Trading Summary (July 24, 2003)

While markets in the U.S. dropped across the board, trading on the Toronto Stock Exchange managed to continue its four-month bull run and end the day in positive territory, with the S&P/TSX composite index rising 20.10 points, or 0.28%, to 7,251.44.

With gold prices consolidating their big gains from Wednesday and ending the day above US$360 per oz., the S&P/TSX gold index delivered a second strong day of gains, closing up 3.78 points, or 2.1%, to 184.39.

Not surprisingly, the most active mining stocks were in the gold sector for the second day, led by: Wheaton River Minerals, up 3 cents to $1.88; McWatters Mining, up a penny to 15.5 cents; Kinross Gold, up 32 cents to $9.45; and Placer Dome, up 3 cents to $18.

The biggest percentage gainer was also a gold stock: Corona Gold soared 6 cents, or 18%, to 39 cents on volume of only 26,000 shares. The company has four grassroots gold exploration properties in northwestern Ontario.

The two biggest percentage decliners were both base metal explorers: Constellation Copper, which has its Terrazas copper-zinc project in Chihuahua state, Mexico, crashed 1.5 cents, or 38%, to 2.5 cents on volume of 914,000 shares; Indonesian nickel-laterite junior Weda Bay Minerals sank 3.5 cents, or 21%, to 13.5 cents on volume of only 9,000 shares.

The S&P/TSX diversified metals and mining index edged up 1.33 points, almost 1%, to 140.34.

Canada’s junior exchange rallied for a fourth straight day with speculative gold issues once again taking center stage. The S&P-TSX Venture Exchange composite index gained 17.6 points, or 1.55% and closed at 1,151.76.

International Wayside Gold Mines popped back onto investor’s radar screens, adding 1.5, to close at 12.5 on 665,300 shares traded. The company has been advaning the Cariboo gold project near Quesnel, BC. The project hosts three former producing gold mines.

Making a nice percentage move, Golden Hat Resources added 3 to close at 10 on 559,500 shares traded. The shell company has been actively traded in recent weeks as investors line up ahead of a possible property acquisition.

American Bonanza Gold Mines continued to move higher. The junior, which is currently drilling the Gold Bar property in Nevada, as well as the Copperstone project in Arizona, added 1 to close at 31 on 761,100 shares.