The preliminary prospectus contains a preliminary assessment that includes an economic analysis of the mining operations of Luismin which uses inferred mineral resources based on a technical report on the Luismin operations prepared by Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers.

The preliminary assessment has been prepared on the basis that a more representative analysis of the economics of the Luismin operations can be made by projecting the operating plan over a 10-year period. The Luismin mines are currently on a significant capital investment program that will consolidate production and upgrade tailings management at all mines to achieve a lower cost structure in the future operations. To more accurately reflect the return that can be expected for the planned capital expenditures, the 10-year economic analysis requires the inclusion of inferred mineral resources in the latter part of the period. In total, 68% of planned production in the 10-year analysis is based on inferred mineral resources.

Watts, Griffis and McOuat concluded that a 10-year economic analysis for the Luismin operations that includes inferred mineral resources is appropriate based on the following reasons:

Production has been sustained from the San Dimas deposits for more than 200 years;

Luismin has been successfully conducting the mine operations at San Dimas for 18 years;

Additional capital investment of approximately US$25 million is currently planned by Luismin for a 30% production increase over the next five years (2002 to 2006);

Watts, Griffis and McOuat believes that there is a high probability that existing inferred mineral resources will be converted into mineral reserves;

A study in the main production area at San Dimas covering the period from 1979 to 1998 showed that Luismin was able to achieve a conversion of about 90% of the inferred mineral resources into mineral reserves;

A study in the secondary production areas at San Martin and La Guitarra covering the period from 1979 to 1998 showed that Luismin was able to achieve greater than 100% conversion of inferred mineral resources into mineral reserves; and

Luismin operating practice has been to convert mineral resources into mineral reserves primarily through drifting in the mineralization and completion of sampling and mining of the headings.

As mineral resources are not mineral reserves, they do not have demonstrated economic viability. Due to the uncertainty which may attach to inferred mineral resources, there is no assurance that inferred mineral resources will be upgraded to proven and probable mineral reserves as a result of continued exploration. The 10-year economic analysis is a preliminary assessment which is preliminary in nature and includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them to enable them to be categorized as mineral reserves. There is no certainty that the preliminary assessment will be realized.

Certain of the parameters used in the preliminary assessment are as follows:

The operating costs are derived from Luismin’s 2001 operating costs with adjustments by Watts, Griffis and McOuat to reflect future anticipated changes;

All dollars are constant dollars (i.e. no inflation). Additionally, Watts, Griffis and McOuat has assumed in the model that changes in the Mexican peso exchange rate would be offset by changes in precious metal prices;

The base gold price is US$300 per ounce and the base silver price is US$4.70 per ounce; and

The exchange rate of US$ to Mexican pesos is US$1.00 equivalent to 9.10 Mexican pesos.

The other parameters used in the preliminary assessment are contained in the preliminary prospectus and will be set out in a material change report to be filed in connection with this press release.

The purchase price of Luismin was comprised of US$55 million in cash and 9,084,090 common shares of Wheaton River. Wheaton River also advanced US$20 million to Luismin that Luismin used to repay all of its existing bank debt. An additional contingent silver payment of 11,355,113 common shares will be paid if the price of silver averages US$5 or more per ounce over a period of 60 consecutive trading days prior to June 19, 2004. The preliminary assessment includes approximately US$45.3 million in capital expenditures over the 10-year period for production expansion and environmental upgrades and approximately US$55.5 million over the 10-year period for sustaining capital.

The 10-year analysis of Luismin’s operations prepared by Watts, Griffis and McOuat that includes inferred mineral resources is as follows:

The terms "Net Revenue", "Total Operating Costs" and "Net Cash Flow to Project" as used in the preliminary assessment are non-GAAP measures, do not have any standard meaning prescribed by GAAP and are unlikely to be comparable to similar measures presented by other issuers.

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the price of gold, the timing and amount of estimated future production, costs of production, reserve determination, reserve conversion rates, the timing of the development of new deposits, the Company’s hedging practices, permitting time lines, and the timing and possible outcome of pending litigation involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold and silver, as well as those factors discussed in the section entitled "Risk Factors" in the Annual Information Form and in the Form 20-F as on file with the Securities and Exchange Commission in Washington, D.C. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

For further information please contact Wheaton River Minerals at 1-800-567-6223 (e-mail: info@wheatonriver.com) or visit www.wheatonriver.com.

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