Trading Summary (July 28, 2003)

The Toronto Stock Exchange ended Monday’s trading session 21.92 points higher at 7,284.54 with all but three subindices in the black. The Gold index was among the unfortunate minority, dropping 0.76 of a point to 183.95 despite a US$2.10-per-oz. gain by gold to US$364.80 per oz. in New York. The diversified miners picked up the slack with a 1.56-point gain to make 141.39 — its highest level since mid-January.

Wheaton River Minerals ended the day as the nation’s most traded mining stock, with just short of 5.2 million shares finding their way 2 higher to $1.96. Noranda, fresh off restructuring news that includes a cut to its coveted dividend, rebounded to the tune of 28 to hit $13.03 with about 3.8 million shares changing hands.

The country’s major gold producers were united in loss. Placer Dome fell 17 to $17.80, Kinross Gold dropped a nickel to $9.42, and Barrick Gold finished 15 cheaper at $25.50. On Monday, Barrick posted second-quarter net earnings of US$59 million (or 11 a share) on gold sales totalling of US$491 million. The results are virtually unchanged from a year earlier.

Ivanhoe Mines took top spot among the base metal miners, gaining 21, or 5.7% of value, on about 2.4 million shares. The company recently announced a new, independent estimate for the Far North Zone at the company’s Turquoise Hill project in Mongolia. Inferred resources now stand at 618 million tonnes grading 1.19% copper and 0.10 gram gold per tonne, at a 0.60% copper equivalent cut off. This translates into 7.4 million tonnes of copper and 2.0 million oz. gold.

Canada’s junior exchange managed to start the trading week off on an up tick despite declining stocks beating advancing issues by a 39-to-292 margin. The S&P-TSX Venture Exchange composite index added 5.02 points, or 0.43%, and closed at 1,164.55.

Excellon Resources added 4 to close at 17.5 on nearly 1 million shares traded. The junior is in the midst of a $2.1 million financing needed as a precondition to the US$4 million financing by the Rand Merchant Bank Group. This financing will be used to fund the increase in the company’s stake in the Platosa silver project in Mexico to 51% from 25.5% to 51%.

American Bonanza Gold Mines added half a penny to close at 31 on 694,750 shares traded. The junior currently has an underground rig turning on the Copperstone gold project in Arizona and a surface rig turning on the Gold Bar property in Nevada.

Spider Resources ended the day up a penny at 11.5 with 341,000 shares traded. The junior and joint venture partner, KWG Resources on working their Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario. KWG ended the session up half a penny at 12 on 120,800 shares traded.