Growth Strategy – Exploration (2002F & 2003 Draft Budget)

Near-Mine

Exploration

($30 million, 47%)

Operating

District Search

($20 million, 31%)

Greenfield

Exploration

($10 million, 15%)

Advanced Projects

($3 million, 5%)

Discretionary

($1 million, 2%)

Equity Total: ~$64 million

Near-Mine

Exploration

($27 million, 36%)

District/Regional

($25 million, 33%)

Greenfields

Exploration

($16 million, 21%)

Advanced

Projects

($6 million, 8%)

Equity Total: ~$76 million

Management

($1 million, 2%)

Discretionary

($1 million, 2%)

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