Trading Summary (April 28, 2003)

The Toronto Stock Exchange lagged behind the other major North American bourses edging up 26.97 points to 6,548.66 to the start the week. The gold index was one of just three subindices to end in the red with a 0.36-point slip to 153.78. The base metal miners managed to creep 0.63 of a point higher to 118.73.

McWatters Mining was the most active mining stock, dropping half a cent to 18.5 with about 3.3 million shares on the move. McWatters’ Sigma-Lamaque mill in Val-d’Or, Que., recently resumed operations after an electrical malfunction preventing the start-up of the motor driving the SAG mill. The brief shutdown is not expected to take a toll on planned gold production for 2003 (around 100,000 oz. of gold at direct cash cost of about US$210 per oz.).

Finishing a close second was South American Gold & Copper, which ended unchanged at 6.5 on just short of 3.3 million shares. The company recently uncovered a large tourmaline breccia pipe at its Pimenton property in the Central Chilean copper belt. The brecciated intrusive contains fine to coarsely disseminated chalcopyrite and pyrite. The pipe strikes for 1.5 km to the northeast and is at least 700 meters wide.

Canada’s major gold producers saw less action. Placer Dome was the busiest, falling a dime to $14.15 on nearly 1.7 million shares, Kinross Gold dropped the same to $8.75, and Barrick Gold ended 8 lighter at $21.72.

On Monday, Barrick posted lower first-quarter earnings of US$29 million (or 5 per share), compared with year-ago earnings of US$46 million (9 a share). The recent quarter included a one-time charge of US$17 million.

Inco gained 4 to $26.79 on 843,712 shares to rank as the most traded base metal miner. Others to finish on the plus side were: Teck Cominco‘s B series, up 3 to $10.33; Alcan, up 35 to $42.25; Aur Resources, 9 higher at $3.59; and Cameco, which regained another $1.07 to $36.90.

Canada’s junior exchange started the trading week off by moving sharply lower. The S&P-TSX Venture Exchange composite index plunged 12.21 points, or 1.17% and closed at 1,027.63.

Investors bailed out of Spider Resources following the latest drill results from the Spider #3 massive sulphide project in the James Bay Lowlands of Ontario. The junior lost 4 on the session to close at 13 on over 6.2 million shares. The junior and joint venture partner, over the counter-listed, KWG Resources recently reported more massive sulphide intercepts on their prospect with hole 6 drilled below the previously reported massive sulphides in the fiorst two holes intersecting 2.9% Copper and 0.45% zinc over 5.6 metres and a deeper zinc-rich section running 5.4% zinc and 0.3% copper over 9.65 metres. Holes 3 and 4 were drilled 100 metres to the northeast with hole 3 yielding 5.25% zinc and 0.58% copper over 3.95 metres. Hole 4 testing the down dip continuation of the mineralization intersecting 2.41% zinc and 0.495% copper over 8.7 metres.

Mindoro Resources gave back a good portion of Friday’s gain after annoucing that it has no reason for the increased trading activity in its stock. Shares in the Tony Climie-led junior lost 4 to 23. The Edmonton-based company is currently drilling the Lobo high sulphidation target in the Philippines. The first hole is complete and in for assay.