TSE SHORTS (January 18, 1999)

Short positions outstanding at December 31, 1998

Larger individual positions include:Abitibi-Consolidated 929,500, down 448,880; Alcan Aluminium 1,062,050, down 293,341; Asia Pacific 118,700; Barrick Gold 18,795,880, down 494,737; Big Bear Exploration 1,328,400, up 675,900; Blue Range Resource 169,200; Campbell Resources 148,030, up 52,622; Dayton Mining 795,250; Echo Bay Mines 375,400; Eldorado Gold 578,035; Euro-Nevada Mining 2,735,108, up 1,135,406; Falconbridge 214,476, down 204,011; Franco-Nevada Mining 1,492,647; Glamis Gold 552,696, up 280,394; Greenstone Resources 282,700; Greenstone Res. Wt J 113,.260; Gulf Canada Resources 808,230; Inco 5,127,425, up 222,828; Kinross Gold 152,290; Noranda 1,550,914, up 723,902; Pacalta Resources 337,350; Placer Dome 2,141,270, down 328,689; Probe Exploration 699,900; Rio Algom 2,653,444; Rio Alto Exploration 188,300, up 155,400; Royal Oak Mines 1,914,733, up 155,700; TVX Gold 679,057, down 194,196; Vengold 206,026; William Resources 193,616, down 3,553,562.