Trading Summary (November 04, 2003)

The Toronto Stock Exchange parted paths from its U.S. counterparts on Tuesday, edging 20.22 points higher to a new 52-week high of 7,863.69. The gold stocks did their part with a 1.23-oint gain to 205.53; the diversified miners slipped 0.11 of appoint to 197.11.

TVI Pacific ended the day as the TSX’s most traded issue with more than 12.8 million shares gaining a penny to make 13.5. In early October, the company arranged a $3.1 million bought deal with a group led by Haywood Securities. The deal included the issuance of 32.2 million units at 7 apiece plus another 10 million at 8 per unit. Proceeds are earmarked for exploration at TVI’s Shuikoushan gold project in China.

Diamond explorer Tahera remained a hot commodity with about 11.5 million shares ending 2.5 lower at 21. Tahera recently agreed to sell 50 million units to a syndicate of underwriters led by Griffiths McBurney & Partners. The group will sell on the units to qualified investors at a price of 16 per unit.One unit comprises one share plus half a warrant, with each warrant good for one share at 22 apiece for three years. Proceeds will go to fund exploration and development at the Jericho diamond project in Nunavut.

Aur Resources was next in line with more than 8 million shares regaining 17 to make $4.92. Aur recently posted slightly lower third-quarter earnings of US$2.8 million (or 3 a share), compared with year-ago earnings of US$2.9 million (or 3 a share). The decrease is attributed to higher income taxes and increased mine closure and site restoration costs. On the bright side, revenues climbed to US$50.6 million from US$46.3 million.

Barrick Gold was the busiest of the nation’s major gold producers slipping 21 to $25.30 on about 2.7 million shares. On Tuesday, New Oreleans-based coin dealer Blanchard & Co. said that the U.S. District Court for the Eastern District of Louisiana has ruled that Blanchard’s lawsuit against Barrick and investment bank J.P. Morgan Chase & Co. may proceed to the discovery phase. The case had been held up on an appeal by Barrick.

Barrick’s peers were split. Kinross Gold finished 4 higher at $10.64, while Placer Dome ended a dime lower at $19.95.

Ivanhoe Mines was the second busiest base metal issue with about half as many shares as Aur trading down 94 to $14.21. On Monday, Ivanhoe bought back a 2% net smelter royalty, payable to BHP Billiton, on its copper and gold discovery at Turquoise Hill in Mongolia’s South Gobi region. The price tag comes to US$37 million by Feb. 5, 2004. The acquisition gives Ivanhoe 100% control of the project.

Canada’s junior exchange finished the day with advancing stocks beating declining stocks 458 to 390. The S&P-TSX Ventures Exchange Composite Index closed up 14.46 points, or 0.92%, to 1591.35 on a volume of 92.2 million shares.

Cabo Mining topped the most actively traded chart with 2.45 million shares changing hands. The junior tacked on 2 and finished the day at 6.5. The company holds the Cobalt area diamond project in northern Ontario.

Hunter-Dickinson-led Taseko Mines finished the day at $1.08, up 27 with 1.59 million shares traded. The company recently announced a $2.5 million financing priced at 60 per unit with one 2-year purchase warrant attached to each unit that is priced at 75. Taseko holds the Gibraltar copper property, near Williams Lake in south-central British Columbia.

Having just closed a $1.2 million financing, Sparton Resources has gone back for more. The junior agreed to sell another 2.2 million special warrants at a price of $0.70 each. The special warrants hold one share and one warrant, which is exercisable at $0.87 for two years. Sparton recently reported that kimberlite indicator minerals have been found in till samples taken from its wholly-owned property located in the Otish mountains of northern Quebec. Shares in the company added 13 and closed at $1.25 with 1.4 million shares traded.

Blackstone Ventures jumped 11 and finished the day at 38 with 1.08 million shares traded. The company reports that it has recently completed an extended field examination of the Espedalen and Vakkerlien Ni-Cu-Co projects in Norway, together with representatives of Falconbridge. A formal option agreement has been signed and a technical committee established for exploration of the Norwegian projects. Blackstone reports that a 932 km, airborne EM and magnetometer survey has been commissioned to cover the Espedalen property. A 75-line km, ground- based UTEM survey to delineate drill targets, is scheduled to commence in February, 2004. Drilling will commence as soon as feasible, following completion and interpretation of the geophysical surveys.