Trading Summary (October 23, 2003)

Toronto’s technology stocks plummeted 4.5%, dragging the S&P/TSX composite index 61.04 points into the red to a 7,650.2-point finish on Thursday. Most of the other subindices go caught in the vortex, excluding Consumer sectors. The diversified miners shed 3.15 points, or 1.8%, to 175.42, while the golds shed 0.73 of a point to 202.63.

Wheaton River was the busiest miner, watching about 4.2 million shares traded 8 lower to $2.73. Bema Gold was next, falling 8 to $4.36 on 3.5 million shares.

International Uranium saw more action that usual with nearly 2.4 million shares trading their way 9, or more than 8%, lower to $1. On Thursday, the company agreed to privately place up to 2 million flow-through shares at $1.10 apiece for gross proceeds of $2.2 million. Proceeds are earmarked for exploration of the Moore Lake Uranium project and other projects in the Athabasca Basin of northern Saskatchewan. The deal is subject to regulatory approval.

Kinross Gold was the lone major gold producer to end in the black, gaining 13 to make $10.75. Mid-tier producer Cambior regained 21, or 5.6%, to hit $3.96 after tabling plans to shutdown its Mouska mine in Quebec for a 10-month expansion program, and posting lower third-quarter net earnings. Shares in Southwestern Resources shot up $1.90, or more than 8%, to $25.

Inco was the busiest base metal miner, dropping another $1.76, or 4.4%, to $38.67. On Thursday, Reuters reported that Inco has denied any wrongdoing by top officials after reports of several managers selling shares less than three weeks before a surprise profit warning on Oct. 15. The nickel giant recently posted a third-quarter net loss of US$$27 million, or US16 a share.

Canada’s junior exchange lost ground with declining issues outpacing advancing stocks by a 397-to-375 margin. The S&P-TSX Venture Exchange composite index dropped 9.31 points, or 0.64%, and closed at 1,457.47.

Investors continued to pick up shares in uranium explorer JNR Resources. The junior holds exploration ground in the Athabasca Basin area of Saskatchewan. Shares in JNR ended the day at 12.5, up 1.5 on a volume of over 2.7 million.

Strongbow Resources added 5 to close at 50 on 2.3 million shares traded. The company recently staked 200,000 acres of ground adjoining Committee Bay Resources‘s property in the Committee Bay greenstone belt in Nunavut.

Masuparia Gold added 2 to close at 8 on over 1.9 million shares traded. The junior recently dealt fellow junior Goldbrook Ventures the rights to earn up to an 80% interest in Masuparia’s 71,252 acres in the Ungava region of northern Quebec. The Masuparia property is located to the north and west of and adjoins the Canadian Royalties property.

Investors unloaded stock in Endeavour Mining Capital following news that the company entered into an agreement with a syndicate of underwriters led by Orion Securities Inc. and Griffiths McBurney &Partners to complete a private placement of 5.8 million units priced at $3.45 each. Shares in junior ended the day at $3.30 down 20 on 1.68 million shares traded.

American Bonanza Gold Mines ended the day at 38, down 2.5 on 2 million shares traded. The company recently closed an $11 million financing and is looking to advance the Copperstone gold project in Arizona.