Trading Summary (February 05, 2004)

The Toronto Stock Exchange managed to reclaim just 10.29 points to end at 8,548.41 on Thursday. The golds made up their recently lost ground plus some adding 3.41 points to hit 206.33. The base metal group did the same rising 1.98 points to 210.33.

Anticipation continues to drive shares in Tahera. The junior diamond developer is awaiting the Nunavut Impact Review Board’s recommendations regarding its Jericho diamond mine. Federal approval of the recommendations is required before permitting and financing can begin. The company’s shares jumped 6, or nearly 14%, to a new 2-year high of 54 with 19.3 million shares traded, enough trail only market heavyweight Nortel Networks on the TSX volume list.

Still, Thistle Mining managed to upstage Tahera gaining 6.5, or 21% to end at 37 with about 9.4 million shares traded. On Thursday, Thistle announced the discovery of a new resource block in the Eldorado Reef at its President Steyn complex in South Africa. Dubbed Distal Eldorado, the resource block comprises 4.2 million tonnes grading 6.2 gram gold per tonne. About 12% of the contained ounces are classified as indicated; the balance is contained in inferred resources. The block is situated to the southeast of the Eldorado Massive project in the northern section of the mine. The find boosts resources in the Eldorado Reefs to more than 1.3 million oz.

Wheaton River Minerals watched about 3.8 million shares make their way 9 higher to $3.51 to grab third spot activity-wise.

Jaguar Nickel rebounded from Wednesday’s loss grabbing 11, or 8.5%, to finish at $1.40. On Thursday, Jaguar said that it has received a receipt for its final prospectus from the Quebec Securities Commission to distribute 20 million shares and warrants upon exercise of 20 million special warrants issued in November. The prospectus also allows 1.4 million compensation warrants to be issued upon the exercise of previously issued compensation options issued to the underwriters in connection with the offering.

Falconbridge tabled quadrupled fourth-quarter earnings on Thursday. The company’s issue managed a 65 increase to $30.30. Inmet Mining found 38 to make $16.28 after reporting fourth-quarter net income of $127.6 million (or $3.21 per share), compared with year-ago income of $400,000 (1 a share). The increase is thanks to $110.9 million in proceeds from the successful outcome of the Troilus litigation, plus higher metal prices and the inclusion of strong earnings from Ok Tedi.

Canada’s junior continued its backward slide as advancing stocks lost to declining stocks 394-to-464. The S&P-TSX Venture Exchange composite index closed at 1776.43, down 11.16 points, or 0.62% with 81.4 million shares traded.

Beartooth Platinum closed at 27.5, up 3.5 with 3.45 million shares traded. The company’s core asset is 14,000 acres in the Stillwater Complex of Montana. Within this land package are several advanced stage exploration targets and numerous untested PGM zones.

Spider Resources and joint venture partner KWG Resources hold the McFauld’s Lake property in the James Bay Lowlands of northeastern Ontario. Winter drilling at the McFaulds No. 3 occurrence has intersected a 36-metre section of massive sulphide mineralization. Diaeem International Resource is stands to earn an 8% interest in the project by investing $2 million in the project, however, the interest can be converted at the request of either of the parties into an equity interest in Spider and KWG. Spider closed 17.5, up a penny with 1.9 million shares traded. Diagem closed at 29, up 1 with 111,000 shares traded. KWG ended the day at 33.5, up 3 with 220,200 shares traded.

IMA Resources closed at $3.20, up 22 with 1.44 million shares traded. The company recently tabled results from an ongoing drill program at its wholly-owned Navidad silver property in Argentina. Hole 14 cut 18.0 metres of 1,421.2 grams silver per tonne (41.5 ounces per ton), 0.42% copper, 5.24% lead and 1.69% zinc within a much longer intercept of 115.1 metres averaging 453.6 grams silver per tonne (13.2 ounces per ton), 0.08% copper, 5.26% lead and 0.50% zinc.