Trading Summary (June 24, 2004)

Gold closed up US$6.10 per oz., at US$400 per oz. in the afternoon in London. The gold index was also up by 1.79%, or 3.62 points, to close at 205.55. The diversified metals and mining index was down .17%, or .40 point, to close at 228.94 points. The S&P-TSX composite index was down 0.52%, or 44.64 points, to end at 8,530.77 points.Four mining stocks traded over 2 million shares each.

Wheaton River once again led the way in volume, trading 4.7 million shares. Shares were up 2.32%, or 9, regaining what the stock lost yesterday, to close at $3.88. Today Wheaton reported details of the new ore reserve at the Minera Alumbrera mining operation in Argentina. Wheaton’s 37.5% share of the ore reserves is estimated to be a proven and probable 151 million tonnes grading 0.5 gram gold per tonne and 0.48% copper, for a total of 2.58 million ounces contained gold and 719,000 tonnes copper. These reserves are up 20% from the previous estimate.

Kinross Gold traded second in volume with 3.3 million shares trading hands. It closed up 3.47%, or 26, at $7.76. There was no news to account for the action.

Breakwater Resources was up 6.25%, or 2, to close at 42 on a volume of 2.7 million shares. On June 16th they reported good drill results from the El Toqui property, located in southern Chile. Diamond drilling on the Concordia deposit, three kilometres northwest of the Toqui mine, continues to hit high-grade zinc mineralization with significant lead, copper and silver grades. A day later the company announced that it is going to buy Boliden Westmin (Canada), the sole owner of the Myra Falls zinc-copper-gold operation in British Columbia.

Bema Gold was up 6.27%, or 23, to close at $3.90 on a volume of 1.2 million shares. Bema held its annual general meeting yesterday.

Miramar Mininggained 14%, or 21, to close at $1.68 on a volume of 886,740 shares.The company released drill results from the Boston Deposit, at the south end of the Hope Bay belt, Nunavut. Drilling confirmed the resource is continuing at depth; one hole intersected 5.8 metres grading 7.1 grams gold per tonne at a downhole depth of 919 metres, while another intersected 2.8 metres grading 32.7 grams gold at a depth of 1100 metres.