Trading Summary (October 08, 2003)

Despite a US$2-per-oz. dip in the price of gold to US$374.90 per oz. in New York, the Toronto Stock Exchange’s gold index managed to end 2.29 points higher at 192.69. Still, it was the diversified miners that stole the show, gaining 2.99 points, or 1.75%, to make 173.96. By day’s end, the S&P/TSX composite index was 8.09 points higher at 7,569.3, leaving the rest of North America’s bourses in the red.

Wheaton River Minerals reclaimed the most traded mantle, dropping 4 to $2.43 with more than 4.7 million shares traded. Breakwater Resources wasn’t far behind, as profit takers sent shares off 3 to 51.

Corriente Resources added 19, or 10.2%, to reach $2.05, with 2.35 million shares on the go. Recent drilling by the company uncovered a new zone of high-grade copper mineralization about 3 km to the northwest of its Mirador copper-gold deposit in southeastern Ecuador.

Other nice percentage gainers on the day were Weda Bay Minerals, up 12, or 30%, to 52, Northgate Explorations’ A class warrants jumped a dime, or 22, and McWatters Mining regained a penny, or 25%, to reach a nickel.

Weda Bay recently tabled plans for two financing deals. The first will see the company privately place 3 million shares at 14 apiece for gross proceeds of $420,000. The second deal saw four company insiders advance US$85,000 against an unsecured convertible debenture due at the end of 2003. A recently completed prefeasibility study of Northgate ‘s Kemess North gold-copper project in north-central British Columbia contains a minable resource of 4 million oz., enough for a mine life of 11 years. McWatters recently suspended mining operations at its Sigma-Lamaque open-pit gold mine in Quebec.

Canada’s major gold producers put in modest gains, Kinross Gold was the busiest adding 14 with on more than 3 million shares. A few rungs down, Southwestern Resources continued $1.59, or nearly 8%, higher to another new 52-week high of $21.84. The shares received a recent shot in the arm after announcing that Newmont Mining would buy a stake in the company.

Ivanhoe Mines was the next busiest base metal issue after Breakwater, gaining 43 to reach a new year-high of $9.17 on a volume of about 3 million shares. Swedish metal group Boliden rose a quarter, or nearly 6%, to $4.50.

Canada’s junior exchange edges closer to a new all time with investors contiuing to buy gold-related companies. The S&P-TSX Venture Exchange composite index takced on 5.10 points, or 0.36%, and closed at 1,398.35.

Spider Resources added 3 to close at 13.5 on 3.2 million shares traded. The junior along with partner KWG Resources have resumed drilling on the McFauld’s Lake massive sulphide project in the James Bay lowlands of Ontario. At last report, 6 new electromagnetic anomalies have been delineated by the AEM survey on the joint venture property in the immediate vicinity of the McFauld’s occurrence. KWG closed at 23, up 7.5 on 1.6 million shares traded.

Investors bid up shares in Sparton Resources following news that the junior agreed to sell two million special warrants at a price of $0.43 per unit. Each special warrant holds one share and one warrant. The warrants are exercisable at $0.54 for a period of two years. Sparton ended the day at 72, up 18 on 1.8 million shares traded.