Trading Summary (September 02, 2004)

Gold closed down US$1.55 on Sept. 2nd, to finish at US$406.10 per oz. in the afternoon in London. The gold index was down 1.54%, or 3.1 points, to close at 199.10. The diversified metals and mining index was down 0.17%, or 0.38 point to close at 223.40 points. The S&P TSX composite index closed down 21.26 points, at 8,388.86 points.

Three mining stocks traded over 2 million shares each.

UEX led the way in volume, trading 3.6 million shares. The stock rose 6%, or 9, to close at $1.60. It is selling 5 million shares on a private placement basis, at a price of $1.00 per share, to fund exploration on its uranium projects in the Athabasca Basin region of northern Sask.

Kinross Gold traded second in volume (2.1 million shares). It fell 8, or 1%, to close at $7.95. It was reported today that Rio Tinto is putting its 51%-stake in the Brasilian Paracatu gold mine up for sale (Kinross owns the other 49%).

Iamgold was down 2.5%, or 24, to close at $9.45 on a volume of 2 million shares. There was no news to account for the action.

First Nickel shot up 16.2%, or 6, to close at 43 on a volume of 1.5 million shares. The company recently reported drill results from its Dundonald Nickel Project in northern Ontario, highlighted by an intercept that graded 4.42% nickel over 4.28 metres.