Trading Summary (November 07, 2003)

Toronto’s gold stocks rebounded to the tune of 2.72 points to end the week at 207.24, as the yellow metal grabbed US$2.60 to make US$382.50 per oz. in New York. The diversified miners managed to chip in a gain of 0.31 of a point to reach 191.55 points. Most of the other subindices finished in the red pushing the broader market down 10.43 points to 7,860.44.

Trading in Tahera eased, but the diamond explorer still finished atop the TSX’s most traded list with nearly 18 million shares making their way 2 pennies lower to 27.5. On Friday, Tahera announced that former president Joseph Gutnick exercised options on 6 million Tahera shares, while a company he controls, Australian-based Edensor Nominees, exercised 35.5 million. Tahera says all of the shares issued were subsequently sold in the market.

Also making news was Manhattan Minerals, which plummeted a quarter, or 21%, to a three-month low of 95 after announcing that Peru’s Ministry of Energy and Mines cancelled two public meetings to discuss the company’s environmental impact assessment s of the Tambogrande polymetallic project after threats of violence. The company notes that the public meetings are legally required before the project can advance.

Etruscan Resources slipped 14 to $2.16 on news it has inked a joint-venture agreement with Resolute Mining, granting the Australian-based company the right to earn a 60% stake in its Finkolo gold project in Mali. To earn a 50% stake, Resolute must spend US$2 million; to bump this up to 60%, it must spend another US$1 million or complete a bankable feasibility study. Resolute also has agreed to purchase US$500,000 worth of Etruscan shares (at $2.60 apiece), though US$300,000 must be spent on the project. A 3,000-metre drill program is underway, focusing on the Tabakoroni porphyry target.

Imperial Metals rose 25 to $4.85 on news it has raised $10 million in a bought-deal financing and intersected more copper-gold mineralization at its Mount Polley project in British Columbia. The financing will see 2.35 million issued privately at $4.25 apiece. At Mount Polley, hole SD3-1 cut 466.3 metres averaging 0.49% copper and 0.36 gram gold per tonne in the Spring zone.

Canada’s junior exchange ended the trading week by hanging on to its stellar gains during the past four sessions. The S&P-TSX Venture Exchange composite index added 0.24 of a point and closed at 1,609.49.

AXMIN added 27 to close at $1.52 on just over 2.1 million shares traded. The company reported that partner Toronto-listed High River Gold Mines has elected to proceed with development of the Bouroum-Taparko gold project. The feasibility study includes mining both the Taparko deposit and AXMIN’s Bouroum deposit, located 49 kilometres to the northwest.

Solitaire Minerals added 3 to close at 13 on 1.7 million shares traded. The company holds a 10% stake in the Headway gold property near Red Lake, Ontario where King’s Bay Gold recently completed a 1,000 metre program.

ECU Silver Mining added 1.5 to close at 14 on 1.66 million shares traded. The stock resumed trading Aug. 8 after a cease-trading order was lifted. The original vendors have challenged ECU’s ownership (through a subsidiary) of the mining properties in the Velardena area of Mexico. 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.