Trading Summary (March 12, 2004)

The power went out on the Toronto Stock Exchange’s utility sector on Friday, as the group fell 0.65 of a point to 156.39 the finish alone in the red. The golds grabbed 1.1 points to hit 212.69 and the base metal miners jumped 6.34 points, or 3%, to 221.33. Overall, the S&P-TSX composite index ended 88.16 points better at 8,592.04.

SouthernEra Resources was the most traded mining issue on the day with about 8.4 million shares ending 18, or 4.1%, lower at $4.22. The company says that mining giant Rio Tinto recently sold off some 6.8 million shares, or about 9.2% of SouthernEra’s issued and outstanding shares as part of its plan to dispose of non-core assets.

TVI Pacific was next in line falling 2 to 26.5 on 5.6 million shares. The company recently began a drilling campaign on the Shuikoushan gold project in China. The first 1,500 metres worth of drilling will test the Xianrenyan Resource target, which hosts Carlin-style gold mineralization in the southern part of the mineral district. The holes are aimed at confirming and expanding the resource of 12 million tonnes running 3.8 grams gold reported by Team 217 of the Hunan Province Bureau of Non-Ferrous Geological Exploration. TVI believes that targets contiguous to the north and south could ultimately double resources.

McWatters Mining took third spot after announcing that it has agreed to sell a portion of its Kiena mine royalties to Vancouver-listed Wesdome Gold Mines for $700,000. McWatters ended unchanged at 2 with more than 2.5 million shares changing hands.

On Friday, Constellation Copper said it would consolidate its shares on a one-newfor-10-old basis, and that the consolidated shares would begin trading on Mar. 16. The shares fell a penny to 10.5.

Dynatec said on Friday that it has inked a three-year contract extension to continue to operate Goldcorp‘s Red Lake gold mine in northwestern Ontario. The previous three-year deal expired at the end of 2003. Under the deal, Dynatec must mine 650 tons of ore per day, equating to around 500,000 oz. of gold per year. The deal is worth about $35 million per year, and includes incentives based on worker safety, productivity and quality control of the ore grade delivered to the mill. Dynatec shares fell 6 to $1.50 while GoldCorp’s issue rose 23 to $18.08.

Impressive percentage gainers on the day were Denison Energy plus 61% at $5.62, and new market entrant Scandinavian Gold, which jumped 46% to $1.90. Shareholders recently approved a plan of arrangement that would see the company split into three separate entities focused on mining, hydrocarbons, and oilfield services. Scandinavian Gold recently completed an initial public offering and listing its shares on the TSX, effective Mar. 12. The oversubscribed offering saw the sale of around 3.3 million units for $4.9 million in all. The company has 11.3 million shares outstanding and 15.4 on a fully diluted basis.