Trading Summary (January 30, 2003)

Toronto’s Gold Index rebounded to the tune of 4.24 points hitting 198.72 points, as the yellow metal regained US$3.50 to finish at US$367.60 in New York. The diversified miners failed to tag along dropping 0.06 of appoint to make 134.16. Overall, The S&P/TSX Composite Index dropped 26.84 points to 6,546.33.

Kinross Gold was the most heavily traded mining issue grabbing 13 to make $3.69 on more than 4.4 million shares. Kinross shareholders recently approved the company’s three-way merger deal with TVX Gold and Echo Bay Mines. For their part, TVX shares ended 87 higher at $23.90 and Echo Bay’s issue climbed 4 to $1.89.

Next in line was diamond explorer Tahera, which ended unchanged at 23 with nearly 3 million shares changing hands. Tahera recently submitted the final environmental impact statement for the Jericho diamond project in Nunavut. The EIS must now face a minimum 60-day review period by the Nunavut Impact Review Board, the Nunavut Water Board, and various other federal authorities. Thereafter, public hearings will be scheduled in several Nunavut communities.

Wheaton River Minerals climbed a penny to $1.43 on the strength of about 2.5 million shares. Wheaton plans to privately place US$150 million worth of shares and warrants to help cover the cost of buying the Peak gold mine in Australia and a quarter-interest in the Bajo de la Alumbrera mine in Argentina. The total price tag comes to US$210 over two years.

Canada’s remaining major gold producers found themselves further down the line. Placer Dome made 65 to hit $17.55, and Barrick Gold rose 42 to $25.50. Both saw fewer than 1.9 million shares traded.

Putting in an impressive percentage gain was Diamondworks,which shot up 17 or 57% to 47 on no news.

Inco was the most traded base metal miner climbing 31 to $34.06 on more than 1.5 million shares. Teck Cominco surrendered 3 to $12.05 on more than a million shares. Teck recently posted 2002 net earnings of $30 million (or 15 per share), compared with a year-ago loss of $21 million (17 per share). Revenue slipped to about $2.19 from $2.38 billion. Another million-plus-share traded was Aur Resources, which tacked on 18 or 5.4% to hit $3.53.

Canada’s junior exchange shed 0.64 of a point to settle at 1,105.81 points. Inca Pacific Resources saw the most action trading nearly 1.5 million shares, but ending unchanged at 18. The company holds several properties in Peru, including a 49% stake in the Magistral property, which hosts a total mineral resource of 105 million tonnes grading 0.74% copper, 0.052% molybdenum and 3.9 grams silver per tonne.

American Bonanza Gold mining did the same ending at 33 on just fewer than 1.4 million shares. At last report the junior was expecting the assay results from an 8-hole, 490 metre drill program over its Pamlico gold project in Nevada and was gearing up to start underground drifting at its Copperstone gold project in Arizona.