SHORT POSITIONS

Semi-monthly reports as of Jan 31, 1995 showed 239,236,777 shares of 783 issues compared with 244,193,506 shares of 792 issues on Jan 15, 1995.

Larger individual positions included: Aber 49,040, down 62,900; Agnico-Eagle 183,448, up 55,700; Anderson Expl. 57,700, up 46,100; Archer Res. 21,859, down 43,541; Arimetco Intl. 254,600; Baja Gold 69,000; Barrick Gold 4,158,613, down 1,107,050; Bema Gold 674,600, down 141,200; Breakwater 396,200, down 124,100; Caledonia M’g. 366,025; Cambior 203,300, down 29,800; Cameco 305,800, up 297,900; Campbell Res. 2,674,800, up 50,500; Chase 0, down 87,000; Cliff Res. 40,000, up 40,000; Cominco Ltd. 57,800, up 47,100; Cons. Ramrod 85,800; Czar Res. 0, down 231,700; Dayton M’g. 1,515,700, down 188,900; Diamond Fields 213,035, down 29,100; Dofasco 3,777,257, up 116,200; Echo Bay 970,800, down 44,800; Eden Roc Min. 50,900; Ego Res. 91,100, up 48,600; Euro-Nevada 544,200; Falconbridge 168,000; Fort Knox 50,000; Franco-Nevada M’g. 307,950; Global Stone 1,400,800, up 77,400; Gulfstream 12,900, down 219,200; Hemlo Gold 656,700; Inco 526,000, down 239,800; Joutel Res. 32,000, up 30,000; Kinross Gold 686,600, down 129,539; Lytton Min. 417,300; Manhattan Minerals 68,000; Mark Res. 312,900; Marshall Minerals 29,600, up 26,700; Metall M’g. 1,735,497, down 189,150; Miramar M’g. 532,500, up 94,375; Noranda 696,550, up 153,300; Northrock 6,000, down 146,600; Novicourt 527,700; Orvana Min. 61,600; Pan American Mineral 84,160; Petromet Res. 468,900, down 58,400; Pinnacle Res. 13,700, down 43,600; Placer Dome 1,037,600, down 134,900; Platinova A/S 270,000, up 267,500; Potash Corp. of Sask. 229,800, up 157,700; Profco 41,100, up 41,100; Rio Algom 247,200, down 56,346; Royal Oak 996,200, down 1,684,000; San Fernando M’g. 98,500; Sherritt Inc. 48,400, down 100,300; Southwestern Gold 62,800; Stampeder Expl. 8,300, down 59,200; Teck svB 1,339,555, up 45,673; Trillion Res. 43,000, down 37,300; TVX Gold 525,200, up 194,300; Wheaton River 0, down 76,000; Western Garnet 537,800, down 29,400.