Trading Summary (November 21, 2003)

The Toronto Stock Exchange ended the week on a sour note dropping 26.19 points to 7,783.59. Pharmaceutical company Biovail led the health care subindex nearly 5% lower after its shares plunged on news that the U.S. Securities and Exchange Commission had begun an informal probe into the company’s accounting practices. That tempered small gains by the golds, which end ed 0.17 of a point higher at 227.04. The diversified miners chipped in a 1.5% loss to 183.77.

Shares in Barrick Gold rose 20 to $28.20 after the world’s number two gold producer said it was no longer committed to its traditional practice of selling the yellow metal forward to protect future production from falling prices. Barrick’s Canadian peers, Placer Dome and Kinross Gold headed the other way. Placer dropped 8 to $22.08, while Kinross shed a penny to $10.94.

In the lower ranks, Gammon Lake Resources added two pennies to reach $6.94 after closing a previously announced private placement of more than 2.4 million shares at $6.15 apiece for gross proceeds of $15,000,000. BMO Nesbitt Burns acted as exclusive agent for the placement.

Semafo dropped 3 to hit $1.02 after posting a third-quarter net loss of nearly $3 million (or 4 per share), compared with a year-ago net loss of $870,603 (1 per share).

In Diamond news, Ashton Mining of Canada has closed the two private placements totalling 8 million units at $1.50 each plus some 1.7 million flow-through shares at $1.75 apiece for gross proceeds of $15 million. Shares in Ashton rose 2 to $1.52.

Meanwhile, Noranda dropped 21 to $16. Employees at the company’s Salisbury aluminum rolling mill in North Carolina have ratify new three-year collective labour deal. The new pact includes increased wages, pensions and other benefits plus changes to the group insurance program.

Canada’s junior exchange ended the trading week virtually flat. The S&P-TSX Venture Exchange composite index lost 2.43 points, or 0.15% and closed at 1,612.18.

Making a nice percentage move, Pan-Asia Mining added 1.5 to 19 on 1.8 million shares. The company has a controlling interest in a Sino-Foreign joint venture company in the Shandong Province in the People’s Republic of China. The Joint Venture Company owns and operates the 701 Changma Diamond Mine.

International Wayside Gold Mines gave back a portion of its recent gains, losing 2.5 to close at 22 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.

Cabo Mining added 2.5 to close at 10 on 3.3 million shares traded. The junior holds the Cobalt property 10 km. southeast of the town of Cobalt, Ontario.