Trading Summary (July 09, 2004)

The Toronto Stock Exchange’s gold index rebounded from an early dip to end 2.07 points higher at 208.17. The climb came despite a US50-per-oz. drop in the price of gold to US$407.40 per oz. in New York. The diversified miners fared even better gaining 3.73 points to reach 225.88. By day’s end, the S&P-TSX Composite Index was 5238 points better at 8,473.18.

Wheaton River Minerals‘ remained heavily traded with more than 22.1 million shares making their way 16, or 4.2%, higher to $3.95. Wheaton says it isn’t interested in merger talks with suitor Coeur d’Alene Mines, even after the failure of its planned friendly hook-up with Iamgold. For their part, shares in Iamgold rose 24 to $8.72. The company says it is looking to line up new suitors while it continues to reject a bid from Golden Star Resources. Golden Star finished 6 cheaper at $6.67.

Shares in Crystallex International tumbled 34, or 9.4%, to $3.28 with just shy of 2 million shares traded. On Friday, Reuters reported that Venezuela’s Supreme Court has accepted as “legally valid and worthy of consideration” a May 2002 appeal over ownership of the Las Cristinas gold deposit filed by MINCA, a 95%-owned subsidiary of Vancouver-listed Vannessa Ventures. Minca is requesting the annulment of the State’s assumption of control over the project. The State granted Crystallex exclusive rights to develop and exploit gold deposits on the concessions.

Barrick Gold grabbed 30 to make $27.65 after reports that it has decided not to pursue any involvement in Ivanhoe Mines‘s Oyu Tolgoi copper-gold project in Mongolia. Shares in Ivanhoe slid 58, or more than 8%, to $6.57.

Placer Dome found 42 to reach $22.85 even after it confirmed that it received a notice of default regarding financing obligations under a shareholders’ agreement with Bema Gold and Vancouver-listed Arizona Star Resource at the Cerro Casale gold-copper project in Chile. Placer plans talks with its partners over the coming weeks. The juniors have threatened arbitration aimed at revoking Placer’s 51% stake in the project asserting that the major has failed to use reasonable efforts to establish whether financing can be found for the project. Bema tacked on 9 to hit $3.64.