Trading Summary (December 05, 2003)

Overall, it was a fairly quiet day in TSX trading, the S&P/TSX composite index was virtually frozen at 7,990.28 points. With gold prices consolidating their positions above US$400 per oz., gold stocks were generally upbeat, allowing the S&P/TSX capped gold index to end the day up 2.92, or 1.22%, to 241.77. The base metal miners follwed a similar trading pattern, permitting the S&P/TSX capped diversified metals & mining index to close 2.56 points, or 1.24%, higher at 209.84 points.

Once again, Wheaton River Minerals was the most actively traded mining stock, rising 11 to 4.160 on 8.8 million shares traded.

DiamondWorks was the best percentage gainer, climbing 46, or 34% to $1.80 as 227,364 shares traded hands. The company reported pulling 282 gem-quality diamonds from its Koidu pipe in Sierra Leone, with the three largest stones weighing an impressive 14.5 carats, 6.5 carats and 6.2 carats respectively. And this while only commissioning and testing its 50 tonne-per-hour processing plant! The company holds a 40% interest in the project, along with Magma Diamond Resources (40%).

Alcan jumped 39 cents in the lead up to its widely expected after-hours announcement that it would re-open its offer until Dec. 23 for Pechiney shares in oerder to increase its haul above 95% — the magic number at which Pechiney can be de-listed.

The terms are unchanged, and include, for each Pechiney share, two Pechiney ADSs or ten Pechiney bonus allocation rights: 0.5441 Alcan common shares and euro 28.60.

As of Dec. 5, Alcan had secured 77,950,776 Pechiney shares, 1,598 Pechiney bonus allocation rights and 7,722,915 Pechiney OCEANEs. In other words, Alcan has so far secured 92.21% of Pechiney’s share capital and 93.55% of Pechiney’s voting rights, on a fully diluted basis.

Iamgold brought some joy to its shareholders by announcing a 20% increase in its annual dividend. A 6 annual payment will be made Jan. 6 to shareholders of record as of Dec. 18, 2003. Investors responded by pushing up Imagold’s share 23 to $8.09.

Golden Star Resources tacked on 16 to hit $10.22 as it reported finding a new high-grade zone dubbed “South Akyempim” and situated 2 km southwest of the new processing plant.

Canada’s junior exchange ended the trading week in fine form with investors gobbling up select gold explorers. The S&P-TSX Venture Exchange composite index surged 29.9 points, or 1.72%, and closed at 1,734.05.

Northern Abitibi Mining added 2.5 to close at 10.5 on 3.3 million shares traded. The junior announced that there are no material changes in the affairs of the company. The company holds three main inactive projects, namely the Douay Joint Venture, the South Voisey Bay project and the Keni Diamond project.

Spider Resources ended the session flat at 13.5 on nearly 2.7 million shares. The junior, along with partner KWG Resources has been busy working the McFaulds base metal property in the James Bay Lowlands of Ontario.

JNR Resources gained 7 to close at 33 on 1.4 million shares traded. The junior recently dealt an option on its Moore Lake and Lazy Edward Bay uranium properties to International Uranium. The prospective project lie in the Athabasca Basin of northern Saskatchewan.