Bullion holdings at 5.2 tonnes, or 168,723 ounces. 50,986 ounces or 31% of gold production was withheld during the quarter. Gold production was 163,807 ounces in the quarter and 461,751 oz. for the nine months versus 161,459 oz. and 444,556 oz., respectively for 2003; Treasury assets were $420.0 million, up $40.0 million or 10% from the second quarter; Bullion adjusted cash flow up 25% this quarter, 101% for the year (Reported cash flow from operations down for the quarter, up for the year); New Red Lake Shaft sinking reaches a depth of 1,900 ft (579 m) as of 20/10/04; Shaft sinker replaced crew; Cash production cost/oz. increased to $121 from $116 for third quarter 2003; Board of Directors' search for new CEO is underway.