Trading Summary (June 30, 2004)

Gold closed up US$1.40, at US$395.80 per oz. in the afternoon in London. The gold index was up 2.08%, or 4.05 points, to close at 198.95. The diversified metals and mining index was down 0.15%, or .34 point, to close at 225.03 points. The S&P TSX composite index was up 0.55%, or 47.06 points, to close at 8,545.58 points.

Six mining stocks traded over 2 million shares each.

Wheaton River led the way in volume, trading 4.47 million shares. Shares were up 0.81%, or 3, to close at $3.74. Wheaton stated today that it is still supporting a merger with Iamgold, over yesterday’s Coeur d’Alene Mines’ increased offer. Coeur D’Alene closed up 2.5% on the New York stock exchange.

Iamgold has also told its shareholders to reject the increased bid from its suitor Golden Star Resources. Shares in Iamgold were up 3.9%, or 28, to close at $7.46 on a volume of 1.4 million shares. Golden Star closed up 1.5% to close at $6.23 on a volume of 751,000 shares.

X-Cal Resources shot up 17.3%, or 9, to close at 61 on a volume of 314,000 shares. They released drill results from the Sleeper joint venture gold project in Humboldt County, Nevada. They are equal partners with New Sleeper Gold. Highlights of recent drilling include one hole that intersected up to 18.7 grams gold and 1007.8 grams silver per tonne over 6.9 metres and a separate intercept of 29.3 grams gold and 31 grams silver per tonne over 8.1 metres. New Sleeper closed up 7%, at 90 on a volume of 317,000 shares.

Defiance Mining also shot up today, by 16.7%, or 6, to close at 45, on a volume of 2.63 million shares. Rio Narcea Gold Mines reported today that it plans to acquire Defiance Mining, paying one of its shares for each 5.25 shares of Defiance. Based on yesterday’s share price, Rio Narcea has oferred a 37% premium for each Defiance share. Rio Narcea shares dropped 6%, to close at $2.63 on a volume of 310,000 shares.

Noranda lost 0.74%, or 17, to close at $22.94 on a volume of 2 million shares. Yesterday it was reported that CVRD approved a bid for control of Noranda. Brascan announced that it is reviewing options to sell its 42% stake in Noranda. The stake has been valued at around $3 billion.

Queenstake Resources and Eldorado Gold, traded 3.3 million shares and 2.4 million shares respectively, but did not release news to account for the high volume.

Lionore Mining traded 2.1 million shares and closed up 0.67%, or 4, at $6.04. Yesterday, they reported that they had launched an offering of about US$125 million senior unsecured convertible notes due in July 2011.