Trading Summary (August 17, 2004)

Gold closed down US35 on Aug.17th, to finish at US$401.30 per oz. in the afternoon in London. The gold index was up by 0.63%, or 1.19 points, to close at 189.80. The diversified metals and mining index was up 0.91%, or 1.97 points to close at 218.84 points. The S&P TSX composite index was down 0.11%, or 9.31 points, to close at 8,232.18 points.

Seven mining stocks traded over 2 million shares each.

Miramar Mining led the way in volume trading 3.9 million shares and falling 24%, or 35, to close at $1.13. The Nunavut Impact Review Board has nixed the proposed Doris North gold mine based on its current application. Miramar expects the setback to delay production, but it reports that it is already working on filling in the necessary information for a revised application.

Bema Gold traded second in volume with 3.5 million shares changing hands. The stock rose 4.3%, or 13, to close at $3.13. Last week Bema reported second quarter results with net earnings of $745,000. During the first six months of 2004, Bema’s Julietta gold mine in Russia milled 78,239 tonnes of ore at an average grade of 19.79 grams gold per tonne, producing 44,885 oz. of gold at an operating cost of $159 per oz. and a total cash cost of $203 per oz.

Pure Gold Minerals traded 2.4 million shares. The stock rose 1, or 13.3%, to close at 8.5. Pure Gold reported results from channel sampling at its North James River property, near High Lake, Nunavut. A total of 15 channel samples along a 50-metre strike at the Silver Bullet showing graded 11.8 grams gold per tonne. Twenty-six channel samples from the Black Ice showing graded 1.6 grams gold per tonne over a strike length of 40 metres. Samples varied in width from 0.4-1.3 metres.

Wheaton River Minerals rose 1.18%, or 4, to close at $3.43 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.

Cambior fell 3%, or 12, to close at $3.80 on a volume of 2.1 million shares. Last month Cambior reported second quarter results with revenues totaling $78.3 million, compared to $43.3 million for the same period last year. Cambior’s net earnings were $1.7 million.

Eldorado Gold traded 2 million shares and fell 10, to $3.18. It extended the expiry of outstanding warrants issued last year, by one more year, to 2005.

International Uranium rose 15%, or 41, to close at $3.10 on a volume of almost 669,000 shares. International Uranium and JNR Resources reported drill results from their Moore Lake uranium project in northern Saskatchewan. Highlighting these results is one hole that intersected 4.7 metres (from 269 metres below surface) grading 4% U₃0₈, including 2.7 metres of 6.7%.