Trading Summary (December 19, 2003)

Toronto’s diversified miner subindex was one of just four subindices to end in the black on Friday gaining 1.66 points to reach a new 52-week high mark of 223.63. The golds tripped at the end of the day to finish 4.89 points, or 2.2%, lower at 218.72. In the end, the S&P/TSX composite index was 10.84 points lower at 8,113.82.

Constellation Copper rose a penny to 9.5 on about 3.7 million shares, enough to rank as the nation’s busiest mining stock. Northgate Exploration did the same making it to $2.51 with a handful fewer shares changing hands. Major gold producer Barrick Gold managed to grab third spot with 3.4 million shares slipping 14 to $29.

Noranda added 21 to make $19.69, Inmet Mining gained 67 to make $15.96, and First Quantum Minerals rose 20 to 14.50. Earlier this week, Reuters reported that all three were rumoured to be potential suitors for the Neves Corvo copper mine in southern Portugal. On Friday, Inmet said that it has reached a settlement with the plaintiffs in class action against it and BHP Billiton regarding an alleged a breach of a 1996 settlement agreement relating to earlier claims for damages arising from environmental impacts of the Ok Tedi mine. Pending court approval, suit will be dismissed.

A nice percentage gainer on the day was Moydow Mines International, which grabbed 21, or about 36%, to end at 80. Moydow recently announced a distribution of $1.25 per share, payable Jan. 6 to shareholders of record on Dec. 23.

Canada’s junior exchange managed to end the week on an up tick with very light trading volume. The S&P-TSX Venture Exchange composite index gained 9.6 points, or 0.58% and closed at 1,663.94.

Coronation Minerals added 2.5 to close at 33.5 on 1.1 million shares traded. The junior along with partner Guyana Goldfields reported that prospecting on its Coppermine River project ground in the Strike Lake fault area returned grab samples grading 33.8% copper and 17.2 grams silver per tonne. The partners recently completed a 7-hole drill program over the Dot47 zone.

Getty Copper jumped 7 to close at 70 on just over 1 million shares traded. The junior holds the Getty property in BC, where Getty North holds 72.1 million tonnes grading 0.31% copper.

Cantex Mine Development dropped a penny to close at 6 on 809,300 shares traded. The junior has been exploring for gold and base metals in Yemen. The company will hold its annual general meeting on January 19.

War Eagle Mining ended the session down a penny at 6.5 on 759,000 shares traded. The junior has been busy seeking financing for its Tres Marias property. The project is a former producing zinc germanium mine located in Chihuahua, Mexico.