Trading Summary (September 15, 2003)

The Toronto Stock Exchange joined the other North American exchanges dipping 4.78 points to 7,575.29 in directionless trade on Monday, as investors waited on the sideline for a U.S. Federal Reserve interest rate meeting on Tuesday. The gold index crept up 0.51 of a point to 200.69 as the base metal miners scrapped together 0.09 of appoint to make 157.83 points.

Market darling Wheaton River Minerals pulled out of its mini-slide, regaining 15, or nearly 6% of value, to reach $2.71 on 7.5 million shares to rank as the nation’s busiest miner. The company has been busy putting together an impressive Mexican portfolio.

South American Gold & Copper was next in line adding a penny to make 8 with 5.4 million shares on the go. On Monday, the company announced that Pincock, Allen & Holt has competed a detailed review of the company’s plan to restart operations at its Pimenton gold-copper mine in central Chile.

Shares in Eldorado Gold finished 18, or 5.6%, higher at $3.40 after the company reported an 11% increase in minable reserves at its Kisladag gold project in western Turkey.

Kinross Gold was the lone gold major to lose ground, ending 27 poorer at $10.62. Late on Friday, Newmont Mining, the world’s biggest gold miner, said it agreed to sell about two-thirds of its 43.2 million Kinross shares for US$218 million, before taxes. Barrick Gold was the most traded of the trio, adding 27 to hit $27.17; Placer Dome tacked on 6 to finish at $19.10.

Breakwater Resources saw the most action among the base metal miners. The zinc miner ended a penny higher at $34 on more than 3 million shares. Aluminum giant Alcan was next in line falling 90 to $51.93 on about 2.3 million shares. On Monday, Alcan filed its revised 4-billion-euro bid for French rival Pechiney with French and U.S. regulators.

Canada’s junior exchange started the trading week off by posting modest gains. The S&P-TSX Venture Exchange composite index gained 3.85 points, or 0.28% and closed at 1,378.40.

Partners Spider Resources and KWG Resources were the most actively traded stocks. The companies recently reported the discovery of a new copper enriched sulphide zone in a satellite showing to the McFauld’s Lake massive sulphide zone in the James Bay lowlands on Ontario. Shares in KWG added 3 to close at 11.5 on a volume of over 2.4 million, while Spider ended the day at 10, up 1.5 on 2.2 million shares traded.

Pelangio Mines added 4 to 27.5 on 1.8 million shares traded. The junior holds properties in Ontario and Quebec, the most advance being the Detour Lake gold project in the Abitibi Greenstone Belt.

Diagem International Resource tacked on half a penny to close at 35.5 with 789,500 shares traded. Diagem recently reported that the first two week s of commercial mining operations yielded diamonds weighing 228 carat. The company is mining its Fazenda Chicoria diamondiferous gravel resource block in the Juina Diamond Province, in the state of Mato Grosso, Brazil.