Trading Summary (February 06, 2003)

Gold dropped another US$6.20 to settle at US$369.30 per oz. in New York and sent the Toronto Stock Exchange’s gold index 0.27 of a point lower to 194.92 on Thursday. The diversified miners did a hair better dropping just 0.24 of a point to 130.3. In the end, the S&P/TSX Composite Index was 31.75 points lower at 6,489.25.

Wheaton River Minerals remained atop the pile losing a penny to $1.38 with around 3.8 million shares changing hands. The country’s major producers were close behind. Placer Dome dropped a nickel to $17.09 and Kinross Gold lost 20 to $11.43. Barrick Gold broke ranks to put in a 24 gain to make $25.20.

Also ending on the plus was McWatters Mining, which rose a penny to 29. On Thursday, McWatters reported that the expanded mill at its Sigma open pit operations, in Val d’Or, Quebec, resumed commercial production. Currently running around 3,600 tonnes of ore per day, the mill is expected to reach nameplate capacity of 5,000 by the end of the year.

Zinc miner Breakwater Resources climbed another 3.5 or 15.2% to 26.5 with more than 1.3 million shares traded. Breakwater and partner Agnico-Eagle Mines recently cut extensions to a gold zone Breakwater drilled in 1999 on its the Lapa property in Quebec. Agnico shares dropped 60 to $21.30.

Noranda dropped 6 to $13.81 in thin action. Reuters reports that the company and union leaders from its Horne copper smelter in Quebec met separately with a conciliator this week. The two sides are trying to end a 7-month strike at Horne. No formal talks have been scheduled.

Canada’s junior exchange continued its slide as the price of bullion dipped lower. Advancers lost to decliners 306 to 314. The S&P-TSX Venture Exchange composite index lost 1.21 points, or 0.11% and closed at 1,114.57 on a vomume of 41.7 million shares.

Coming off a new 52-week high, American Bonanza Gold Mining lost 2 and closed at 33 with 973,356 shares traded. Stock in the junior has run up on news that Toronto-listed Gold Corp has taken a 10.4% stake in the company.

ECU Silver Mines lost a penny and closed at 9 on 642,451 shares. The company has begun production at the Santa Juana mine and will focus its initial work on three fully developed veins: the B vein, CC vein and the G1 vein.75% for silver and 85% for gold.

Northern Empire Minerals jumped 8 and finished the day at 85 on 527,735 shares. The company with joint venture partner Stornoway Ventures recovered diamonds from two kimberlite showings on the Melville Peninsula project in Nunavut. Located 850 km northwest of the territorial capital of Iqaluit, the Aviat project host at least two diamond-bearing kimberlites; the AV-1 kimberlite occurrence covers an 8-by-40 metre outcrop, where an 186.1 kg samples yielded 228 diamonds, with the largest stones measuring 2.2-by-1.86-by-1.32 mm, the second find comprises a series of angular boulders up to 50 cm in diameter. A 46-kg sample collected from the boulders yielded 92 diamonds with the largest stone measuring 1.02-by-0.62-by-0.52 mm. Stornoway tacked on 7 and closed at 85 on 363,862 shares.