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## Management’s Discussion and Analysis 

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## CAUTIONARY STATEMENT 

Our discussion and analysis contains forward-looking state- ments in which we discuss our expectations regarding future performance. Forward-looking statements are all statements other than historical facts, such as those regarding antici- pated sales volumes, ore grades, commodity prices, general and administrative expenses, unit cash production costs, operating cash flows, royalty costs, capital expenditures, future environmental costs, debt repayments and refinancing, debt maturities, treatment charge rates, depreciation rates, exploration efforts and results, dividend payments, liquidity and other financial commitments. We caution you that these statements are not guarantees of future performance, and our actual results may differ materially from those projected, anticipated or assumed in the forward-looking statements. Important factors that can cause our actual results to differ materially from those anticipated in the forward-looking 

statements include unanticipated mining, milling and other processing problems, accidents that lead to personal injury or property damage, persistent commodity price reductions, changes in political, social or economic circumstances in our area of operations, variances in ore grades, labor relations, adverse weather conditions, the speculative nature of mineral exploration, fluctuations in interest rates and other adverse financial market conditions, and other factors described in more detail under the heading “Risk Factors” in our Form 10-K for the year ended December 31, 2004 

## CERTIFICATIONS 

We have filed the certifications of our Chief Executive Officer and our Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act of 2002 as exhibits to our 2004 Form 10-K. 

