Trading Summary (January 15, 2003)

Toronto’s gold stocks pulled out of their mini-slump on Wednesday edging up 0.67 of a point to 188.37. In New York, gold shed another US90 to settle at US$350.80 per oz. The base metal miners also pulled out of their recent trend dropping 0.13 of a point to 141.55. Overall, the S&P/TSX Composite Index lost 9.57 points to 6,801.41.

Platinova pulled back from Tuesday’s 87.5% surge, dropping 1.5 or 20% to 6 with little more than 2.3 million shares traded. The company says it has no news to support its recent elevated trading activity. The company continues to work on a previously announced merger with privately held, Swedish-based exploration firm, Scandinavian Gold Prospecting.

Wheaton River Minerals saw increased action dropping 9 to $1.47 after announcing that it has signed a letter of intent to buy mining giant Rio Tinto‘s Peak gold mine in Australia and its 25% stake in the Bajo de la Alumbrera gold-copper mine in Argentina for US$210 million. The deal would make Wheaton Canada’s eighth-largest gold miner. The issue was heavily traded with more than 7 million shares changing hands.

The country’s major gold producers put in mixed results. Kinross Gold sank 8 to $3.45 on about 7.7 million shares to rank as the most active mining issue, Placer Dome slid 19 to $16.92, and Barrick Gold ended 43 higher at $23.55.

Breakwater Resources left the other base metal miners in the dust grabbing 3.5 or nearly 18.5% to hit 22.5 on more than 4 million shares. The zinc miner recently cut a deal with its banking syndicate and Dundee Bancorp to extend repayment of more than US$44 million on its existing credit facilities.

Calgary-based coal miner Fording remained on investors’ radar screens gaining 7 to $33.67 on 3.28 million shares. Also on the rise was Teck Cominco, Fording’s partner in a revised three-way income trust conversion plan, which gained a dime to $13.10. Former foe, and new proposed partner, Sherritt International, fell 15 to $4.95.