Trading Summary (May 12, 2003)

The Toronto Stock Exchange gained 67.47 points or 1% to 6,717.5 with all of its subindices ended in the black. The Gold Index was among the leader, rising 2.18 points to 164.6; the diversified miners rose 0.57 to 119.49.

Geomaque Explorations shot to the head of the mining class with more than 6.5 million shares trading their way 2.5 or 42% higher to 8.5. Highlights from recent drilling on the Tasiast gold property in Mauritania, West Africa, range between 4 and 20 grams gold over intervals between 4 and 42 metres. The remaining holes from the 155 reverse-circulation infill drilling program returned slightly lower grades over smaller intervals. Midas Gold, a private, U.K.-based company is acquiring the project from Newmont Mining, and is part of Geomaque’s plan to merge with Perth, Australia-based St Barbara Mines.

Also seeing elevated activity was Ivanhoe Mines, which grabbed a penny to make $3.25 on nearly 2.9 million shares. Next in line was junior Tahera, which shed a half cent to 13.5 with 2.4 million shares on the move. On Monday, Tahera posted a first-quarter net loss of $529,000, compared with a year-ago loss of $558,000.

Canada’s three major gold producers all finished in the black as ended US$2.90 higher at US$351.20 per oz. in New York. Kinross Gold was the busiest, advancing 4 to $8.94 on 3.2 million shares, Placer Dome was next, ending 16 richer at $15.01 and Barrick Goldmade 35 to $24.15.

Inco was the most actively traded base metal miner adding a dime to make $26.37 with just 786,654 shares traded. Sherritt International was next closest with about half as many shares finding their way a penny higher to $4.11. Sherritt said on Friday that it has filed a final prospectus to sell 25 million at $4 apiece to raise $100 million. The estimated $95 million in net proceeds will go to help fund its newly acquired coal operations and associated expansion plans.

Canada’s junior exchange started the trading week by trading in the black with advancing issues edging out decliners by a 328-to-323 margin.The S&P-TSX Venture Exchange composite index gained 5.03 points, or 0.47% and closed at 1,070.11.

Rubicon Minerals ended the day unchanged at 87 on nearly 1 million shares traded. The junior recently tabled drill results from its flagship, McFinley gold project located in the prolific Red Lake gold camp. At last report 26 drill holes had been completed.

Mag Silver added 9 to close at 66 on 465,810 shares traded. The junior is expected to launch a 3,500 metre drill program any day now on the Juanicipio silver project in Mexico.

American Bonanza Gold Mining gained 1 to close at 30 on 314,300 shares traded. The company reported that it would start exploration activities in Nevada, to go along with its underground program on the Copperstone project in Arizona. The junior recently hit high-gold grades in the southern portion of the D-zone. A total of 42 channel samples were collected from face and rib exposures during the mining of eight rounds covering 80 linear feet. The samples returned values of up to 11.5 oz gold per ton and average 1.2 oz gold.