Trading Summary (November 14, 2003)

With gold testing the US$400-an-oz. marker, Toronto’s gold index rose 2.6 points to 218.2 on Friday. The yellow metal ended the week by gaining US$3.50 to hit US$397.30 per oz. The base metal miners managed to grab 1.76 points to make 189.28. In the end, the S&P/TSX composite index was off 12.32 points at 7,755.3.

Asia Pacific Resources finished as the TSX’s top dog, soaring 15.5, or 172%, to a new 52-week high of 24.5 with more than 39.5 million shares traded. On Thursday, the company inked a memorandum of understanding with China state-owned Enterprise Investment Co. to jointly develop Asia Pacific’s Udon Thani potash deposit in Thailand. The proposed deal includes long-term off-take commitments and the arranging of around US$300 million in financing, enough for the first stage of the proposed 2-million-tonne-per-year Udon South mine.

Shares in Inmet Mining advanced 19, or 1.5%, to an new 52-week high of their own after the company announced that a British Columbia Court of Appeal dismissed an appeal by Barrick Gold subsidiary Homestake Canada regarding an earlier judgement that awarded Inmet $88.2 million plus costs after Homestake’s balked at purchasing the Troilus gold mine 170 km north of Chibougamau, Quebec. The ruling will see Inmet receive about $112 million, which will be included in earnings. Inmet’s issue ended at $12.49.

Gabriel Resources put in a 25 gain to make $4.35 after posting the first drill results from its 2003 drill program on the Rodu-Frasin targets on its 80% owned Bucium project in Romania. Drilling was highlighted by an 18-metre section running 20.1 grams gold plus 25 grams silver per tonne. At

Twin Mining‘s stock rose 3.5, or 9%, to 43. The company has six (soon to be seven) drills running on its Abitibi gold properties. So far, 8,976 meters of core drilling has been sunk on three properties.

American Mineral Fields jumped a quarter, or 15%, to a new year-high of $1.90, after the company said it was in advanced talks regarding its core projects in Africa. AMZ said details should follow early next week once the process is completed. The company owns the Kolwezi tailings project in the Democratic Republic of Congo, and is working on the Cuango River diamond project in Angola.

Canada’s junior exchange ended the trading week by moving back into the plus column as investors once again showed an interest in speculative gold issues. The S&P-TSX Venture Exchange composite index tacked on 7.65 points, or 0.47% and closed at 1,620.32.

Donner Minerals got a boost from news that exploration has resumed on the Stephens Lake project in Manitoba. Donner and partner Toronto-listed Falconbridge are exploring the northeastern Circum-Superior boundary of Manitoba for magmatic nickel, copper and platinum group element deposits. The Circum-Superior is host to the Thompson Nickel Belt and Falconbridge’s Raglan deposits. Shares in the junior added 3.5 to close at 19 on a volume of 2.1 million.

Taseko Mines added 15 to close at $1.19 on 1.7 million shares traded. The Hunter Dickinson led company holds the past producing Gibraltar copper-gold property in BC. The company has been examining the potential for producing copper cathode from concentrates using an innovative hydrometallurgical process developed by Cominco Engineering Services (CESL), a division of Teck Cominco. In August, 2000, a scoping study concluded that the proposed refinery would result in a 22% reduction in copper production costs by eliminating the cost of transporting concentrate to offshore processing locations, reducing smelter charges and the achievement of greater mine site efficiencies. Mine start-up and refinery construction costs are currently estimated to be $120 million.

Goldminco added 1.5 to close at 15 on 1.6 million shares traded. The company is in the midst of a $1 million financing with Canaccord Capital. The offering is priced at 10 cents per unit. A unit holds one share and one warrant, which is exercisable for a period of two years at a price of $0.15 in the first year and $0.20 in the second year. The funds are earmarked for the Blayney gold project in New South Wales, Australia.