Trading Summary (September 29, 2003)

The technology stocks helped the Toronto Stock Exchange pull out of last week’s power dive to tack on 12.54 points for a finish of 7,445.62. The golds chipped in a 1.72-point gain to 191.41 as the yellow metal ended US$1.80 per oz. higher at US$382 even in New York. The base metal miners rose 1.05% to 1.67, led by the nickel miners.

Rivals Noranda and Inco both put in plus-2% gains. Noranda clibed 28 to $4.91, while Inco finished 95 higher at $37.85. The big newsmaker on the diversified metals & mining index was Alcan, which won U.S. and European Commission approval for its takeover of French rival Pechiney. The Aluminum giant’s shares recovered from an early stumble to end 80 higher at $52.50.

On the minus side was Ivanhoe Mines, which suffered some profit taking, shedding 22, or 2.8%, to settle at $7.67 with more than 2.2 million shares traded, enough to make it the busiest base metal issue.

Junior nickel issue Canico Resource lost 43 to hit $12.65. On Monday, Reuters reported that Canico’s chief executive Michael Kenyon, said it expects capital costs to build a mine at its Onca-Puma project in Brazil will hit US$500-US$600 million. An independent scoping study is due out next month. The mine is expected to crank up by 2006 or 2007. Rival Jaguar Nickel continued its steady climb, adding a nickel to make $1.27.

Kinross Gold gained a dime to reach $10 even with about 3.8 million shares traded to edge of Wheaton River Minerals as the TSX’s most traded gold stock. For their part, Wheaton’s shares gained 7 to $2.66. Barrick Gold edged up a nickel to $25.31, while Placer Dome jumped 32 to $18.17.

Canada’s junior exchange closed the day flat with advancing stocks loosing to declining stocks; 354 to 401. The S&P Composite Index finished at 1383.28, up 0.1, on a volume of 57 million.

ECU Silver Mines tacked on a penny and closed at 14 with 1.7 million shares changing hands. The stock resumed trading Aug. 8 after a cease-trading order was lifted. ECU’s ownership (through a subsidiary) of the mining properties in the Velardena area of Mexico has been challenged by the original vendors. The dispute has resulted in a production shortfall: only 2,606 tonnes were milled between March 24 and May 4 instead of the 5,000 tonnes planned. The average grades for that period were 6.15 grams gold and 299 grams silver, with recoveries of 75% for gold and 38% for silver.

Cangold closed up 2.5 to 16.5 with 1.18 million shares traded. Cangold and partner, Rimfire Minerals have recently kicked off a 600-metre diamond drilling program at the Thorn silver-gold-copper project in northwestern British Columbia. The primary target is a 100 metre x 300 metre, high-grade soil geochemical anomaly recently defined within the center of the Oban Breccia.

Diamondex Resources lost 2 and closed at 91 with 776,642 shares traded. Dundee Wealth Management recently acquired 1.3 million flow-through units of Diamondex Resources at $0.75 per unit, under a private placement. Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable into one common share at 85 until March 8, 2005. This represents an approximate 4.5% interest in Diamondex, on an undiluted basis. Subsidiaries, affiliates and associates of Dundee Wealth now hold or exercise control or direction over 2.7 million common shares and 2.1 million warrants of Diamondex. This represents an approximate 6.5% interest in Diamondex on an undiluted basis and 10.9% assuming theconversion of all warrants.