Trading Summary (August 20, 2004)

Gold closed up US$4.05 on Aug.20th, to finish at US$410.55 per oz. in the afternoon in London. The gold index was up by 1.04%, or 2.06 points, to close at 201.00. The diversified metals and mining index was down 0.12%, or 0.27 points to close at 222.22 points. The S&P TSX composite index was down 0.5%, or 41.68 points, to close at 8,335.62 points.

In a day of heavy trading, eleven mining stocks traded over 2 million shares each and seven traded over 3 million. The rise in the price of gold seems to have made gold stocks hot.

St Andrew Goldfields led the way in volume trading 9.3 million shares and rising 7.7%, or 1.5, to close at 21. There was no news to account for the high volume, however at the start of August St Andrew reported high-grade gold intersections (up to 162 grams over 4.6 metres) from underground drilling at their Nixon Fork Gold Mine, 35 miles northeast of McGrath, Alaska.

Queenstake Resources traded second in volume among the mining stock. The shares rose 3.4%, or 1.5, on a volume of 5.59 million shares. Southern Cross Resources traded 4.78 million shares and rose 28.4%, or 27, to $1.22. Neither company released news to account for the high volume.

Wheaton River Minerals rose 1.93%, or 7, to close at $3.70 on a volume of 4.66 million shares. Coeur d’Alene’s take-over bid has been extended to the end of September. The offer should be sent to both Canadian and U.S. shareholders next week.

Other high volume traders, Kinross Gold traded about 4 million shares and rose 3%, or 24, to $7.80. Thistle Mining traded 3.4 million shares but closed the day unchanged at 8.5 and Placer Dome traded 3 million shares and rose 1.3%, or 30, to close at $22.80. There was no news (apart from the high gold price) to account for the high volume.