Northern Miner Indices (February 23, 2004)

NORTH AMERICAN MINING INDEX

CompanyTickerWeight

BarrickABX-T17.1%

CamecoCCO-T3.3%

FalconbridgeFL-T5.0%

Freeport McM BFCX-N8.2%

GoldcorpG-T4.3%

IncoN-T8.7%

Kinross GoldK-T4.3%

Newmont MiningNEM-N24.1%

NorandaNRD-T5.0%

Phelps DodgePD-N7.1%

Placer DomePDG-T9.5%

Teck ComincoTEK.B-T3.3%

SMALL PRODUCERS INDEX

CompanyTickerWeight

Apollo GoldAPG-T2.1%

Aurizon MinesARZ-T2.5%

BolidenBLS-T5.0%

Coeur d’AleneCDE-N10.2%

Crystallex IntlKRY-T4.5%

DynatecDY-T2.1%

First Quantum FM-T6.1%

FNX MiningFNX-T4.3%

HeclaHL-N10.6%

High River GoldHRG-T3.0%

InmetIMN-T5.2%

Miramar MiningMAE-T4.4%

North Amer PdPDL-T4.3%

Northgate ExplNGX-T5.8%

Orvana MineralsORV-T2.4%

Queenstake ResQRL-T2.7%

Rio NarceaRNG-T4.3%

River GoldRIV-T2.1%

Royal GoldRGL-T6.2%

StillwaterSWC-N10.4%

Thistle MiningTHT-T1.8%

Weights current in fourth quarter, 2003