Trading Summary (January 14, 2004)

Toronto’s gold stocks continued 7.56 points, or 3.5%, lower to 209.49 on Wednesday, as the yellow metal fell US$2.10 to US$421.40 per oz. in New York. The diversified miners managed to pick up a bit of the slack ending 1.08 points higher at 218.96. Overall, the S&P/TSX Composite Index managed to scrape together 23.43 points to make 8,403.77.

Tahera ended the day as the nation’s busiest mining stock with nearly 11 million shares surging a nickel, or 18%, to a 52-week high of 33. On Tuesday, Tahera reported that the final public hearing for its Jericho diamond project in Nunavut has concluded. During the hearing, Tahera presented its environmental impact statement to the Nunavut Impact Review Board (NIRB), regulators, and other interested parties. NIRB’s will prepare its recommendations for forwarding to the Minister of Indian and Northern Affairs for federal approval. Tahera expects the recommendations to be handed down in about a month, and expects permitting and project financing to wrap up in 2004

Most of the nation’s gold stocks tagged along for the yellow metal’s trip south. Exception were Bolivar Gold, which rose 20, or 8.5%, to $2.30, and Greystar Resources, which found a nickel to make $2.55. Greystar recently resumed exploration of its multi-million-ounce Angostura gold project in Colombia.

Despite significantly lowering its estimate for fourth-quarter cash operating costs to US$170-$180 per oz. of gold Agnico-Eagle slipped 15 to $16.40. The company’s fourth-quarter production was on target at 70,299 oz. Agnico-Eagle’s fourth-quarter results are due out on Feb. 25.

Sherritt International was the busiest of a mixed bag of base metal miners sliding 4 pennies to $7.25 with more than 2.6 million shares traded.

Canada’s junior exchange faced its second straight sell-off as investors unloaded speculative issues across the board. The S&P-TSX Venture Exchange composite index plunged 21.36 points, or 1.19%, and closed at 1,774.02.

Investors took profits in China Diamond. The junior dropped 11.5 to close at 33.5 on 5.4 million shares traded after a new independent diamond valuation from secured production at its 701 diamond mine in China was announced. Of 4,277.1 carats in the evaluated parcel, 2,196.5 carats or, 51% of the diamonds, are gem quality including a single 33.3-carat stone. The total value of the parcel is estimated to be between US$350,000 and US$400,000, or between US$76.10 per carat and US$88.30 per carat.

Intrepid Minerals tacked on 8 to close at 80 on 1.15 million shares traded. The company reported results from the ongoing second round of drilling on the Casposo property in Argentina’s San Juan province. The main Mercado vein system yielded up to 6.14 grams gold per tonne over 6 metres.Intrepid also plans on drilling its San Cristobal property in El Salvador within the next week.

International Wayside Gold Mines ended the session up one and a half pennies at 33.5 on 1.4 million shares traded. The Frank Callaghan-led junior is busy advancing the Cariboo gold property near Wells, BC.