Trading Summary (July 14, 2004)

Gold closed up US$2.90 on July14th, to finish at US$403.80 per oz. in the afternoon in London. The gold index was down by 0.08%, or 0.17 point, to close at 202.80. The diversified metals and mining index was down 1.34%, or 2.99 points, to close at 226.53 points. The S&P TSX composite index was up 0.07%, or 5.68 points, to close at 8,458.28 points.

Three mining stocks traded over 2 million shares each.

Golden Star led the way in volume, trading 4.8 million shares. Shares were down 5.4%, or 36, to close at $6.26. Yesterday Iamgold adopted a poison pill plan to try to stop Golden Star’s takeover bid. The plan could sharply increase the number of Iamgold shares, making Golden Star’s bid much more expensive. Iamgold traded 1.48 million shares and fell 0.69%, or 6, to close at $8.58.

Wheaton River was down 1.8%, or 7, to close at $3.81 on a volume of 2.6 million shares. Today Wheaton announced that Coeur d’Alene has sent out an offer to its U.S.- based institutional shareholders, who hold about 40 percent of the firm’s stock, but has yet to contact the 12 percent who are Canadian. Wheaton is still urging shareholders to reject the Coeur bid.

Queenstake Resources traded second in volume among the mining stock, at 3.1 million shares. The shares fell 7%, or 4, to close at 53. Queenstake reported a 26% increase in production over the first quarter at their Jerritt Canyon mine in Nevada. During the quarter, the mill processed 323,782 tons of ore grading 0.208 ounces per ton and produced 61,247 oz. gold. Gold recovery averaged 91%.

Guyana Goldfields gained 24%, or 29, to close at $1.52, on a volume of 435,000 shares. There was no news to account for the rise.

Sudbury Contact Mines shot up 30%, or 32, to close at $1.37, on a volume of 15,300 shares. The company reported that it has quadrupled its land package around two kimberlite pipes in the Timiskaming area of Ontario. It now holds 360 sq. km. in the area.

Eldorado Gold was up 5%, or 18, to close at $3.62 on a volume of 640,000 shares. There was no news to account for the rise.