Trading Summary (November 20, 2003)

After opening lower, the Toronto Stock Exchange recovered to end Thursday’s trading session 8.69 points higher at 7,809.78. The golds retreated 2.49 points to 226.87, as the yellow metal shed US$1.50 to land at US$393.00 per oz. in New York. The diversified miners slipped another 3.95 points to 186.55.

Queenstake Resources was the most traded mining issue, dropping 6 to 88 with around 28 million shares traded. On Thursday, the company posted a net loss of $7.1 million (or 3 per share) for the three months ended Sept. 30. The loss includes an $8.5 million writeoff provision of the Magistral joint venture, reflecting operating deficits and the probable need for significant additional capital expenditures.

Northern Orion Resources slipped 2 to $3.27 despite reporting that its 12.5% stake in the Bajo de la Alumbrera copper and gold mine in Argentina chipped in $3.9 million toward third-quarter earnings. In all, the company earned $1.8 million. Orion’s attributable share of production was 13.3 million lbs. of copper and 19,700 oz. of gold during the first quarter of full ownership.

Mountain Province Diamond jumped 57, or 29%, to a new 52-week high of $2.55. There was no immediate news out of the diamond explorer. Fellow diamond issue Aber Diamond hit a year-high of its own, gaining $1.18 to make $46.60. On Thursday, Aber and partner Rio Tinto tabled plans to boost production at the Diavik diamond mine in the Northwest Territories.

Canada’s junior exchange faced sell pressure not seen in over a month as investors elected to lighten their load in gold-related companies. The S&P-TSX Venture Exchange composite index lost 11.25 points, or 0.69%, and closed at 1,614.61.

Bucking the negative trend was International Wayside Gold Mines. The Frank Callaghan-led junior posted impressive gains for the second straight session adding 5.5 to close at 24.5 on 4.6 million shares traded. The company is looking to advance the Cariboo gold project near Wells, BC and most specifically the higher-grade Bonanza Ledge zone.

ECU Silver lost 2 to close at 21.5 on 2.1 million shares traded. The company holds several silver properties in Mexico.

A falling bullion price dragged American Bonanza Gold Mines off a 52-week high. Shares in the junior fell 2.5 to close at 38, on a volume of nearly 1.4 million. The company is currently in the midst of an underground drilling program on its Copperstone gold project in Arizona. Work is also on going on the junior’s Gold Bar property located in the Battle Mountain-Eureka mineral belt in central Nevada.

Junior Kalahari Resources shot up 9.5, or 42%, to 40 after reporting a 146-ft.-long intersection grading up to 0.57 oz. gold per ton over 1 ft. on its Lamaque holdings. Based on the results, the company has launched an induced polarization survey accompanied by detailed magnetic surveying.