Trading Summary – TSX (January 30, 2004)

A US$4-per-oz. rise by gold helped Toronto’s gold stocks regain 3.67 points to end Friday’s trading session at 203.18. The yellow metal ended the week at US$402 per oz. in New York. Still, it was the base metal miners that led the resource sector with a 2.6% gain to 214.48. By day’s end, the S&P/TSX Composite Index was 72.03 points higher at 8,521.39.

Constellation Copper was the star mining issue, volume-wise, gaining 2, or 16%, to 14.5 on about 4.9 million shares. Constellation recently reported high-grade results form drilling the deep extension of the GTO deposit, Lisbon Valley, Utah. The results of the first seven of 25 new drill holes average 3.25% copper over 21.25 ft.

Shares in Cumberland Resources advanced 16, or more than 4%, to $3.90. The company recently said that drilling in 2003 has boosted measured and indicated resources at its Meadowbank gold project in Nunavut by 30%.

Iamgold shares edged 6 higher to $8.66. On Thursday, Iamgold said it produced 421,000 attributable ounces at a weighted cash cost of US$225 per oz. during 2003. Output was 2% lower and cash costs 5% higher than mid-year predictions.

Falconbridge dropped a buck to $31.35 as news of a possible strike at the Sudbury operations gained ground. According to a Reuters‘ report, the two sides were not even close to coming to an agreement, and the union does not think one will be reached in time for the mid-night deadline.

Meanwhile, cross-town rival Inco surged $2.03 ahead on its peer’s woes, and Sherritt International climbed 8 to $7.04. Also up was LionOre Mining International, which rose 15 to $7.15.