Trading Summary (September 01, 2004)

Gold closed up US40 on Sept. 1st, to finish at US$407.65 per oz. in the afternoon in London. The gold index was down 0.35%, or 0.71 points, to close at 202.22. The diversified metals and mining index was up 0.49%, or 1.09 points to close at 223.78 points. The S&P TSX composite index closed up (33.09 points) at 8,410.12 points.

Seven mining stocks traded over 2 million shares each.

Kinross Gold led the way in volume, trading about 4.9 million shares. It fell 6, or 0.7%, to close at $8.03. Kinross recently increased its ownership in Cumberland Resources. It owns almost 7 million shares, representing 12.7% of the issued and outstanding shares of Cumberland.

Wheaton River Minerals traded second in volume. Shares fell 1.6%, or 6, to close at $3.58 on a volume of 3.8 million shares. Coeur d’Alene Mines offer to buy Wheaton expires Sept. 30. Wheaton still plans to create Silver Wheaton, a silver spinoff.

Queenstake Resources rose 8.5%, or 4, on a volume of about 3.6 million shares to close at 51. Queenstake reported that it accelerated (by as much as 2.5 years) the settlement of all material obligations under the purchase agreement of the Jerritt Canyon mine with the vendors. It has also agreed to amended terms of a promissory note payable by Nevada Pacific Gold. The revised note will bear interest at the rate of U.S. prime plus 2% from September 1st.

UEX shot up 26%, or 31, to close at $1.51 on a volume of almost 2.6 million shares. It has agreed to sell 5 million shares on a private placement basis, at a price of $1.00 per share, to fund exploration on its uranium projects in the Athabasca Basin region of northern Sask.

SouthernEra Diamonds, formerly SouthernEra, began trading under a new ticker symbol (SDM-T). The gold and platinum interests of SouthernEra have been transferred to Southern Platinum which trades under the symbol (SPC-T). Shareholders of SouthernEra received one share of Southern Platinum for each SouthernEra share. Shares in SouthernEra Diamonds rose 17.6%, on a volume of 466,000 shares to close at 40.

Southern Cross Resources rose 17.2%, to $17.24, on a volume of 867,000 shares. There was no news to account for the rise.