Trading Summary (December 17, 2003)

The Toronto Stock Exchange’s gold index pulled out of its mini-slide with a 3.42-point gain to make 223.25 on Wednesday as the yellow metal breached the US$410-per-oz. level to end US$4.10 higher at US$411.30 in New York. But, it was the diversified metals & mining subindex that led the way with a 5.8-point, or 2.75%, gain to a new 52-week high of 217.02. By day’s end the S&P/TSX composite index was 52.92 points higher at 8,040.17 with just the telecoms and tech stocks ending in the red.

After diving around 4.5% in early afternoon trade shares in GoldCorp rebounded to finish off 60, or 2.8%, at $20.60. On Wednesday, the company’s chief executive Robert McEwen exercised some 5.525 million shares worth US$28.4 million. The shares represent about 39% of his total stake in the company, bringing his current stake to about 4.5% of the firm’s outstanding shares.

Kinross Gold was the busiest of the major gold producers dropping 6 to $10.09 with around 4.45 million shares traded. Its peers fared better; Placer Dome added 77 to hit $22.45 while Barrick Gold ended 52 richer at $28.82.

Sherritt International was one of the few to post a loss among the diversified crowd. The issue returned 12 of Tuesday’s late gains to settle at $6.75. On the flip side, LionOre Mining International advanced 31, or more than 4%, to $7.81.

Uranium miners are enjoying buoyant prices with Denison Mines vaulting $1.35, or 31%, to a new 52-week high of $5.65, explorer UEX grabbed 5.5, or 22.5%, to reach 30.

Canada’s junior exchange continued its Christmas sell-off with declining issues out pacing advancing stocks by a 451-to-409 margin. The S&P-TSX Venture Exchange composite index slid 0.62 of a point and closed at 1,658.49.

Majestic Gold managed to recovery from yesterdays’ 77 hair cut, tacking on 18 to close at 72 with 1.76 million shares traded. Investors unloaded the stock after the junior announced that 4 holes into the Ceske Brezovo prospect in Slovakia failed to return any significant gold mineralization.

Kodiak Exploration lost a penny to close at 30 on nearly 1.1 million shares traded. The junior recently inked an option to purchase a 100% interest in 11 contiguous patented claim units located in the Thunder Bay Mining division of Ontario.

Spider Resources ended the day down half a penny at 12 with 757,000 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.

Making a nice percentage move, Madison Enterprises added 11 to close at 50 on 380,000 shares traded. The junior tabled an update on it’s Lewis property in Nevada. The property covers a 15,000 ft section of the favourable Battle Mountain trend, which is locally identified as the Virgin Structural zone and its associated splays.