Trading Summary (March 18, 2003)

The Toronto Stock Exchange advanced modestly on Tuesday, with the TSX Composite index up 31.98 points at 6,438.61. The advance was broad-based, with only four market sectors losing ground.

Gold bullion prices rallied in European trading, and the London afternoon price was fixed at US$338.80 per oz. Bullion eased back a little in the North American afternoon, but still closed above US$337 on the Comex. That set the stage for a strong rise by the gold stocks, with the TSX Gold index up 3.41 points at 160.02, a gain of over 2% of value.

The big gainer was Glamis Gold, which put on 47 to finish at $15.07, with 2.2 million shares changing hands. There was heavy trading in Placer Dome, which picked up 25 to close at $14.15, and in Barrick Gold, which closed at $22.25, up 68.

Revised feasibility results that suggest the Rosia Montana project in Romania is weaker and more expensive than earlier studies had predicted continues to bring down Gabriel Resources, which slid 3 to $2.85. Similarly, Crystallex International fell back 5 to $1.54 as speculation continues that the company will be removed from the TSX Composite in the next major overhaul of the index.

The base metal stocks also outpaced the bulk of the market, as the TSX Mining and Metals index rose 1.64 points to 129.84, a gain of 1.5%. Inco, though the heaviest trader, was the only stock to fall behind, losing 14 to finish at $30.27.

There was good news for LionOre Mining, whose BCL nickel smelter in Botswana has started up again following a shutdown at the beginning of February. LionOre was up 5 at $5.55.

Noranda had the best gain in percentage terms, rising 50 to finish at $13.10, while stablemate Falconbridge was up 4 at $17.40. Two other big gainers were Teck Cominco B shares, which were $11.80, up 40, and Aur Resources, which was up 11 at $3.91.

Canada’s junior exchange edged up but advancers still lost to decliners 253 to 311. The S&P-TSX Venture Exchange composite index added 1.54 points, or 0.14%, and closed at 1,062.00 with 34 million shares traded.

Spur Ventures was the day’s volume leader with just over 1 million shares traded. The company recently amended the size of a private placement from "up to" 3.7 million units to "up to" 4 million units at $0.50 per unit. Each unit is comprised of one share and one non-transferable warrant exercisable at $0.60 per share for two years. The proceeds will be used to finance the basic engineering required to further the company’s Yichang Phosphate project in China. Spur closed down 9 to 55.

Spider Resources ended the day flat at 9, with 979,950 shares traded. The junior and joint venture partner KWG Resources have launched a 1,000 metre diamond drilling program on their Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario.

Pathfinder Resources tacked on 4 and closed at 21 with 659,000 shares crossing the floor. The company has completed a due diligence study of the Zulema property in northern Chile and believes that it holds excellent potential for a copper-gold deposit. Subsequently, Pathfinder has issued 100,000 shares and paid US$37,500 to International PBX Ventures in order to maintain its option to earn a 70% interest in the 30 sq. km property.