WHEATON RIVER MINERALS LTD.

2002

Wheaton River Closes $126.5 Million Financing

Wheaton River Minerals Ltd. (WRM: TSX) is pleased to announce the closing of a private placement of 110 million special warrants at a price of $1.15 per special warrant for aggregate gross proceeds to Wheaton River of $126.5 million. The initial offering size of 82 million special warrants was expanded to 110 million special warrants by the syndicate of agents led by Griffiths McBurney & Partners, including BMO Nesbitt Burns Inc., Canaccord Capital Corporation and Haywood Securities Inc.

Each special warrant entitles the holder to acquire, without further payment, one common share of Wheaton River and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder thereof to acquire one common share of Wheaton River at a price of $1.65 per share for a period of five years following the closing date.

The net proceeds from the private placement will be deposited in escrow and used to fund the cash portion of the purchase price payable by Wheaton River in connection with the previously announced acquisition of Minas Luismin, S.A. de C.V., one of Mexico's largest producers of gold and silver. Closing of the acquisition of Luismin is scheduled for mid June 2002.

Ian Telfer, Chairman and CEO of Wheaton River, said that "Successful completion of the acquisition of Luismin is the first step towards creating a new mid-tier precious metals producer. The positive reaction of the equity markets to this financing confirms our belief that Luismin will provide a strong platform from which to grow."

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an application exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

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 Vanguard Shareholder Solutions at 1-800-567-6223 (e-mail: ir@vanguardsolutions.ca) or visit www.wheatonriver.com.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.