Trading Summary (December 12, 2003)

The diversified mining crowd pulled out of its recent slide adding 2.99 points, or 1.5%, to make 207.2 points, and help the broader market to a 23.02 higher to 7,979.2 points. The golds chipped a 1.27-point rise to 226.74. In the end just two of the TSE’s subindices finished in the red.

McWatters Mining finished atop the actively traded miner’s list, gaining 1.5, or 33.3%, to 6 with more than 10.4 million shares on the go. On Tuesday, Richmont Mines agreed to acquire McWatters’ advanced East Amphi gold property and nearby Fourax property, situated near Malartic in northwestern Quebec, for $7 million in cash. McWatters will complete a $6-million exploration program for Richmont by the end of next year. For their part, Richmont shares ended 16 richer at $6.16.

Better percentage gains were seen by gold junior Caledonia Mining put in a 27% increase, adding a dime to make 47 with more than 3.5 million shares changing hands, Niocan, which jumped 20, or 21%, to $1.15, and Cancor Mines shot up a nickel, or 20%, to 30.. A Quebec court recently rejected an appeal by the Union of Agricultural Producers against an earlier ruling in favour of Niocan’s niobium mining project in Oka, Que.

On the flip side, Thistle Mining and Manhattan Minerals both slipped by about 9%. Manhattan recently had its option on the Tambo Grande copper-zinc project in Peru axed by government-run Centromin Peru. The shares ended 3.5 lower at 36.5. Thistle dropped 3 pennies to 30. On Tuesday, the company picked up 5.7 million shares of Eurasia Gold at 2 apiece to boost its stake to 57.7%.

Canada’s junior exchange ended the trading week by rebounding from four straight losing sessions. The S&P-TSX Venture Exchange composite index surged 31.08 points, or 1.86% and closed at 1,670.21.

Diadem Resources got a boost from news that the company has engaged Maison Placements Canada to arrange a private placement of up to 7.5 million units, priced at $0.10 each. A unit comprises one share and half a warrant. Each whole warrant will entitle the holder to purchase one additional share for a period of two years at a price of $0.13 for the first year and $0.17 for the second. The funds will be used on the Darnley Bay diamond project in the Northwest Territories and Diadem’s Otish Mountains diamond properties in Quebec. Diadem shareholders recently approved a one-for-five consolidation in the junior’s stock. Shares in the junior ended at 12, up 3 on a volume of 1.9 million.

American Bonanza Gold Mines added half a penny to close at 37, on a volume of 1.16 million. The company is currently in the midst of an underground drilling program on its Copperstone gold project in Arizona. Work is also on going on the junior’s Gold Bar property located in the Battle Mountain-Eureka mineral belt in central Nevada.

ECU Silver tacked on 1 to close at 23 on 854,000 shares traded. The company holds several silver properties in Mexico.