Trading Summary (August 16, 2004)

Gold closed up US$4.90 on Aug.16th, to finish at US$401.65 per oz. in the afternoon in London. The gold index was up by 1.9%, or 3.59 points, to close at 188.61. The diversified metals and mining index was up 4.1%, or 8.6 points to close at 216.87 points. The S&P TSX composite index was up 0.84%, or 68.86 points, to close at 8,241.49 points.

Placer Dome led the way in volume among the mining stocks with 2.8 million shares trading hands. The stock rose 28, or 1.3% to close at $21.15. Last week a bank was found that will provide up to $1 billion for the development of the Cerro Casale copper-gold deposit in Chile. Placer owns 51% of the project.

Wheaton River Minerals traded second in volume. The stock rose 4.3%, or 14, to close at $3.39 on a volume of 2.3 million shares. The Silver Wheaton transaction will proceed on Sept. 9, two weeks following the expiry date of Coeur’s take-over bid, if Coeur has not succeeded in acquiring 66.67% of Wheaton by the Aug. 27 deadline.

Kinross Gold traded 1.5 million shares and rose 23, or 3.4%, to close at $7.04. There was no news to account for the volume.

Crystallex International rose another 6%, or 22, to close at $3.67, on a volume of 1.37 million shares. The company now has a land use permit for Las Cristinas in Venezuela. It released 2nd quarter results last week. The company’s revenue more than doubled due to higher gold production and it raised net proceeds of US$82.2 million, enabling the development of Las Cristinas when the final permit has been received.

Iamgold was up 2.9%, or 25, to close at $8.75 on a volume of 741,000 shares. Golden Star gave up its bid for Iamgold on Friday after Gold Fields. offerred a superior deal.

TVI Pacific rose 13%, or 1.5, to close at 13 on a volume of 800,000 shares. TVI reported second quarter results which included a 68% increase in revenue for the second quarter compared with the same quarter of 2003. This is due to stronger revenue from their drilling division. The net loss increased to $1.16 million, due primarily to exploration in China.