Trading Summary (December 23, 2002)

Toronto’s gold stocks powered the TSX to a 67.63-point gain to end Monday’s trading session at 6,628.25 as the market heads into the Christmas break. The Gold Index shot up 7.28 points or 3.8% of value to make 198.7. The Diversified Metals & Mining Index rose 1.73 points to 130.33. Gold tacked on US$4.50 to hit US$344.80 per oz. in New York.

Kinross Gold remained the most active mining stock, climbing 11 to $3.55 on just more than 5.45 million shares. On Friday, Kinross said it would hold a special shareholders meeting on Jan 28, to put its planned three way merger with TVX Gold and Echo Bay Mines to a vote. TVX and Echo Bay shareholders will vote at their respective companies’ meetings slated for Jan 31. If all goes to plan the deal would wrap up Jan. 31. For their parts, TVX shares climbed 90 to $23.15, and Eco Bay shares made 6 to hit $1.81.

Barrick Gold found $1.20 to reach $24.62 and Placer Dome ended 63 higher at $17.73 to round out the major producers.

Cambior got a plus-4% boost adding 9 to settle at $2.30. On Monday, Cambior announced that National Assembly of Suriname has agreed to remove state-owned Grassalco’s option on the Rosebel gold project. The move leaves just political risk insurance as the last hurdle before construction can begin. The operation is expected to crank up in 2004.

McWatters Mining added another penny to make 20.5. The company recently tabled positive results from a 5,012-metre, 38-hole surface and underground drilling campaign at its idled Kiena mine near Val d’Or, Que.

Eldorado Gold cashed up to the tune of $46 million via a financing of 28.75 million units at $1.60 apiece. The funds are headed to western Turkey to fund development of the junior’s Kisladag gold project. Measured and indicated resource there come to 166 million tonnes averaging 1.13 grams gold, or 6.05 million contained ounces. An environmental impact assessment will be submitted to the Turkish government in mid-December, with a feasibility study due in March 2003. The junior ended a nickel higher at $1.88.

Breakwater Resources was the most traded base metal miner soaring 3.5 or 28% to 16 on about 1.45 million shares. The zinc miner has struck a deal with its banking syndicate and Dundee Bancorp to extend for a year repayment of more than US$44 million on its existing credit facilities.

Most of the other base metal miners put in more modest gains.

Uranium miner Cameco made news scooping up another 16.6% of Bruce Power from financially beleaguered British Energy. The deal valued at $770 million also includes TransCanada Pipelines and BPC Generation Infrastructure Trust. In the end, the three will each hold a 31.6% stake in Bruce Power. The Power Workers’ Union and The Society of Energy Professionals will have 5.2%. Cameco figures its share will cost about $198 million, plus guarantees.

Canada’s junior exchange moved higher with investor betting that 2003 will be a good year for junior gold explorers. The S&P-TSX Venture Exchange composite index gained 9.20 points or 0.91%, and closed at 1,019.69.

Arctic Star Diamond added 5 to close at 45 on 663,500 shares. The junior holds a stake in a number of diamond properties in northern Ontario and Manitoba.

Odyssey Resources moved higher with the price of bullion. The junior currently has a rig turning over the Altintepe gold property on the Black Sea coast of Turkey. Some 54 holes have been previously drilled on the project, cutting both oxide and sulfide mineralization. The oxidation depths vary from 10-to-120 metres. The best drill results include 2.4 grams gold per tonne over 123.6 metres and 5.9 grams gold over 12 metres. Shares in the company climbed 5 to close at 37 on a volume of 451,300.

Navigator Exploration tacked on 3 to close at 21 on 800,500 shares. Earlier this month, the company and equal partner Canabrava Diamond reported that De Beers Canada purchased three Kat project claims for $350,000. The claims are situated proximal to De Beers’Victor kimberlite, located near Attawapiskat in the James Bay Lowlands of northern Ontario.