Trading Summary (September 05, 2003)

The Toronto Stock Exchange ended the holiday-shortened week with a 17.65-point gain to end at 7,6121.5. The golds jumped 4.56 points to 205.31, as the yellow metal claimed US$4.70 per oz. to come in at US$377 per oz. in New York. Meanwhile, the base metal miners edged up 0.52 of a point to 153.32.

Wheaton River Minerals remain atop Canada’s mining stocks, gaining another 23 to $2.69 with 16.1 million shares traded. The company has agreed to take over Miranda Mining for US$38.62 million. Miranda’s has a 30% interest in the Los Filos gold deposit in Mexico. A connected to acquire Teck’s 70% stake for US$48.4 million will give Wheaton outright ownership.

Junior Tenke Mining was next in line, gaining a nickel to reach 1.50 on the backs of 6.35 million shares. Tenke recently acquired a six-year option to buy the Lirio group of concessions adjacent to the its Batidero and Vicuna projects in northwestern Argentina. The price tag totals US$813,000, plus another US$2 million and a 0.5 % net smelter return royalty if a mine is put into production on the property.

Aurizon Mines took the bronze ending 6 lower at $2.18 with 5.7 million shares changing hands. Aurizon recently closed a $1 million private placement financing with the James Bay Development Corp.. Proceeds will fund ongoing exploration at the Casa Berardi property and shaft deepening expenditures at the Sleeping Giant mine.

Not surprisingly Canada’s gold miners were higher across the board. Novagold Resources put in a nice percentage gain, adding 40, or 9%, to make $4.85. Southwestern Gold added $1.04, or 8%, to reach $14.45. On Thursday, SWG reported some wide intervals of bonanza silver grades (plus some gold) from the first six holes on its Liam epithermal gold-silver project.

Canada’s base metal miners were mixed. Ivanhoe Mines was the busiest with fewer than a million shares finding their way a dime higher to $6.50.

Canada’s junior exchange ended the trading week by surging to a new yearly high. The S&P-TSX Venture Exchange composite index gained 17.73 points, or 1.34%, and closed at 1,342.30.

Alamos Gold lost a penny on news that a local Court found in favour of land holders known as the "Mulatos Ejido" on the payment issue on the Salamandra gold property in Mexico. The ruling is based on the fact that Alamos "did not correctly notify the Mulatos Ejido of the area and price reductions notwithstanding the notices and tender of a reduced lease payment by the Company." The Court ruled that the Mulatos Ejido were entitled to be paid US$336,972 in the year 2002 and US$334,375 in the year 2003. Alamos ended the day at $1.54 on just over 1 million shares traded.

Shares in Miranda Mining held on to yesterday’s gains, ending the session flat at 70 on a volume of nearly 11 million shares. Toronto-listed Wheaton River agreed to take over Miranda for US$38.62 million. The all-cash deal pegs the value of Miranada shares at $0.74, this marks a 49% premium over its $0.50 per share trading price before the deal was announced. Miranda’s large shareholders, who hold about 61.5% of the 71.9 million fully diluted shares, have agreed to tender their stock.

Investors continued to snap up shares in QGX. The junior recently announced that the upper 31.5 metres of the massive sulfide body intersected in hole 40 returned 3.4% copper, 0.8 grams gold and 20.1 grams silver per tonne. The hole cut 131 metres of massive sulfide in the newly discovered North zone within the Central Valley zone (CVZ) on the Golden Hills prospect in western Mongolia. The junior ended the day at $3.05, up 14 on 429,944 shares traded.

Investors took positions in Taseko Mines. The Hunter Dickinson run junior has been drilling a geophysical anomaly on the Gibraltor copper property near Willaims Lake BC. Taseko ended the day at 50, up 3 on 863,300 shares traded.