Company also acquired the Los Filos gold project in Mexico in 2003 and in January, 2004, acquired the Amapari gold project in northern Brazil.

In continuation of this growth strategy, during March 2004, Wheaton and IAMGold Corporation ("IAMGold") announced that their boards of directors had agreed to combine the two companies, subject to shareholder approvals and certain other conditions. On July 6, 2004, IAMGold did not receive the necessary shareholder approvals and Wheaton terminated the agreement to combine with IAMGold.

In May 2004, Coeur d`Alene Mines Corporation ("Coeur") launched an unsolicited takeover bid for Wheaton. In early September 2004, Wheaton`s Board of Directors recommended that Wheaton shareholders reject the Coeur offer as being financially inadequate and highly dilutive. On September 28, 2004 Coeur announced that their bid had failed.

Wheaton is now unhedged, debt-free and has available cash resources of $500 million to pursue further growth opportunities.

Summarized Financial Results
--------------------------------------------------------------------
September 30 June 30
2004 2003 2004 2003
--------------------------------------------------------------------
(Notes 2 and 3)
Sales ($000`s) $ 103,251 $ 63,142 $ 89,268 $ 28,814
-Gold (ounces) 120,700 105,400 123,000 92,600
-Silver (ounces) 1,792,000 1,515,900 1,654,500 1,500,500
-Gold equivalent
(ounces) (Note 1) 149,700 126,100 148,700 112,400
-Copper (lbs) 36,405,200 28,296,800 32,499,000 28,139,400
Net earnings ($000`s) $ 31,377 $ 14,689 $ 21,120 $ 11,088
Earnings per share
-Basic $ 0.06 $ 0.03 $ 0.04 $ 0.03
-Diluted $ 0.05 $ 0.03 $ 0.03 $ 0.03
Cash flow from
operations ($000`s) $ 46,242 $ 31,453 $ 38,941 $ 20,990
Average realized gold
price ($`s per ounce)$ 402 $ 366 $ 388 $ 353
Average realized
silver price
($`s per ounce) $ 6.47 $ 5.00 $ 6.09 $ 4.61
Average realized
copper price
($`s per lb) $ 1.38 $ 0.81 $ 1.22 $ 0.74
Total cash costs
(per gold
equivalent ounce)
(Note 4) $ (37) $ 98 $ 19 $ 90
Cash and cash
equivalents ($000`s) $ 90,004 $ 128,037 $ 103,482 $ 55,140
Total assets ($000`s) $ 984,128 $ 711,648 $1,001,161 $ 618,419
Long-term debt
($000`s) $ - $ 152,342 $ 65,463 $ 177,342
Shareholders` equity
($000`s) $ 735,516 $ 436,773 $ 701,821 $ 331,038

--------------------------------------------------------------------
March 31 December 31
2004 2003 2003 2002
--------------------------------------------------------------------
(Notes 2 and 3)
Sales ($000`s) $ 113,204 $ 17,257 $ 103,420 $ 17,938
-Gold (ounces) 129,700 35,100 136,200 32,300
-Silver (ounces) 1,612,900 1,561,900 1,475,900 1,672,200
-Gold equivalent
(ounces) (Note 1) 156,500 55,600 156,000 55,600
-Copper (lbs) 42,879,500 3,551,000 53,731,500 -
Net earnings ($000`s) $ 33,671 $ 4,064 $ 27,818 $ 2,577
Earnings per share
-Basic $ 0.06 $ 0.02 $ 0.06 $ 0.01
-Diluted $ 0.05 $ 0.02 $ 0.05 $ 0.01
Cash flow from
operations ($000`s) $ 61,848 $ 9,752 $ 64,483 $ 5,631
Average realized gold
price ($`s per ounce)$ 412 $ 347 $ 385 $ 323
Average realized
silver price
($`s per ounce) $ 6.78 $ 4.64 $ 5.29 $ 4.51
Average realized
copper price
($`s per lb) $ 1.33 $ 0.68 $ 0.96 $ -
Total cash costs
(per gold
equivalent ounce)
(Note 4) $ (67) $ 175 $ (39) $ 186
Cash and cash
equivalents ($000`s) $ 173,814 $ 20,540 $ 151,878 $ 22,936
Total assets ($000`s) $1,039,387 $ 377,267 $ 891,005 $ 152,098
Long-term debt
($000`s) $ 132,783 $ - $ 122,423 $ -
Shareholders` equity
($000`s) $ 679,901 $ 314,900 $ 556,118 $ 108,054

(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 September 30, 2004, the
equivalency ratio was 62 ounces of silver equals one ounce of
gold sold (September 30, 2003 - 73).
(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) The calculation of total cash costs per ounce for Peak and
Alumbrera is net of by-product copper sales revenue.


RESULTS OF OPERATIONS
--------------------------------------------------------------------
Three Months Ended September 30, 2004
Alumb- Ama- Corp-
Luismin Peak rera pari orate Total
--------------------------------------------------------------------
(Note 1) (Note 2) (Notes 3)
Sales
($000`s) $ 24,406 $ 14,610 $ 65,049 $ - $ (814) $103,251
-Gold
(ounces) 33,400 33,100 54,200 - - 120,700
-Silver
(ounces)
1,792,000 - - - - 1,792,000
-Gold
Equivalent
(ounces)
(Note 1) 62,400 33,100 54,200 - - 149,700
-Copper
(lbs) - 1,491,500 34,913,700 - - 36,405,200
Net
earnings
(loss)
($000`s) $ 8,611 $ 4,563 $ 23,996 $181 $(5,974) $ 31,377
Average
realized
gold
price
($`s per
ounce) $ 402 $ 400 $ 405 $ - $ - $ 402
Average
realized
silver
price
($`s per
ounce) $ 6.47 $ - $ - $ - $ - $ 6.47
Average
realized
copper
price
($`s per
lb) $ - $ 1.29 $ 1.38 $ - $ - $ 1.38
Total cash
costs
(per gold
equivalent
ounce) $ 150 $ 161 $ (374) $ - $ - $ (37)


Three Months Ended September 30, 2003
Alumb- Ama- Corp-
Luismin Peak rera pari orate Total
--------------------------------------------------------------------
(Note 1) (Note 2) (Notes 3)
Sales
($000`s) $ 17,152 $ 14,639 $ 31,351 $ - $ - $ 63,142
-Gold
(ounces) 27,600 39,200 38,600 - - 105,400
-Silver
(ounces)
1,515,900 - - - - 1,515,900
-Gold
equivalent
(ounces)
(Note 1) 48,300 39,200 38,600 - - 126,100
-Copper
(lbs) - 1,843,000 26,453,800 - - 28,296,800
Net
earnings
(loss)
($000`s) $ 4,145 $ 1,721 $ 8,919 $ - $ (96) $ 14,689
Average
realized
gold
price
($`s per
ounce) $ 366 $ 365 $ 366 $ - $ - $ 366
Average
realized
silver
price
($`s per
ounce) $ 5.00 $ - $ - $ - $ - $ 5.00
Average
realized
copper
price
($`s per
lb) $ - $ 0.80 $ 0.81 $ - $ - $ 0.81
Total cash
costs
(per gold
equivalent
ounce) $ 180 $ 223 $ (132) $ - $ - $ 98

(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 September 30, 2004 the
equivalency ratio was 62 ounces of silver equals one ounce of
gold sold (September 30, 2003 - 73).
(2) The calculation of total cash costs per ounce of gold at Peak is
net of by-product copper sales revenue.
(3) Includes Wheaton`s 37.5% share of the results of Alumbrera. 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 for the three months ended September 30, 2004 would be
$185 per ounce of gold and $0.53 per pound of copper (September
30, 2003 - $151 per ounce of gold and $0.41 per pound of copper).


Nine Months Ended September 30, 2004
Alumb- Ama- Corp-
Luismin Peak rera pari orate Total
--------------------------------------------------------------------
(Note 1) (Note 2) (Notes 4)
Sales
($000`s) $ 70,830 $ 44,054 $ 193,514 $ - $ (2,675) $305,723
-Gold
(ounces) 99,300 99,500 174,600 - - 373,400
-Silver
(ounces)
5,059,400 - - - - 5,059,400
-Gold
equivalent
(ounces)
(Note 1)
180,800 99,500 174,600 - - 454,900
-Copper
(lbs) - 5,468,600 106,315,100 - - 111,783,700
Net
earnings
(loss)
($000`s) $ 18,888 $ 10,933 $ 71,768 $396 $(15,817) $ 86,168
Average
realized
gold
price
($`s per
ounce) $ 401 $ 395 $ 404 $ - $ - $ 401
Average
realized
silver
price
($`s per
ounce) $ 6.44 $ - $ - $ - $ - $ 6.44
Average
realized
copper
price
($`s per
lb) $ - $ 1.30 $ 1.31 $ - $ - $ 1.31
Total cash
costs
(per gold
equivalent
ounce) $ 159 $ 184 $ (346) $ - $ - $ (29)

Nine Months Ended September 30, 2003
Alumb- Ama- Corp-
Luismin Peak rera pari orate Total
--------------------------------------------------------------------
(Note 1) (Note 2) (Notes 3
and 4)
Sales
($000`s) $ 47,908 $ 25,719 $ 35,586 $ - $ - $109,213
-Gold
(ounces) 78,200 70,800 84,100 - - 233,100
-Silver
(ounc-
es) 4,578,300 - - - - 4,578,300
-Gold
equivalent
(ounces)
(Note 1) 139,200 70,800 84,100 - - 294,100
-Copper
(lbs) - 1,843,000 58,144,200 - - 59,987,200
Net earnings
(loss)
($000`s) $ 10,225 $ 2,898 $ 17,142 $ - $ (424) $ 29,841
Average
realized gold
price
($`s per
ounce) $ 356 $ 355 $ 358 $ - $ - $ 356
Average
realized
silver price
($`s per
ounce) $ 4.75 $ - $ - $ - $ - $ 4.75
Average
realized
copper
price
($`s per
lb) $ - $ 0.82 $ 0.77 $ - $ - $ 0.77
Total cash
costs
(per gold
equivalent
ounce) $ 188 $ 230 $ (108) $ - $ - $ 114

(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 nine months ended September 30, 2004 the
equivalency ratio was 62 ounces of silver equals one ounce of
gold sold (September 30, 2003 - 75).
(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 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) 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 for the nine months ended September 30, 2004 would
be $163 per ounce of gold and $0.50 per pound of copper
(September 30, 2003 - $145 per ounce of gold and $0.39 per pound
of copper).


OPERATIONAL REVIEW

Luismin Mines

Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
2004 2004 2004 2003 2003
---------------------------------------------------------------------
Ore mined
(tonnes) 191,800 198,200 214,000 181,800 186,300
Ore milled
(tonnes) 187,800 192,600 209,800 176,000 182,800
Grade - Gold
(grams/tonne) 5.95 5.61 5.19 5.21 5.01
- Silver
(grams/tonne) 326.23 302.17 266.00 291.15 285.88
Recovery
- Gold (%) 95 95 94 97 97
- Silver (%) 91 89 90 90 91
Production
- Gold (ounces) 34,200 33,300 32,700 28,100 28,300
- Silver
(ounces) 1,798,700 1,664,400 1,615,500 1,483,300 1,520,700
- Gold
equivalent
(ounces)
(Note 1) 63,100 59,600 59,100 48,000 49,200
Sales
- ($`000`s) $24,406 $22,709 $23,715 $18,343 $17,152
- Gold
(ounces) 33,400 33,500 32,400 28,100 27,600
- Silver
(ounces) 1,792,000 1,654,500 1,612,900 1,475,900 1,515,900
- Gold
equivalent
(ounces)
(Note 1) 62,400 59,200 59,200 47,900 48,300
Net earnings
($`000`s) $ 8,611 $ 4,636 $ 5,641 $ 577 $ 4,145
Average
realized
gold
price
($`s per
ounce) $ 402 $ 392 $ 410 $ 393 $ 366
Average
realized
silver
price
($`s per
ounce) $ 6.47 $ 6.09 $ 6.78 $ 5.29 $ 5.00
Total
Cash
Costs
(Per
Gold
Equivalent
Ounce) $ 150 $ 159 $ 170 $ 179 $ 180

(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 September 30, 2004 the equivalency ratio
was 62 ounces of silver equals one ounce of gold sold (September 30,
2003 - 73).


During the third quarter of 2004, the Luismin gold/silver operations in Mexico sold 62,400 gold equivalent ounces, compared with sales of 48,300 gold equivalent ounces in the same period of 2003. This 29% increase was primarily due to increased gold and silver grades processed. Sales revenue increased 42% from the same period in 2003, due to the increased volumes sold and increases in the price of gold (+10%) and silver (+29%).

Total cash costs were $150 per gold equivalent ounce in the third quarter of 2004, compared with $180 during the third quarter of 2003 and $159 in the second quarter of 2004, mainly due to the increased gold and silver grades processed.

General and administrative expenses for the third quarter of 2004 were $932,000, compared with $937,000 in the same period of 2003 and $1,253,000 in the second quarter of 2004. Income tax expense, which typically approximates 33%, was 23%, contributing approximately $1.0 million of net earnings for the quarter. The reduced tax rate for the quarter arose primarily as a result of higher tax deductions on inter-company financing from Wheaton.

As a result, Luismin generated net earnings of $8,611,000 for the quarter, more than double the 2003 third quarter earnings.

Throughout 2004 significant exploration results have been achieved at the Luismin mines; including deep and on-strike extensions of the San Dimas central block veins and new discoveries, including the Itzel vein system and the Paula and Nancy veins. During the third quarter the development of these veins have continued with very good results. At San Martin, Cuerpo 30 has also proved to be more significant in size than expected, and development has reached Cuerpo 31, where drill results indicate better than expected grades. The exploration results have been achieved through a combination of geophysical surveys, deep diamond drilling and underground development, and are currently in the process of being fully quantified.

Peak Mine

Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
2004 2004 2004 2003 2003
---------------------------------------------------------------------
Ore mined
(tonnes) 144,400 114,000 178,300 219,200 352,700
Ore milled
(tonnes) 162,200 164,600 170,800 153,100 157,500
Grade- Gold
(grams/tonne) 7.94 7.04 6.44 5.93 7.81
- Copper (%) 0.55 0.55 0.83 0.54 0.53
Recovery
- Gold (%) 89 89 91 88 85
- Copper (%) 81 68 82 77 84
Production
- Gold
(ounces) 37,100 32,900 32,100 25,700 33,600
- Copper (lbs) 1,590,200 1,331,300 2,578,900 1,396,800 1,438,100
Sales -
($`000`s) $14,610 $14,137 $15,307 $10,756 $14,639
- Gold
(ounces) 33,100 33,000 33,400 26,500 39,200
- Copper (lbs) 1,491,500 1,384,900 2,592,200 1,121,100 1,843,000
Net earnings
($`000`s) $ 4,563 $ 3,132 $ 3,238 $ 2,379 $ 1,721
Average
realized
gold
price
($`s per
ounce) $ 400 $ 379 $ 405 $ 391 $ 365
Average
realized
copper
price
($`s per lb) $ 1.29 $ 1.28 $ 1.29 $ 0.90 $ 0.80
Total
Cash
Costs
(Per
Ounce)
(Note 1) $ 161 $ 172 $ 217 $ 302 $ 223

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


Peak sold 33,100 ounces of gold and 1.5 million pounds of copper during the three months ended September 30, 2004, compared with 39,200 ounces of gold and 1.8 million pounds of copper during the same period of 2003. Despite this decrease in sales volumes, sales revenue was almost unchanged from 2003, as a result of higher gold (+10%) and copper (+61%) prices.

Ore mined for the third quarter was 144,400 tonnes, down significantly from the same period last year, due primarily to ceasing production from the New Cobar open pit in the first quarter of 2004. Since that date, all ore mined has been from underground operations.

Gold production for the third quarter increased 13% as compared with the second quarter, as a result of increased grades processed. Copper production increased 19%, as compared with the second quarter, as a result of increased recoveries (81% versus 68%). Second quarter recoveries were unusually low as a result of processing 50,000 tonnes of stockpiled open pit ore during the quarter.

Total cash costs averaged $161 per ounce (net of by-product copper sales revenue) during the quarter, compared with $223 per ounce during the comparative quarter in 2003. Approximately $35 per ounce of this improvement is attributable to cost improvements implemented since June 2003, which were achieved despite a 7% strengthening in the average Australian/US dollar exchange rate. Total cash costs were further reduced by approximately $25 per ounce due to higher by-product copper credits resulting from the 61% increase in copper prices.

Negotiations were completed on a new power supply contract during the quarter. This process resulted in a four year contract being finalized at prices substantially lower than those in place prior to Wheaton`s purchase of Peak. The ongoing commercial review of the mine operations has consistently resulted in the reduction of unit prices of supplies and contracts. An agreement for the ongoing sale of copper/gold concentrate until the end of 2005 was also completed during the quarter.

As a result, Peak generated net earnings of $4,563,000 for the quarter, its most profitable result in more than two years.

Development of the New Cobar decline was commenced during the quarter, from a portal in the recently completed New Cobar open pit. As at September 30, 2004, the decline had been advanced 275 meters and is destined to allow development of ore below the old open pit. Production from this ore body is expected to commence in late 2005.

Exploration activity continued in the quarter with drilling at Chesney, Gladstone, Great Cobar and Illewong. Positive results included getting a clear indication of significant mineralization within Chesney in areas previously considered to be barren. The drilling at Illewong, a grass roots area, showed indications of gold mineralization.

Alumbrera Mine (Wheaton interest - 37.5%)

(Wheaton`s Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
share only) 2004 2004 2004 2003 2003
---------------------------------------------------------------------
Ore mined
(tonnes) 2,935,000 3,113,700 2,836,900 2,409,000 2,219,300
Ore milled
(tonnes) 3,400,600 3,222,200 3,171,400 3,415,000 3,043,100
Grade
- Gold
(grams/tonne) 0.65 0.64 0.80 0.94 0.83
- Copper (%) 0.54 0.49 0.58 0.69 0.67
Recovery
- Gold (%) 77 74 77 74 73
- Copper (%) 89 88 91 89 89
Production
- Gold
(ounces) 55,200 49,200 62,800 75,900 59,000
- Copper
(lbs) 36,151,200 30,193,700 36,512,700 47,098,200 39,895,700
Sales
- ($`000`s) $65,049 $53,353 $75,112 $74,320 $31,351
- Gold
(ounces) 54,200 56,500 63,900 81,600 38,600
- Copper
(lbs) 34,913,700 31,114,100 40,287,300 52,610,400 26,453,800
Net earnings
($`000`s) $23,996 $16,923 $30,849 $26,015 $8,919
Average
realized
gold
price
($`s per
ounce) $ 405 $ 388 $ 417 $ 379 $ 366
Average
realized
copper
price
($`s per lb) $ 1.38 $ 1.21 $ 1.33 $ 0.96 $ 0.81
Total
Cash
Costs
(Per
Ounce)
(Note 1) $ (374) $ (218) $ (435) $ (277) $ (132)

(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, third quarter 2004
average total cash costs at Alumbrera for the three months ended
September 30, 2004 would be $185 per ounce of gold and $0.53 per
pound of copper (September 30, 2003 - $151 per ounce of gold and
$0.41 per pound of copper). This year-on-year increase in total cash
costs primarily arises as a result of a 22% decrease in gold grades
milled and a 19% decrease in copper grades milled, as compared with
the third quarter of 2003.


Wheaton`s share of Alumbrera`s third quarter 2004 sales amounted to 54,200 ounces of gold and 34.9 million pounds of copper, compared with 38,600 ounces of gold and 26.5 million pounds of copper during the third quarter of 2003. The 2003 sales were unusually low, as a result of product shipments late in the quarter (Wheaton`s share - 20,400 ounces of gold and 13.4 million pounds of copper) not being recognized in sales until the fourth quarter. Gold and copper production was higher than in the second quarter in accordance with the mine plan, and fourth quarter production is anticipated to increase further.

The third quarter average realized copper price of $1.38 per pound was significantly higher than the 2003 price of $0.81 per pound and was the primary reason for the lower total cash costs in 2004 versus 2003, which are presented net of by-product copper sales revenue.

Mill production during the quarter achieved two consecutive months of over 3 million tonnes throughput (100% basis) as the newly commissioned flotation plant is optimized. This increased throughput is expected to continue.

During the quarter, Alumbrera commenced accruing cash taxes payable, which will be due in May, 2005. Wheaton`s share at September 30, 2004 amounted to $22.7 million.

Wheaton`s share of Alumbrera`s net earnings for the quarter amounted to $24.0 million, a significant increase as compared with the 2003 earnings of $8.9 million.

During the third quarter, Wheaton received a cash distribution from Alumbrera of $86.3 million (2003 - $22.5 million). This followed the early repayment of the Alumbrera bank debt during the second quarter of 2004, allowing all future cash generated by the mine operations to be distributable to the owners.

PROJECT DEVELOPMENT REVIEW

Amapari Project

Construction and development activity at the Amapari open pit heap leach project in northern Brazil accelerated during the period, with design work on the project over 90% complete at quarter end. Project construction manning numbers have reached over 890 and will rise to a peak of about 1,200 before reducing considerably for commissioning and operations in the fourth quarter of 2005.

The site civil works program has been running at over 50,000 tonnes per day of cut and fill earth movement. The permanent access road was opened with completion expected in November, thus eliminating the use of the longer, less efficient, exploration access road.

Equipment and contract commitments now include the plant tankage and heap leach and pond liners. All mining equipment has now been ordered with some trucks already working on the site. Pit pre-stripping will commence in earnest in the fourth quarter of 2004. Equipment delivery of crushers, and heap leach stackers and reclaimers, will occur in the fourth quarter with erection to immediately follow.

Infill drilling of the ore bodies continued with over 8,000 meters of drilling completed year to date. This drilling is designed to more finely define the ore bodies for detailed operational mine planning. Results so far clearly confirm the known ore boundaries and may increase the reserve. A revised ore reserve estimate as at December 31, 2004 will be completed early in 2005.

House refurbishment activity continued in the existing nearby town of Serra de Navio where senior operations staff will be accommodated. The permanent senior operations management team is largely in place with detailed planning for mine commissioning well underway.

The operations team has embarked on a number of sustainable development initiatives in the community including local business development, health and education support, and training in agricultural methods. This commitment to sustainable development will continue for the life of the project as it does at all Wheaton operations in accordance with corporate philosophies.

Capital expenditures of $8,651,000 during the quarter were in line with the budget.

Los Filos Project

The Los Filos project in Mexico continues to advance well. Since Los Filos was acquired in November 2003, over 20,000 meters of core drilling has been completed, primarily to provide metallurgical samples, improve geotechnical information, increase resource confidence and for condemnation in areas where mineralization was not closed off by previous drilling. Step out drilling has been successful to the east, with the best result from drill hole LF18-04, reporting 3.77 g/t of gold over 48 meters of core length. Drilling continues in this zone. Wheaton has recently received an updated resource model for Los Filos from Snowden Mineral Industry Consultants of Vancouver, Canada, which demonstrates an increase in the global resource at Los Filos of over 15% since acquisition, as a result of exploration success.

An optimization pit using a gold price of $375 per ounce reports the
following in-pit resources:

Gold Contained
Resource Class Ore Grade Gold
---------------------------------------------------------------------
Tonnes (grams Ounces
(000`s) /tonne) (000`s)
Measured Mineral Resource:
Crush-Leach
(+0.5 g/t gold) 12,453 1.05 421
ROM Leach
(0.22-0.5 g/t gold) 5,130 0.37 61
---------------------------------------------------------------------
Total Measured Resource 17,583 0.85 482
---------------------------------------------------------------------

Indicated Mineral Resource:
Crush-Leach
(+0.5 g/t gold) 28,000 1.43 1,286
ROM Leach
(0.22-0.5 g/t gold) 16,364 0.34 178
---------------------------------------------------------------------
Total Indicated Resource 44,364 1.03 1,465
---------------------------------------------------------------------

Measured and Indicated Resource:
Crush-Leach
(+0.5 g/t gold) 40,453 1.31 1,707
ROM Leach
(0.22-0.5 g/t gold) 21,494 0.35 240
---------------------------------------------------------------------
Total Measured
and Indicated
Resource 61,947 0.98 1,947
---------------------------------------------------------------------
---------------------------------------------------------------------

Inferred Mineral Resource:
Crush-Leach
(+0.5 g/t gold) 2,621 0.97 81
ROM Leach
(0.22-0.5 g/t gold) 3,105 0.34 34
---------------------------------------------------------------------
Total Inferred Resource 5,726 0.63 116
---------------------------------------------------------------------
---------------------------------------------------------------------


This resource estimate is calculated as of September 30, 2004 in accordance with the standards of Canadian Institute of Mining, Metallurgy, and Petroleum National Instrument 43-101 ("NI 43-101").
Resource estimate by Andrew P. Ross, P.Geo. of Snowden Mining Industry Consultants, Vancouver. Optimization Pit Shell reported by Mike Hester, P.Eng., of Independent Mining Consultants, Tucson, Arizona. Both are Qualified Persons as per NI 43-101.
Drilling, sampling, and sample security under the supervision of Reynaldo Rivera, Luismin Chief Geologist and member of AUSIMM, and Randy V.J. Smallwood, P.Eng., Director, Project Development for Wheaton River Minerals Ltd. Procedures reviewed and approved by Andrew Ross, P.Geo., of Snowden Mineral Industry Consultants. All are Qualified Persons as per NI 43-101.
Mineral resources do not have demonstrated economic viability.
The metallurgical testing program is nearly complete, and heap pad geotechnical investigations have been completed. The Los Filos Feasibility Study is expected to be completed by March 31, 2005, incorporating the revised resource model. Permitting and community discussions are well under way, with a surface rights agreement signed with the local community that covers all surface areas of the project. Wheaton anticipates production from Los Filos early in 2006.

Corporate

Three Months Ended Nine Months Ended
September 30 September 30
(in thousands) 2004 2003 2004 2003
------------------------------------------ ----------------------
General and
administrative
expenses $ (1,526) $ (980) $ (5,448) $ (3,131)
Interest and
finance fees (1,037) (930) (2,565) (1,026)
Gain on sale
of marketable
securities 1,316 1,231 1,415 2,005
Corporate
transaction costs (1,427) - (4,238) -
Share purchase
option expense (344) - (1,429) (293)
Amortization (884) (378) (1,563) (421)
Other (2,072) 746 (2,969) 1,831
-------------------- ----------------------
Loss before
income taxes (5,974) (311) (16,797) (1,035)
Income tax
recovery - 215 980 611
-------------------- ----------------------
Corporate net loss $ (5,974) $ (96) $ (15,817) $ (424)
-------------------- ----------------------
-------------------- ----------------------


Increased corporate activity resulted in higher general and administrative expenses during 2004 in comparison with 2003.

Interest and finance fees relate primarily to the June 2003 bank debt financing to acquire an additional 12.5% interest in Alumbrera. This debt was fully repaid during the quarter out of cash on hand.

Corporate transaction costs for the third quarter mainly represent costs incurred to successfully reject the unsolicited bid by Coeur which concluded September 28, 2004 when they announced they had failed to garner enough support to pursue their bid. Also included are additional costs incurred for the previously proposed business combination with IAMGold. On July 6, 2004, IAMGold did not receive the necessary shareholder approvals to effect the proposed combination and Wheaton terminated the agreement with IAMGold.

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 is estimated using the Black-Scholes method and are recorded in operations over their vesting periods. In 2003, stock-based awards made to non-employees 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 September 30, 2004 amounted to $344,000 (nine months ended September 30, 2004 - $1,429,000). Had the same basis been applied to 2003 share purchase options granted, net earnings would have been as follows:

Three Months Nine Months
(in thousands, except Ended Ended
per share amounts) Sep 30, 2003 Sep 30, 2003
---------------------------------------------------------------------
Net earnings $ 14,689 $ 29,841
Additional compensation
expense of employees (124) (9,181)
------------ ------------
Pro forma net earnings $ 14,565 $ 20,660
------------ ------------
------------ ------------
Pro forma basic and diluted
earnings per share $ 0.03 $ 0.05
------------ ------------
------------ ------------


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).

Amortization expense was higher for the quarter as compared with 2003 as it includes amortization of debt issue costs on the recent $300 million acquisition facility entered into in August 2004. Other expenses include the amortization against sales of the cost of gold put options, which were required to be purchased under the Company`s June 2003 debt financing.

No significant cash taxes were paid during 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:

Three Months Ended Nine Months Ended
September 30 September 30
(in thousands, except 2004 2003 2004 2003
per ounce amounts)
---------------------------------------------------------------------
Cost of sales per
financial statements $ 37,970 $ 28,446 $ 111,773 $ 53,292
Alumbrera equity
adjustment (Note 1) - - - (1,769)
Treatment and
refining charges 7,053 6,158 21,956 6,362
Non-cash
adjustments (1,198) (318) (2,665) -
By-product copper
sales (51,275) (23,427) (149,182) (26,381)
Royalties 1,929 1,480 4,723 1,905
--------------------- --------------------
$ (5,521) $ 12,339 $ (13,395) $ 33,409
Divided by gold
equivalent ounces
sold 149,700 126,100 454,900 294,100
Total cash costs
per ounce $ (37) $ 98 $ (29) $ 114

(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 September 30, 2004 the Company had cash and cash equivalents of $90.0 million (December 31, 2003 - $151.9 million) and working capital of $115.4 million (December 31, 2003 - $147.5 million).

In the opinion of management, the working capital at September 30, 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 $984.1 million at September 30, 2004 from $891.0 million 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 million in cash, 33.0 million Wheaton River common shares and 21.5 million 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 $114.6 million, including $1.1 million of acquisition costs.

During the quarter, the Company generated operating cash flows of $46,242,000, compared with $31,453,000 during the same period of 2003. For the nine months to September 30, 2004, operating cash flows were $147,031,000, compared with $62,195,000 in 2003.

During 2003, the Company entered into a $75 million bank loan facility which consisted of a $50 million term loan bearing interest at LIBOR plus 2.75% and a $25 million revolving working capital facility bearing interest at LIBOR plus 3%. During June 2004, the Company amended the facility such that the full $75 million is a revolving working capital facility. The amended facility bears interest at LIBOR plus 1.625% to 2.25% depending on covenant ratios, has no set repayment terms, and matures in June 2007. The balance of this facility at September 30, 2004 was $nil (December 31, 2003 - $45,000,000).

During August 2004, the Company entered into a $300 million acquisition facility which is available to finance up to three separate acquisitions. The facility is available until November 24, 2005, and amounts drawn down are required to be refinanced or repaid by February 24, 2006. Net proceeds from any debt refinancing or equity issue (not undertaken in connection with an acquisition) together with the net proceeds from significant asset sales, will be applied to prepay amounts outstanding under the facility. Security will be granted under the facility only over acquired assets, together with guarantees by any subsidiaries of Wheaton which acquire such assets. Amounts drawn down under the facility will bear interest at LIBOR plus 2.25% per annum, increasing to LIBOR plus 4.5% per annum over the term of the facility. Related debt issue costs during the quarter of $6,733,000 have been deferred and, to September 30, 2004, $561,000 has been amortized to earnings.

During the quarter, Wheaton repaid long-term debt of $65,463,000. As a result, total long-term debt at September 30, 2004 was $nil, compared with $122,423,000 at December 31, 2003.

During the three months ended September 30, 2004, the Company disposed of marketable securities for a gain of $1,316,000 and invested a total of $21,945,000 in property, plant and equipment, including $6,325,000 at the Luismin operations, $2,948,000 at Peak, $4,016,000 at Alumbrera and $8,651,000 at Amapari.

As of November 9, 2004, there were 570,289,000 common shares of the Company issued and outstanding. In addition, the Company had 22,499,000 stock options outstanding under its share option plan and 176,359,000 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. 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 September 30, 2004, the Company held put options to sell 569,000 ounces of gold and the fair value of these options was $585,000. During 2003, the Company also entered into a gold-indexed interest rate swap transaction which has a fair value at September 30, 2004 of minus $1,435,000.

Commitments

Commitments exist for capital expenditures in 2004 and 2005 of $18,641,000 and $3,378,000 respectively.

Long-term debt

The Company repaid all long-term debt during the quarter.

Related party transactions

In 2001, the Company entered into a financial advisory agreement with Endeavour Financial Corporation ("Endeavour"), a corporation which until July 2004 had 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 third quarter of 2004, Endeavour was paid consulting and financial advisory fees of $1,234,000 (2003 - $30,000), primarily related to services provided in securing the Company`s $300 million acquisition facility. A further fee of $1,125,000 is payable to Endeavour upon the first draw down under this facility.

OUTLOOK

The Company has planned capital expenditures for the remainder of 2004 of approximately $33 million. Of these, approximately $16 million will be incurred at Amapari, $5 million at Peak, $2 million at Alumbrera, and $10 million at the Luismin operations (of which $3 million relates to Los Filos and $7 million to San Dimas and San Martin).

On October 15, 2004, Wheaton and Chap Mercantile Inc. ("Silver Wheaton") announced the closing of the previously disclosed Silver Wheaton transaction. Pursuant to the transaction, Silver Wheaton agreed to purchase 100% of the silver produced by Wheaton`s Luismin mining operations in Mexico for an upfront payment of Cdn$46 million in cash and 540 million Silver Wheaton common shares plus a payment of $3.90 per ounce of delivered refined silver, subject to adjustment. As a result, effective October 15, 2004, Wheaton owned approximately 75% of the shares of Silver Wheaton and will consolidate Silver Wheaton`s financial statements from that date.

In 2004, Wheaton expects to produce approximately 600,000 gold equivalent ounces at a cash cost of less than $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 total cash cost of less than $100 per ounce.

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.

Consolidated Statements of Operations

(US dollars and shares in thousands,
except per share amounts - Unaudited)
---------------------------------------------------------------------

Three Months Ended Nine Months Ended
September 30 September 30
Note 2004 2003 2004 2003
---------------------- ----------------------
Sales $ 103,251 $ 63,142 $ 305,723 $ 109,213
---------------------- ----------------------
Cost of sales 37,970 28,446 111,773 53,292
Royalties 1,929 1,480 4,723 1,905
Depreciation and
depletion 12,503 11,414 36,546 16,967
Reclamation 258 117 767 351
---------------------- ----------------------
52,660 41,457 153,809 72,515
---------------------- ----------------------
Earnings from mining
operations 50,591 21,685 151,914 36,698
---------------------- ----------------------

Expenses and other income
General and
administrative 2,458 1,917 8,867 6,208
Interest and
finance fees 920 1,712 4,859 2,119
Exploration 740 496 2,164 1,399
Amortization 884 463 2,703 605
Corporate
transaction
costs 4 1,427 - 4,238 -
Other (income)
expense 5 (977) (3,887) 893 (5,800)
---------------------- ----------------------
5,452 701 23,724 4,531
---------------------- ----------------------
Earnings before
the following 45,139 20,984 128,190 32,167
Equity in earnings
of Minera Alumbrera
Ltd. - - - 7,324
---------------------- ----------------------
Earnings before
income taxes 45,139 20,984 128,190 39,491
Income tax
expense 13,762 6,295 42,022 9,650
---------------------- ----------------------
Net earnings $ 31,377 $ 14,689 $ 86,168 $ 29,841
---------------------- ----------------------
---------------------- ----------------------

Earnings per share
Basic $ 0.06 $ 0.03 $ 0.15 $ 0.08
---------------------- ----------------------
---------------------- ----------------------
Diluted $ 0.05 $ 0.03 $ 0.13 $ 0.08
---------------------- ----------------------
---------------------- ----------------------

Weighted-average number
of shares outstanding
Basic 568,647 450,656 567,535 376,155
Diluted 644,277 502,448 649,062 396,500

The accompanying notes form an integral part of these consolidated
financial statements.

Consolidated Balance Sheets

(US dollars and shares in thousands - Unaudited)
---------------------------------------------------------------------
September 30 December 31
Note 2004 2003
------------ -----------
Assets

Current

Cash and cash equivalents $ 90,004 $ 151,878
Appropriated cash - 8,840
Marketable securities 6 1,529 1,142
Accounts receivable 46,954 31,824
Product inventory and
stockpiled ore 7 17,155 16,726
Supplies inventory 10,144 10,083
Other 5,350 4,287
------------ -----------
171,136 224,780
Property, plant and equipment 8 728,589 583,911
Stockpiled ore 7 58,707 60,736
Future income taxes 4,230 7,211
Other 9 21,466 14,367
------------ -----------
$ 984,128 $ 891,005
------------ -----------
------------ -----------

Liabilities

Current

Accounts payable and
accrued liabilities $ 28,996 $ 31,402
Income taxes payable 22,993 1,062
Current portion of long-term debt 10 - 41,000
Other 3,738 3,832
------------ -----------
55,727 77,296
Long-term debt 10 - 81,423
Future income taxes 163,614 145,730
Provision for reclamation
and closure 18,204 19,604
Future employee benefits and other 11,067 10,834
------------ -----------
248,612 334,887
------------ -----------

Shareholders` Equity

Share purchase options 16,754 877
Contributed surplus 704 600
Share purchase warrants 16,660 -
Share capital
Common shares
Authorized: unlimited shares, no par value;
Issued and outstanding: 570,220 (December
31, 2003 - 533,697) 582,527 505,090
Retained earnings 118,871 49,551
------------ -----------
735,516 556,118
------------ -----------
$ 984,128 $ 891,005
------------ -----------
------------ -----------

Commitments (Note 13)


The accompanying notes form an integral part of these consolidated financial statements.

Consolidated Statements of Shareholders` Equity

Nine Months Ended September 30, 2004 and Year Ended December 31, 2003

(US dollars, shares and warrants in thousands - Unaudited)
---------------------------------------------------------------------

Common Shares Share Purchase Warrants
Shares Amount Warrants Amount
------------------- ----------------------
At January 1, 2003 190,400 $ 115,152 64,550 $ -
Share options
exercised 6,621 5,431 - -
Warrants issued - - 100,360 -
Warrants exercised 9,602 5,192 (9,602) -
Shares issued 327,074 402,266 - -
Share issue costs,
net of tax - (22,951) - -
Fair value of
stock options
issued to
non-employees - - - -
Net earnings - - - -
------------------- ----------------------
At December 31, 2003 533,697 505,090 155,308 -

Cumulative effect of
change in accounting
policy (Note 2 (a)) - 1,883 - -
Share options
exercised 3,127 3,252 - -
Warrants exercised 396 563 (396) -
Shares and warrants
issued on acquisition
of Amapari (Note 3) 33,000 71,885 21,516 16,660
Share issue costs,
net of tax - (146) - -
Fair value of
stock options
issued - - - -
Net earnings - - - -
------------------- ----------------------
At September 30, 2004 570,220 $ 582,527 176,428 $ 16,660
------------------- ----------------------
------------------- ----------------------


Share Retained
Purchase Contributed Earnings
Options Surplus (Deficit) Total
-------- ----------- --------- ---------

At January 1, 2003 $ 410 $ 600 $ (8,108) $ 108,054
Share options exercised - - - 5,431
Warrants issued - - - -
Warrants exercised - - - 5,192
Shares issued - - - 402,266
Share issue costs,
net of tax - - - (22,951)
Fair value of
stock options
issued to
non-employees 467 - - 467
Net earnings - - 57,659 57,659
-------- ----------- --------- ---------
At December 31, 2003 877 600 49,551 556,118
Cumulative effect of
change in accounting
policy (Note 2 (a)) 14,861 104 (16,848) -
Share options
exercised (413) - - 2,839
Warrants exercised - - - 563
Shares and warrants
issued on acquisition
of Amapari (Note 3) - - - 88,545
Share issue costs,
net of tax - - - (146)
Fair value of
stock options
issued 1,429 - - 1,429
Net earnings - - 86,168 86,168
-------- ----------- --------- ---------
At September 30, 2004 $ 16,754 $ 704 $ 118,871 $ 735,516
-------- ----------- --------- ---------
-------- ----------- --------- ---------

Shareholders` Equity (Note 11)

The accompanying notes form an integral part of these consolidated
financial statements.

Consolidated Statements of Cash Flows

(US dollars in thousands - Unaudited)

Three Months Ended Nine Months Ended
September 30 September 30
2004 2003 2004 2003
-------------------- ---------------------
Operating
Activities
Net earnings $ 31,377 $ 14,689 $ 86,168 $ 29,841
Reclamation
expenditures (1,196) (758) (2,161) (1,205)
Cash
distribution
from Minera
Alumbrera Ltd - - - 12,610
Items not
affecting
cash:
Depreciation,
depletion and
amortization 13,387 11,877 39,249 17,572
Provision for
reclamation 258 (2,368) 767 (2,134)
Gain on sale
of marketable
securities (1,316) (1,231) (1,415) (2,005)
Future income
taxes (7,547) 6,210 19,675 9,343
Future
employee
benefits 1,199 (218) 758 (338)
Share purchase
option expense 344 - 1,429 293
Equity in
earnings of
Minera
Alumbrera Ltd - - - (7,324)
Other 1,332 (1,564) 677 (1,514)
Change in
non-cash
working
capital (Note 12) 8,404 4,816 1,884 7,056
-------------------- ---------------------
Cash generated
by operating
activities 46,242 31,453 147,031 62,195
-------------------- ---------------------
Financing
Activities
Long-term debt - - - 75,000
Repayment of
long-term debt (65,463) (25,000) (137,623) (25,000)
Debt issue
costs (6,754) (378) (7,826) (4,046)
Common shares
issued 1,974 73,193 3,402 296,666
Common share
issue costs - (4,514) (146) (20,448)
Deferred gold
put options - - - (5,786)
-------------------- ---------------------
Cash (applied
to) generated
by financing
activities (70,243) 43,301 (142,193) 316,386
-------------------- ---------------------
Investing
Activities
Property,
plant and
equipment (21,945) (7,401) (50,190) (18,394)
Proceeds on
sale of
marketable
securities 33,035 5,297 33,194 7,130
Purchases of
marketable
securities (282) (3,515) (31,551) (3,515)
Appropriated
cash - - 8,840 -
Acquisition of
Mineracao
Pedra Bran

[LLDave]

und dazu steigt der Goldpreis
what a beautiful day

[goldmaki]

SILVER WHEATON TO INCREASE SILVER SALES BY 2 MILLION OUNCES IN 2005


Vancouver, British Columbia: November 14, 2004 – Chap Mercantile Inc. (“Silver Wheaton”) (TSX: SLW), which is 75% owned by Wheaton River Minerals Ltd. (TSX:WRM, AMEX:WHT), is pleased to announce that it has agreed to purchase 100% of all silver produced by Zinkgruvan Mining AB (“Zinkgruvan”), a wholly-owned subsidiary of Lundin Mining Corporation (TSX: LUN). With this acquisition, Silver Wheaton is expected to sell 9.5 million ounces of silver in 2005 and over 10 million ounces in 2006.

Zinkgruvan is a zinc/lead/silver mine in Sweden which expects to produce approximately 2 million ounces of silver annually for a minimum of 19 years, and is one of the lowest cost zinc mines in the world. Zinkgruvan is located in south-central Sweden and has been in production on a continuous basis since 1857.

Lundin Mining, Zinkgruvan and Silver Wheaton will enter into a number of agreements pursuant to which Silver Wheaton will purchase 100% of all silver produced by Zinkgruvan for US$75 million, comprised of an up front payment of US$50 million in cash, 30 million common shares of Silver Wheaton and 30 million common share purchase warrants of Silver Wheaton. The Company will acquire each ounce of silver for the lesser of US$3.90 (subject to an inflationary adjustment after three years) and the then prevailing market price per ounce of silver. Each warrant will be exercisable into one common share at a price of Cdn$0.80 until August 5, 2009.

In connection with the transaction, Silver Wheaton intends to complete a US$40 million equity financing, which combined with cash on hand, will be used by Silver Wheaton to fund the cash portion of the purchase price of the acquisition.

“This is an extremely accretive transaction for Silver Wheaton shareholders”, said Ian Telfer, director of Silver Wheaton. “While it increases sales, cash flows, earnings and reserves/resources by over 25% we expect dilution to current shareholders to be less than 15%. This acquisition increases our reserves/resources to over 200 million ounces of silver.”

Upon completion, Silver Wheaton will be the only mining company with 100% of its revenue from silver production and has over US$15 million in cash. The Company is debt-free, unhedged and is well positioned for further growth.

Closing of the transaction is subject to execution of definitive agreements and receipt of all regulatory approvals and third-party consents, including acceptance by the Toronto Stock Exchange. The transaction is expected to close by mid-December 2004.

There will be a conference call to discuss the transaction on Monday, November 15, 2004 at 11:00am (EST). You may participate in the call by dialling toll free 1-800-769-8320, or for those outside of Canada & the US by dialling 416-695-9757. The conference call will also be recorded and you can listen to a playback of the call after the event by dialling 1-888-509-0081 or 416-695-5275. A live and audio webcast will be available on the website at www.silverwheaton.com.

[goldmaki]

NOTICE: TODAY’S LUNCHEON & CONFERENCE CALL CANCELLED

Toronto, January 14, 2005 – GOLDCORP INC. (GG:NYSE; G:TSX) and WHEATON RIVER MINERALS (WHT:AMEX; WRM:TSX) regret the cancellation of the luncheon, conference call and webcast scheduled for today, January 14, 2005 at 12:30 p.m. at the Toronto Hilton Hotel.

Today, Goldcorp announced that a Special Committee of the Board is reviewing the Glamis bid in detail, to determine whether anything emerges that would change the Board’s view and to guide the Board in its response to developments as they occur. The Board and the Special Committee are working closely with its professional advisers and will announce the Board’s formal response to the Glamis offer as soon as possible.

In accordance with applicable securities laws, Goldcorp will not be making public comment about the situation until the Board has published its formal response.

We regret that Goldcorp will be unable to continue engaging shareholders for approximately the next week. We will be following with more details as they become available.

We are very sorry for the inconvenience.

Thank you,

Julia Hasiwar
Director, Investor Relations