Trading Summary (February 27, 2004)

Toronto’s gold stocks ended 1.36 points lighter at 211.28 on Friday, as the yellow metal rose US$1.30 to US$396.10 per oz. in New York. But, it was the diversified miners that stole the show surging 5.58 points, or 2.5%, to 230.79. By day’s end, the S&P/TSX Composite Index was 50.65 points higher at 8,788.49.

Constellation Copper rocketed past the rest of the market with more than 117 million shares making their way a penny higher to 14. The company’s major shareholder, Resource Capital Fund, dropped about 102 million shares onto the market.

Dynatec dropped 3 to $1.65 with a mere 9 million shares traded. Ongoing drilling by Dynatec and partner FNX Mining recently added Based on 505,000 tons of inferred material running 1.7% nickel in and about the Inter Main zone at the McCreedy West mine on the northwestern fringe of the Sudbury structure. The zone’s total inferred resource now stands at 617,000 tons of 1.8% nickel. For their part, shares in FNX gained a nickel to make $7.75.

South American Gold & Copper dropped 1.5, or 10%, to 13.5 on about 6.5 million shares to rank third among mining stocks volume-wise. The company has an exploration and development under way at the Pimenton gold project northeast of Santiago, Chile. Proven and probable reserve stand at 68 million tonnes grading 18.7 grams gold per tonne and 1.56% copper. A resumption of production is planned for later this year.

Plus-10% gains were put in by Orezone Resources, Glencairn Gold, and Corona Gold. Orezone finished at $1.10, Glencairn at 84, and Corona at 63. On Thursday, Glencairn entered into an underwriting agreement with Orion Securities, BMO Nesbitt Burn, and Desjardins Securities for a public offering of 30 million treasury units at 85 apiece. Each unit comprises one share plus half a warrant. One warrant is good for one share at $1.25 until Nov. 26. The underwriters can take up another 4.5 million units at the same price 30 days after closing. Proceeds will go toward construction of the Bellavista gold project in Costa Rica. The offering is slated to close by Mar. 3.