Trading Summary (March 05, 2003)

The Diversified Metals & Mining subindex fell 1.32 points or more than 2% to lead the Toronto Stock Exchange 32.46 points lower on Wednesday. The gold miners didn’t fare much better dropping 0.661 of a point to 167.44. The real estate stocks led three other advancing subindices with a 1.56-point gain to 108.40. The S&P/TSX Composite Index ended at 6,389.87.

Shares of Northern Orion remained heavily traded as the issue tacked on half a penny to make 18 on about 3.9 million shares.

Orezone Resources joined Northern Orion on the TSX’s top ten traded list with about 1.6 million shares trading their way 3 pennies higher at 56. Orezone recently issued 12.5 million shares at 40 apiece for gross proceeds of $5 million. The company will use to money to fund at least 10,000 metres of drilling aimed at defining more resources on several advanced projects in Burkina Faso, West Africa.

Placer Dome was the busiest of the gold majors losing a penny to $13.65. Barrick Gold shed 33 to make $22.78, while Kinross Gold ended 2 pennies higher at $10.52.

On Wednesday, Barrick announced that legal proceeding have begun against New Orleans-based bullion dealer Blanchard & Co. Barrick is seeking $200 million in damages arising from defamatory statements made by Blanchard and its CEO, Donald Doyle, Jr.

Also on Wednesday, Kinross reported a fourth-quarter net loss of US$12.9 million, (or 12 a share), compared with a year-ago loss of US$17.5 million, (18 a share). Revenue slipped to US$261 million from US$270.1 million.

Nickel miner Inco dropped 89 to $28.75 on about 1.56 million shares after it announced it would slow production at its Ontario operations in May to allow for a planned maintenance shutdown. The company still expects to produce around 230 million lbs. of nickel in 2003, up from 226 million lbs. in 2002.

Rival Noranda made 11 to hit $12.75. The company has tabled plans to build a $3-million electronic hardware recycling facility northwest of Toronto. The facility, which will employ about 20, is expected to process about 1 million lbs. of electronics a year. The recycled material will be shipped to the company’s Horne smelter in Rouyn-Noranda, Quebec.

Canada’s junior exchange ended the session virtually unchanged as investors elected to keep their powder dry ahead of upcoming geopolitical events. The S&P-TSX Venture Exchange composite index lost 0.94 of a point and closed at 1,099.66.

Consolidated Gold Win Ventures was the most actively traded issue, climbing 4 to close at 13 with nearly 1.5 million shares changing hands. The junior recently acquired an option to earn 100% in the ZZL and Cleft mineral claims in the south mining district of the Northwest Territories.

Goldbrook Ventures hit yet another new 52-week high, gaining 3 to close at 50 on 843,768 shares. The junior got a boost on news that it has approved a $1 million exploration budget for the recently acquired nickel-copper-platinum-palladium property in the Raglan area of northern Quebec. Shares in the junior hit a new 52-week high of 48, up 5 on a volume of over 1 million.

Wolfden Resources moved 26 higher, to close at $2.57 on 429,350 shares. The company has a stable of properties under a variety of joint ventures in the Red Lake mining camp of northern Ontario.

Investors continued to snap up shares in Snowfield Development. The company hit a 52-week high, up 5 to 37 on nearly 1.45 million shares. Snowfield recently inked a deal with New Shoshoni Ventures to earn a 50% interest in the Fate Mineral diamond property in the Northwest Territories in return for $20,000 cash, 200,000 common shares and $100,000 in exploration including 500 metres of diamond drilling this year.