TSE SHORT POSITIONS (September 22, 1997)

Short positions outstanding at August 31, 1997

Larger individual positions include: Armada Gold 114,900, up 114,900; Aur Resources 331,050, up 330,250; Barrick Gold 10,977,077, up 256,010; Bema Gold 4,132,948, down 188,838; Campbell Resources 3,965,578, up 159,400; Crystallex Int’l 954,962, up 236,275; Eldorado Gold 115,124, up 115,124; Euro-Nevada Mining 1,219,659, down 352,429; Gulf Canada Resources 10,887,238, up 6,806,462; Inco 4,071,077, down 371,960; Inco 4,071,077, down 371,960; Pinnacle Resources 218,825, up 217,925; Princeton Mining 4,215,006; Rea Gold 513,000, up 384,000; Sherritt Int’l 16,747,378, up 284,531; T&H Resources 140,000, up 135,000; Upton Resources 2,667,200, up 2,401,200.