TSE SHORT POSITIONS (August 25, 1997)

Short positions outstanding at July 31, 1997

Larger individual positions included: Barrick Gold 11,804,898, up 866,048; Bema Gold 4,407,286; Bonus Resource 22,190, down 791,810; Breakwater Resources 221,100, up 210,600; Campbell Resources 3,914,419, up 225,446; Echo Bay Mines 340,831, up 163,869; Franc-Or Resources 0, down 319,500; Golden Rule 249,600, down 291,900; Gulf Canada 1,946,315, up 1,651,410; Inco 4,494,890, up 280,443; Inmet Mining 256,250, up 256,250; Kinross Gold 464,086, down 342,035; Northfield Minerals 361,500, up 361,500; Princeton Mining 4,215,006, up 100,000; Pure Gold Resources 80,000, down 227,000; Sherritt Int’l 15,937,242, up 570,343; Sonora Diamond 2,000, down 105,500; Upton Resources 7,800, down 258,200; William Resources 2,126,178, up 855,590.