Trading Summary (November 19, 2003)

The gold and financial sectors put in identical 1.17% gains on Wednesday to lead the Toronto Stock Exchange 63.7 points higher to 7,801.09. One of just four lower subindices, the diversified metals and mining group shed 2.01 points to 190.5.

Queenstake Resources ended the day as the TSX’s busiest mining issues, gaining 3 pennies to make 94 with more than 11 million shares changing hands. The latest batch of underground and surface drilling from the recently acquired Jerritt Canyon mine in Nevada cut up to 0.94 oz. gold per ton outside the current reserve and resource area, but near current workings. Ore-grade mineralization was also cut west of underground workings at the Murray mine.

South American Copper & Gold saw a penny shaved off its shares as 11 million of the notes were traded. The company is working to re-open the Pimenton gold mining and milling facility about 180 km northeast of Santiago, Chile.

Taking the bronze was Wheaton River Minerals, which grabbed 3 to hit $3.52 with 10.1 million shares on the go. Wheaton’s third-quarter earnings came in at US$14.7 million (or 3 per share) on revenue of US$63.1 million. Cash flow was considerably higher at US$26.6 million.

Goldstake Explorations soared 8, or more than 57%, to a new 52-week high of 22. On Wednesday, the company said corrected an earlier press release that indicated that a 0.44 cm section of drill core from the Larder Lake property in northeastern Ontario ran 438 gold grams per tonne. The section actually measures 0.44 metre. The hole was drilled in 1997. Goldstake can earn a 60% stake in the project, a mile north of the Kerr Addison mine, from Transpacific Resources by spending $1.5 million over 4 years.

Placer Dome added 33 to make $22.68, and Bema Gold rose a nickel to $5.25. Placer has begun talks with lenders about potential financing for the mothballed, US$1.3 billion project in northern Chile.

Vancouver-listed Arizona Star and Bema own a 51% and 49% stake, respectively. Placer can earn a 51% interest by arranging financing and assuming responsibility for construction.

Canada’s junior exchange took a healthy breather from its stellar rally over the past six weeks. The S&P-TSX Venture Exchange composite index lost 8.52 points, or 0.52% and closed at 1,625.86.

International Wayside Gold Mines added 4 to close at 19 on over 3.3 million shares traded. The Frank Callaghan-led junior announced a $2 million financing comprised of 13.5 million units priced at $0.15 each. A unit holds one flow-through share and half a non-flow-through warrant. A full warrant allows the holder to buy another share at $0.25 for an 18 month period. The funds are earmarked for exploration and development of its Cariboo gold project near Wells, in central British Columbia.

Making a nice percentage move, Stellar Pacific Ventures gained 5.5 to close at 16 on 2.4 million shares traded. The company announced that Michel Lemay would take over the helm of the shell company as president.

ECU Silver Mines held onto yesterday’s gains, closing flat at 23.5 with 2.1 million shares traded. At last report, the original vendors have challenged Ecu’s ownership (through a subsidiary) of the mining properties in the Velardena area of Mexico.