TSE SHORT POSITIONS (January 20, 1997)

Short positions outstanding at December 31, 1996

Larger individual positions included: Barrick Gold 12,334,883; up 1,335,881; Agnico-Eagle 505,768; Asia Pacific Resources 92,000, down 110,950; Anvil Range Mining 202,600; Aur Resources 191,855; Band-Ore Resources 101,600; Bema Gold 5,232,542; Caledonia Mining 102,400; Campbell Resources 1,535,975; Cominco 415,000; Dayton Mining 346,384; Eldorado Gold 1,065,072; Euro-Nevada Mining 1,100,942; Falconbridge 1,545,400, up 166,300; Gulf Canada Resources 355,516, up 142,372; Greenstone Resources 2,149,519; Golden Star Resources 292,650; Inmet Mining 395,446; Indochina Goldfields 480,400; Imperial Metals 298,275; Kinross Gold 297,586, down 1,245,965; Kap Resources 112,400; Consolidated Eurocan 180,700; Laminco Resources 125,000, up 125,000; Lytton Minerals 145,100; Manhattan Minerals 133,500; Meridian Gold 129,207; Inco 5,538,623, up 839,715; Noranda 1,837,360, up 552,825; Novicourt 787,100; Orvana Minerals 132,700; Placer Dome 3,059,200; Queenstake Resources 126,800; Stampeder Exploration 100,731; St. Genevieve 103,900; Samax Gold 300,900, up 300,900; TVX Gold 1,734,600, up 896,423; United Keno Hill 430,700; Vengold 244,400; William Resources 2,422,661; Westmin Reosurces 7,072,288; World Wide Minerals 130,200; Yamana Resources 393,004.