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Technical observations of

Bob Hoye
Institutional Advisors
February 22, 2005

Newmont continues to track the major bullish model we've been using for the last two years. The break to $34 last year was a beautiful test of the 2002 highs and the projected trendline from 1988 & 1991. However, the $40 level should now be considered the critical 'make or break' level. The pattern development suggests that prices should stage a successful breakout through the $50 level within the next few months.

Bob Hoye
Institutional Advisors


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