Trading Summary (April 02, 2003)

The gold index was the only blemish on the Toronto Stock Exchange falling 0.98 of a point to end Wednesday’s session at 153.01. The base metal miners gained 0.96 of a point to make 123.54. Overall, the S&P/TSX Composite Index gained 76.03 points to reach 6,411.15.

Canada’s gold majors put in mixed results as the yellow metal plummeted US$4.90 to US$329.40 per oz. in New York. Placer DomeKinross Gold was next in line adding 8 to hit $8.78. Barrick Gold rounded out the triad with a 20 loss to $22.20 with about 1.15 million shares on the go.

Eldorado Gold end 3 cheaper at $1.88 on a volume of 1.2 million shares. On Wednesday, the company announced plans to deepen by 370 metres the shaft at the Sao Bento Mine in Brazil. Preparation for the US$12-million project will begin in the second quarter, with commissioning slated for late 2004. In the end, the shaft will bottom out at 1,300 metres below surface.

Meridian Gold gained 3 to reach $13.45 to number among a handful of other gold miners to advance. The company says it will suspended plans to build an open-pit mine at the Esquel gold project in Argentina in favour of further consultation with the local community. A recent non-binding referendum turned out overwhelmingly against development.

Noranda ended 17 poorer at $12.10 on about 1.5 million shares as the busiest base metal miner. Alcan was next in line with a $1.59 rise to $42.09 on more than 1.1 million shares. Alcan lowered its U.S. April transaction prices by a penny from March. The price for the company’s re-melt ingot dropped to US72 per lb., while its 6063 extrusion billet fell to US82 a lb.

Canada’s junior exchange failed to follow the major bourses higher, with investors remaining skittish on small capitalized issues. The S&P-TSX Venture Exchange composite index lost 5.27 points, or 0.5% and closed at 1,046.34.

Investors readily traded shares in Pan Asia Mining, as the junior resumed trading after being issued a cease trade order in Jan. over disclosure issues. In March, the BCSC issued a partial revocation order, which would allow the shareholders with the exception of insiders and individuals with a "special relationship" with the company to trade stock freely. The commission required Pan Asia to retain SRK Consulting (SRK) to perform an on-site visit at its 701 Changma diamond mine property and complete an NI 43-101 compliant technical report on or before May 30. Shares in Pan Asia ended the session flat at 11 on a volume of nearly 2 million.

Spider Resources continued to trade heavily, ending the day up two pennies at 15 with 1.55 million shares traded. The junior and joint venture partner, over the counter-listed, 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.

IMA Explorations lost 3 to close at 92 on 727,511 shares. Toronto listed Barrick Gold recently agreed to extend the selection notice period in an option agreement over the Potrerillos or the Rio de las Taguas property to the end of 2003. By that time, Barrick can select if it will continue with an option to earn an interest in either of the projects. In return for the extension, Barrick will pay IMA US$65,000 which will be used to make the payments to maintain the option properties in good standing. The junior also inked a deal with Amera Resources, allowing the fellow junior to earn a 51% interest in the Mogote gold-copper exploration project in Argentina.