Building Mines, Building Value

Building Mines, Building Value

Building Mines, Building Value 2004

Building Mines, Building Value 2004 4.9 4.96 million ounces production targets were met $212 per ounce 5.0 $205 $215 cash costs

2004 $248m earnings $506m operating cash flow Building Mines, Building Value all amounts in US dollars 03 04 03 04

Building Mines, Building Value 2004 industry-wide costs rise 15%

Building Mines, Building Value 2004 mitigating cost pressures continuous improvement initiatives improving supply chain management commodity and currency price protection

Building Mines, Building Value 2004 lowest cost senior gold producer development of high quality projects

Building Mines, Building Value 2004 p&p gold reserves 38 millions of ounces 89 58% increase per share 94 04

Building Mines, Building Value 2004 p&p gold reserves millions of ounces 89 43 million ounces low-cost development reserves 04

2004 p&p gold reserves millions of ounces 89 Building Mines, Building Value will become one of world s largest silver producers 900+ million ounces contained silver 04

Building Mines, Building Value disciplined + conservative 2004 A Veladero financing $250 million + long-term debt issue $750 million rated balance sheet

Building Mines Tulawaka 2004 Lagunas Norte Veladero Cowal $1.2 billion est. construction capex ~2.0 million ounces average 3 years < $200 per ounce average 3 years

2005, Delivering Value Building Mines, Delivering Value

2005 Building Mines, Delivering Value Building Mines, Delivering Value rising gold price environment production ounces millions 4.96 6.8-7.0 40% growth target 04 07

Building Mines, Delivering Value

2005 Building Mines, Delivering Value people make it happen

2005 Building Mines, Delivering Value Building Mines, Delivering Value Augusto Chung Dave Anthony George Bee

2005 Elko, Nevada Building Mines, Delivering Value corporate social responsibility

2005 World Vision Building Mines, Delivering Value corporate social responsibility

2005 World Vision Building Mines, Delivering Value corporate social responsibility Habitat for Humanity

Building Mines, Delivering Value 2005 medical care corporate social responsibility Habitat for Humanity

Valuefuture Building Mines, Delivering

Building Mines, Delivering Value future Ed Cope Alex Davidson exploration and corporate development Ramon Araneda Inna Gretchka Rob Krcmarov Deni Nicoski

future Building Mines, Delivering Value Nevada Building Mines, Delivering Value Frontera Alto Chicama Lake Victoria Russia / Central Asia exploration in five key districts $150 million program

Russia / Central Asia Nevada Underground Goldstrike Building Mines, Delivering Value Alto Chicama Reno Lake Victoria N E V A D A East Archimedes Frontera Open Pit Round Mountain

Russia / Central Asia Nevada Trujillo Lagunas Norte Building Mines, Delivering Value Alto Chicama Lake Victoria P E R U Frontera Pierina

Russia / Central Asia Nevada Protocol Area Pascua-Lama Pascua-Lama Veladero Building Mines, Delivering Value C H I L E A R G E N T I N A Alto Chicama Veladero Lake Victoria Frontera C H I L E 3,041 sq. km. A R G E N T I N A

Pascua-Lama Russia / Central Asia Nevada Cerro Pelado Veladero Cerro Colorado Pascua-Lama Veladero Building Mines, Delivering Value Regalito Frontera Guanaco Zonzo Alto Chicama Lake Victoria C H I L E 3,041 sq. km. A R G E N T I N A

Russia / Central Asia Nevada LAKE VICTORIA Building Mines, Delivering Value Alto Chicama Lake Victoria Kabanga Tulawaka Bulyanhulu Buzwagi Frontera T A N Z A N I A Dar es Salaam

vada Russia / Central Asia Highland Gold Celtic Resources Moscow Building Mines, Delivering Value R U S S I A Alto Chicama Lake Victoria K A Z A K H S T A N Frontera M O N G O L I A C H I N A

Building Mines, Delivering Value 2005 targets on track cash costs production $220 $230 5.4 5.5

Building Mines, Delivering Value 2005 first quarter results $248 per ounce $51 million earnings 1.1 million ounces produced

Building Mines, Delivering Value track record of increasing reserves 40% growth target favourable gold price environment low-cost producer