Trading Summary (December 23, 2003)

Toronto’s tech stocks almost single-handedly keep the broader market out of the red on Tuesday, gaining more than 6% to end at 25.75 points. The surge was paced by Research in Motion, which posted stronger-than-expected profits and guidance. The golds were less fortunate losing 0.44 of a point to end at 218.44, the diversified miners managed to squeak out a 0.03-point gain to make 224.21. Overall, the S&P/TSX composite index rose 3 points to 8.138.43.

Pacific Rim Mining dropped 30, or nearly 19%, to $1.30 with more than 18.4 million shares traded, enough to rank as the TSX’s most traded issue. Kinross Gold recently said it would sell off up all of its 17.6 million shares in the junior. For their part, Kinross shares finished off 3 pennies at $10.07.

Dynatec was the next closest miner with just more than 5 million shares making their way 9 higher to a new 52-week high of $1.62. Dynatec and partner FNX Mining recently exercised their option on five Sudbury properties previously held under an option agreement with Inco. FNX grabbed 13 to reach $8.73, while Inco was unchanged at $51.39.

Staying with the base metal miners, Noranda rose 14 to $20.24 after its Chilean unit reached a new three-year deal with workers at the Altonorte copper smelter. Falconbridge, in which Noranda has a 60 percent stake, is also in contract talks at its Sudbury, Ontario unit.

A late rally saved Ivanhoe Mines from a bigger loss. Late on Tuesday, the company announced that it has received four 60-year mining licenses for its Turquoise Hill copper-gold project in the Mongolia’s South Gobi region. The issue closed down 3 at $9.52.

Turning to gold, Queenstake Resources dropped 3 to 67 after agreeing to sell the Magistral mine in Sinaloa, Mexico to Vancouver-listed Nevada Pacific Gold for US$7 million and 2 million shares. Earlier this month, Queenstake agreed to acquire Midwest Mining’s 57.5% interest in the mine for 11.2 million shares plus 2 million warrants each good for one share at $1 apiece for 2 years. The price tag also includes US$900,000 in cash from the joint venture.

Canada’s junior exchange posted a late day rally with investors picking up select gold issues. The S&P-TSX Venture Exchange composite index gained 4.66 points, or 0.28%, and closed at 1,666.79.

American Bonanza Gold Mines added half a penny to close at 34 on nearly 680,000 shares traded. The junior has resumed drilling at its 95%-owned Gold Bar property in Nevada.

International Taurus Resources moved up to a new 52-week high, adding 6 to close at 43 on 555,100 shares traded. The junior is the operator and 62% owner of the Fenelon joint venture project in northwestern Quebec, where a decline ramp is being driven to test mine and to prove up reserves.

Spider Resources ended the day unchanged at 12.5 with 599,500 shares traded. The junior and joint venture partner, KWG Resources on working their Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario.

JNR Resources closed at 32.5, flat on the session with 386,000 shares traded. JNR recently dealt an option on its Moore Lake and Lazy Edward Bay uranium properties to International Uranium. The prospective project lie in the Athabasca Basin of northern Saskatchewan.