Trading Summary (November 28, 2003)

The diversified miners stole the show on Friday, surging 4.57 points, or 2.4%, to 197.73. The golds tried to keep pace gaining 1.95 to 237.16, as the yellow metal ended the week in New York US$4.90 per oz. higher at US$396.50. Overall, the S&P/TSX composite index returned Thursday’s gains plus a bit to settle 21.11 points lower at 7,859.39.

Manhattan Minerals regained 9, or 20%, to 58 after Thursday’s collapse, which was prompted by an ultimatum from Peru’s Energy and Mines Minister, which requires the company to prove it has net assets of $100 million or more and a 10,000 tonne-a-day treatment plant by Dec. 1. On Friday, Manhattan said it would deliver the final draft feasibility study for the TG-1 project at TamboGrande on that date. The junior also said it intends to deliver a finance plan for the project at that time.

Queenstake Resources slipped a penny to 91. On Friday, Queenstake agreed to acquire Midwest Mining’s 57.5% interest in the Magistral gold mine in Sinaloa, Mexico. Under the deal, Queenstake will issue Midwest 11.2 million shares plus 2 million warrants each good for one share at $1 apiece for 2 years. The price tag also includes US$900,000 in cash from the joint venture. When the dust settles Queenstake will own 100% of the mine. The deal will also eliminates an existing deal that sees Midwest receive 100% of cash flow from the to repay original project financing of US$10.3 million.

Uranium issues have been enjoying rising prices, with UEX up 7, or 37%, to a new 52-week high of 26, and International Uranium, which added 24, or 19%, to hit reach a year-high of its own at $1.50. The world’s largest uranium producer, Cameco grabbed $1.41 to hit a new year-high of $64.30.

Minco Mining and Metals plummeted 39, or more than 20%, to $1.52. Late on Thursday, the company reported that the British Columbia Securities Commission has asked it to clarify the disclosure in its Nov. 5 news release concerning “total resources” of the Anba project, which were not compliant with National Instrument 43-101. A technical report to support the disclosure is expected by the end of February. The company plans to seek extra time to finalize the report.

On the diamond watch, Aber Diamond advanced $1.94 to $a new year-high of $49.44 after striking a preliminary deal to acquire Harry Winston, the prestigious New York-based “jeweller to the stars.”