Trading Summary (June 23, 2004)

Gold closed down US$1.85 per oz. compared with yesterday, at US$393.90 per oz. in the afternoon in London. The gold index fared better and was up .23%, or 0.47 points, to close at 201.93. The diversified metals and mining index was up .08%, to close at 229.34 points. The S&P-TSX composite index was up 0.68%, or 57.55 points, to end at 8,575.41 points.Five mining stocks traded over 2.2 million shares each.

Wheaton River led the way in volume, trading 5.76 million shares. Shares were down 2.27%, or 9, to close at $3.88. Wheaton continues to support the Iamgold merger. A shareholder vote is scheduled for July 6th. Wheaton Chairman Ian Telfer, is concerned that Coeur d’Alene Mines does not have sufficient cash to support their bid and would have to borrow money to cover the cost resulting in dilution of Wheaton’s assets.

Tahera traded 3.8 million shares. The stock was up 1, or 2.7%, to close at 38. Eldorado Gold traded 2.45 million shares gaining 1, to close at $3.46. Noranda traded 2.2 million shares, losing 1%, or 24, to close at $23.56. There was no news to account for the high volume.

South American Gold was up 1.5, or 17.6%, to close at 10, on a volume of 3.1 million shares. The company reported that it has initiated the shipment and sale of copper-gold-silver concentrates to the Enami smelter, 180 kilometers from its Pimenton gold mine. The average grade per tonne of the concentrates was 14.6% copper, 95.8 grams of gold and 144.2 grams of silver.

Metallica Resources suspended construction of the Cerro San Pedro heap-leach gold-silver project in Mexico, however that has not effected the stock price. The stock fell 9% early in the day, but regained the loss to close at $1.27, with a trading volume of 261,000 shares.