Tony Lesiak Quotations

We have revised our target price from $27 US to $28.50 US to reflect significantly higher synergy and exploration potential at Red Lake despite the higher purchase price.

Similar to the oil sector in 2003-2004, we believe long-term pricing or sustainability assumptions may be shifting in the metals.

May be the San Martin mine might be closing a year earlier than expected. It's a modest negative.

We expect earnings to improve sequentially in 2006 predicated on higher copper and zinc price realizations.