Trading Summary (July 15, 2004)

Gold closed down US65 on July15th, to finish at US$403.15 per oz. in the afternoon in London. The gold index was down by 0.28%, or 0.56 point, to close at 202.24. The diversified metals and mining index was up 0.08%, or 0.18 point, to close at 226.71 points. The S&P TSX composite index was down 0.72%, or 60.97 points, to close at 8,397.31 points.

Three mining stocks traded over 2 million shares each.

Eldorado Gold led the way in volume, trading 7.6 million shares. The stock gained 1.1%, or 4, to close at $3.66. Eldorado announced today that the Turkish government passed legislation exempting gold production from Value Added Tax, and updated its mining laws in a positive way for the mining indusrty. This affects the bottom line for Eldorado’s 100%-owned Kisladag gold project.

Wheaton River traded second in volume. It was up 2.36%, or 9, to close at $3.90 on a volume of 6.6 million shares. Today Wheaton announced that it plans to sell all of the silver produced from its Luismin mining operations in Mexico to Chap Mercantile. Wheaton will own 80% of Chap, which will be renamed Silver Wheaton.

Queenstake Resources traded third in volume among the mining stock, at just over 2 million shares. The shares fell 3.8%, or 2, to close at 51. Yesterday Queenstake reported a 26% increase in production over the first quarter at their Jerritt Canyon mine in Nevada.

Farallon Resources gained 8%, or 7, to close at 93, on a volume of 196,000 shares. There was no news to account for the rise.

Guyana Goldfields gained 5%, or 8, to close at $1.60, on a volume of 271,000 shares. The company released drill results from its 100%-owned Aurora mine property in Guyana, South America. Highlighting the drilling was a 74-metre intercept grading 4 grams gold per tonne.