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Morgan said leaving gold derivatives biz; Barrick comments on Gold Fields

Section: Daily Dispatches

3p Wednesday, May 8, 2002

Dear Friend of GATA and Gold:

Here are a couple of today's dispatches of special
interest.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

To Members of www.LeMetropoleCafe.com:

Two sources in various parts of the world informed me
today that J.P. Morgan Chase is closing down its gold
derivative operations. It appears that GATA has run
them out of town. I will have more on this in my quot;Midasquot;
commentary tonight at www.LeMetropoleCafe.com.

-- Bill Murphy

* * *

Barrick comments on Gold Fields speculation

TORONTO, May 8 (Reuters) - Barrick Gold Corp. , which
has grown to become the world's second-biggest gold
producer through a series of acquisitions over the past
20 years, threw cold water on Wednesday on rumors it
was poised to swell further by taking over a South African
producer.

quot;The rumors about South Africa are just that. While we
assess opportunities and we are familiar with
opportunities, they are just rumors,quot; Randall Oliphant,
president of Toronto-based Barrick told shareholders
at the company's annual meeting.

quot;Because Barrick has been so acquisitive, we're
always associated with taking advantage of each of
the opportunities. Although we're proud to be dynamic,
I don't think that we can jump that fast between days
from one opportunity to another.quot;

Earlier this week a prominent mining Internet site
reported that Barrick and AngloGold Ltd., the
third-largest gold company, would team up to buy
Gold Fields Ltd., the fourth-largest producer.

quot;These rumors are creative, but it's just somebody
creating this stuff at home in their basement,quot; Oliphant
told reporters after the meeting.

Gold Fields has been a favorite of takeover rumors
since its failed merger with Franco-Nevada Mining
Corp. Ltd. almost two years ago. Franco-Nevada has
subsequently merged with Newmont Mining Corp.
and Normandy Mining.

Over the past two decades, Barrick has grown from a
small company with one mine to become an industry
leader with annual production of about 6 million
ounces of gold.

Its acquisitions include the 1999 purchase of Sutton
Resources, giving it the Bulyanhulu property in
Tanzania, and the takeover of Homestake Mining
last year, which helped Barrick develop a foothold in
Australia.