Trading Summary (August 06, 2003)

The Toronto Stock Exchange fell fractionally again on Wednesday, with the TSX Composite index off 50.48 points to close at 7,139.06. The information technology and industrial-products sectors led the market downward, while the resource stocks made modest gains.

The TSX Gold index was up 3.81 points at 183.47, making it the best-performing of the sub-indexes for the day. There was a little help, but not a lot, from the bullion price, which was fixed at US$352 per oz. in the London afternoon session.

Eldorado Gold was the most actively traded of the golds, with over 5 million shares changing hands. Shares were up 14 at $3.15. The company announced a bought-deal financing for 20 million shares and 10 million warrants that will bring in $62 million for development of the Kisladag gold deposit in western Turkey.

Bema Gold tacked on 19 to close at $2.60, giving it the best percentage gain on the day. About 3.6 million shares were traded. Another lower-tier precious metal miner that made a good gain on the day was Wheaton River Minerals, which was up a nickel at $2.05 on a volume of 3.7 million shares.

The TSX Metals and Mining index was up 0.31 of a point at 142.61. Sherritt International was the biggest mover and the most actively traded among the base metal miners, rising 21 to $5 on a volume of 1.6 million shares.

Ivanhoe Mines continued to bounce back, rising a dime to finish at $4.35 with nearly a million shares traded, and Noranda enjoyed some mid-day buying that drove it to $13 before it settled back to $12.77, a gain of 9, as just over a million shares traded.

Two companies facing significant contract negotiations both fell on Wednesday. Inco, which is still not at the table with the United Steelworkers in Sudbury, was off 15 at $32.78, while Teck Cominco, which will start negotiating with the workforce at the Highland Valley copper operation next month, was down 10 at $12.63.

Canada’s junior exchange broke a two session losing streak with advancing issues equaling declining stocks at 322 a piece. The S&P-TSX Venture Exchange composite index added 1.83 points, or 0.15% and closed at 1,214.65.

Royal Standard Minerals was the most activley traded issue gaining 1 to close at 24.5 on 2.5 million shares traded. The junior has all the necessary permits to begin drilling its wholly-owned Pinon gold-silver project in Elko County, Nevada.

Knight Resources added 3 to close at 75 on 835,800 shares traded. The junior recently increased its budget to $2.2 million for the West Raglan nickel-copper project in northern Quebec. Knight is earning a 49% interest in the West Raglan property from Anglo American Exploration (Canada). The 68,000 ha project covers over 60 km of the interpreted western extension of the Raglan Horizon, which hosts the deposits at the Raglan Mine.

Making a nice percentage move, Northern Star Mining gained 6 to close at 49 on 194,009 shares traded. it has The junior acquired a 6 claim property adjacent to Agnico Eagle’s Lapa project near the Laronde mine in Quebec. Dubbed Cadillac, the project lies adjacent to the eastern boundary of Agnico Eagle’s property.