Trading Summary (April 03, 2003)

The Toronto Stock Exchange ended 14.52 points lower at 6,396.63 on Thursday. The golds chipped in with a 2.41-point fall to 150.60 and the diversified miners dropped 1.54 points to 122. Gold dropped another US$4.60to settle at US$324.80 in New York.

Most of Canada’s gold producers headed south. Kinross Gold was the busiest major dropping 49 to $8.29 with about 2.6 million shares traded. On Thursday, Kinross tabled plans to spend $21 million aimed at replacing gold reserves this year. The budget includes $6.5 million for exploration, $5.3 million in joint-venture operations and $9.2 million on Kinross operations. The company also left room to spend more. Placer Dome lost a dime to make $13.90, and Barrick Gold ended 11 lighter in the wallet at $22.09.

Among the few on the plus side were mid-tier producers Glamis Gold, plus a nickel to $14.05, and Iamgold gained 2 to make $6.18.

McWatters Mining saw nearly 3.9 million shares trade their way half a penny lower to 18.5.On Thursday, the company closed an offering of 136.2 million shares at 20 apiece for gross proceeds of $27.2 million. The money will go toward McWatters’ acquisition of Soquem’s 40% interest in the Sigma-Lamaque mine and mill complex, and Barrick Gold’s East Malartic ore processing mill and related properties. Bema Gold saw heightened interest dropping 6 to $1.51 on 2.3 million shares.

Inco was the most traded base metal miner sliding 63 to $27.32 on fewer than a million shares. Also ending lower were: Noranda, off a nickel at $12.05; Teck Cominco, down a quarter to $10.95; Breakwater Resources half a penny cheaper at 16; and uranium miner Cameco, which finished 60 lower at $39.40.

Canada’s junior exchange managed to gain ground as investors picked up select issues. The S&P-TSX Venture Exchange composite index tacked on 3.75 points, or 0.36%, and closed at 1,050.09.

Spider Resources continued to be the most actively traded junior explorer, ending the day up 2 to 17 with 5.6 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. At last report three holes were completed with assay results due any day now.

Ontzinc recently raised $695,000 through a private placement of 6.95 million units. The junior aims to use the funds to advance the underground Balmat zinc mine in northern New York. Ontzinc agreed to purchase the property late last year from ZCA mines for US$20 million. ZCA placed the Balmat mine on standby in May 2001 due to the depressed zinc market. Current diluted recoverable reserves for the Balmat No. 4 Shaft, based on a mining rate of 2,000 tons per day are estimated at nearly 2 million tons grading 11.9 % zinc. Additional underground resources within the immediate vicinity of the mine workings include more than 3 million tons at 12.9% zinc. Shares in the company dropped 5o to 17 on a volume of 804,500.

Apac Minerals failed to get a boost on news that exploration would start on the Nibao gold project in southern China, ending the session flat at 60 on nearly 1.1 million shares. Apac aims to target the 8-by-1 km long Erlongqiangbao anticline for "Carlin-style" gold mineralization. A mapping and sampling program is slated to begin shortly followed by a 2,500 metres drill program.