Trading Summary (March 10, 2003)

The Toronto Stock Exchange followed most world markets downward today, amid further tension in the Middle East. Predictably, the one market sector that advanced was the oils, while the broad market slid 82.19 points to close at 6,277.67.

The base metal stocks paced the rest of the market, with the TSX Mining and Metals index down 1.24 points to 122.17. The one winner was Cameco, which rose 22 to close at $35.50. Cameco withdrew from a uranium enrichment project in the United States over the weekend, saying the project did not meet its internal requirements. It had planned to take up a 20% interest in the project, along with several U.S. utilities and European uranium dealer Urenco.

Aur Resources, which closed a previously announced $125-million debt financing, was unchanged at $3.85, but the rest of the base metal group was down. The first job cuts were announced at Fording Coal, where about half the work force at the Line Creek coal mine will be laid off. Fording parents Teck Cominco and Sherritt International both fell; Teck B shares were off 10 at $11.03 and Sherritt shares slid 25 to $4.35.

The golds were down, despite bullion prices recovering to US$354.45 in the London afternoon fix and staying steady in later New York trading. The TSX Gold index was off 4.83 points at 156.34, a 3% fall.

Placer Dome was the most active, with 2.9 million shares traded, and it fell 23 to $13.55.

Canada’s junior exchange started the trading week off in lack luster fashion with investors electing to nibble only on a few select issues. The S&P-TSX Venture Exchange composite index lost 3.50 points, or 0.32%, and closed at 1,083.05.

Snowfield Development was the most active issue climbing to yet another 52-week high before settling down at 45, unchanged on the day, with nearly 1.9 million shares crossing the floor. Snowfield recently inked a deal with New Shoshoni Ventures to earn a 50% interest in the Fate Mineral diamond property in the Northwest Territories in return for $20,000 cash, 200,000 common shares and $100,000 in exploration including 500 metres of diamond drilling this year.

A nice percentage mover, Consolidated Gold Win Ventures closed at 18, up 4 on 1.38 million shares. The junior recently acquired an option to earn 100% in the ZZL and Cleft mineral claims in the south mining district of the Northwest Territories.

Navigator Exploration lost two pennies and closed at 43 with 814,590 shares traded. The company can acquire up to a 30% interest in the Mellville properties (60% collectively with NDT Ventures) from Northern Empire Minerals, Stornoway Ventures and Hunter Exploration Group. In early February, Northern Empire, Stornoway and Hunter announced that diamonds had been recovered from two separate kimberlite occurrences on the Aviat Property, also located on the Melville Peninsula.

Masuparia Gold added 1 to close at 10 on 771,000 shares. The junior holds gold ground in northern Saskatchewan and in Ontario’s Red Lake district.