Trading Summary – TSX (February 12, 2004)

The Toronto Stock Exchange ended 42.69 points lower at 8,752.04 as profit takers did exactly that after five days of gains. The golds led the retreat dropping 2.95 points, or 1.3%, to 219.78. The diversified miners fell 1.05 points to 226.49.

Odd couple Barrick Gold and Falconbridge said on Thursday the they plan to jointly explore and develop the Kabanga nickel deposit in Tanzania. Falconbridge can take a half-interest by spending US$45 million on development, completing a feasibility study within three years, and paying another US$13.5 million along the way. Inferred resources stand at 26.4 million tonnes grading 2.6% nickel. The resource is currently being updated. Barrick inherited Kabanga as part of its purchase in 1999 of Sutton Resources. Barrick dropped 44 to $27.66 while Falconbridge shed 94 to $34.20.

Ashton Mining of Canada grabbed 13, or 7%, to make $2. On Thursday, the company reported the recovery of 4.63 carats of diamond from 3.87 tonnes worth of kimberlitic material from the Lynx occurrence on the Foxtrot property in the Otish Mountains region of northern Quebec. The company also recently recovered a total of 9.38 carats of diamond from a total of 15.4 tonnes of material from the Renard 2 and 4 kimberlite pipes at Foxtrot.

Standing out among the mostly lower gold issues were Eldorado Gold, up 14, or 3%, at $4.30, Northgate Exploration, plus 9, or 3%, to $3.01, Aurizon Mines, whi8ch grabbed 4 to hit $1.74, and Etruscan Resources at the head of the pack with a 17, or 7.4%, gain to $2.47.

Zinc miner Breakwater Resources led the base metal miners with nearly 2.3 million shares finding their way 3 higher to 69. Teck Cominco‘s B series was a close second volume-wise rising 64 with just more than 2.2 million shares traded.