TSE SHORTS (August 02, 1999)

Short positions outstanding at July 20, 1999

Larger individual positions include: Abitibi Consolidated1,811,974; Alcan Aluminum 1,127,506, down 212,790; Armada Gold 150,000; Barrick Gold 6,745,874, down 285,090; Boliden 4,190,500; Cominco 3,330,248; Dayton Mining 149,995; Dejour Mines 244,000, up 117,552; Denison Mines 722,000, up 265,500; Echo Bay Mines 164,200; Euro-Nevada 1,622,063, down 483,090; Franco-Nevada 1,191,710; Goldcorp 719,650, down 72,553; Inco 6,640,044, up 139,655; Manhattan Minerals 285,700; Noranda 1,658,307, up 280,398; Nuinsco Resources 118,000; Pan American Silver 132,900; Placer Dome 2,058,462, down 517,379; Rio Algom 2,800,000; Royal Oak Mines 1,908,600; Santa Cruz Gold 1,369,484, up 397,000; Teck Corp. Class B 1,540,103, down 155,375; Tiomin Resources 182,300; William Resources 5,356,250, up 204,000