Trading Summary (July 14, 2003)

The Toronto Stock Exchange gained 38.42 points to end Monday’s trading session at 7,115.98. The golds led the market with a 1.84-point or 1.1% rise to 169.73. The base metal miners chipped in with a 1.27-point or 0.98% gain to 131.25.The golds were powered by a US$2.90-per-oz. rise in the price of gold to US$347.40 per oz. in New York.

Both Bema Gold and Eldorado Gold put in near-6% gains, ranking as the two busiest miners in the process. Bema added 11 to make $1.99 with nearly 5.6 million shares traded, while Eldorado ended 14 higher at $2.68 on less than half as many shares.

The country’s major producers put in more modest gains. Kinross Gold saw the most action, gaining a dime to end at $8.50 on about 1.9 million shares, Barrick Gold saw fewer than half as many shares climb 17 to $24.01, and Placer Dome made 15 to hit $16.52.

Southwestern Resources stood out from the pack, dropping 21, or about 2% of value, to $10.58. On Monday, Southwestern reported that a false news release containing fictitious drill results from its Boka gold project in China is circulating on the internet.

Ivanhoe Mines was the most traded base metal issue, up 3 to $3.25 on a trading volume of around 1.3 million shares. LionOre Mining International was next, gaining a nickel to make $5.50 with 1.05 million shares changing hands.

Nickel giant Inco grabbed 17 to make $29.15 in thin trading. On Monday, Reuters reported that Inco had no plans to schedule new talks with the union representing 3,470 striking workers at its Sudbury and Port Colborne operations in Ontario. The strike was launched on June 1. Pensions and health care benefits are seen as the main sticking points. — two of the issues that sent workers at the Western world’s biggest nickel producer to the picket lines.

On the takeover front, Paris-based aluminum maker Pechiney has hired a group of banks, including BNP Paribas, Goldman Sachs, J.P. Morgan, and Rothschild & Cie to help it ward off Alcan‘s unwelcome advances. Alcan shares dropped 32 to $41.48 with short of a million shares traded.

Canada’s junior exchange started the trading week by moving lower with declining issues out pacing advancing stocks by a 328-to-285 margin. The S&P-TSX Venture Exchange composite index ended the day 3.17 points, or 0.28% lower and closed at 1,119.69.

Wolfden Resources added another 2, to Friday’s 30 jump to close at $2.72 with 227,100 shares traded. Driving the dramatic increase is drill results from the West Zone discovery at its 100% owned High Lake property in Nunavut. The first two holes have intersected up to 6.15% copper, 1.91% zinc, 142.3 grams silver and 3.49 grams gold per tonne. The West Zone discovery was make while following up an airborne anomaly identified from a 2002 regional airborne geophysical survey.

Newly minted Mag Silver added 2 to close at 92 on 223,200 shares crossing the floor. Investors have bid up the stock in recent weeks in anticipation that drilling on its Juanicipio property will return favourable values. The first two holes cut mineralized veins showing the same geological and mineralogical characteristics as the famous Santo Nino veins on the adjoining Fresnillo mine property. The first hole returned 10.9 grams gold and 200 grams silver per tonne from a 30 cm section. Results from the second hole are expected any day now.