Trading Summary (February 26, 2004)

Toronto’s gold stocks rebounded to the tune of 3.45 points on Thursday, as gold recovered from early losses to end off US80 per oz. US$394.80 in New York. The gold index came in at 212.64. The diversified metal & mining index regained Wednesday’s loss plus some to end 3.6 points higher at 225.21. In the end, the S&P/TSX Composite Index was 100.52 points better at 8,737.84, with just three subindices ending in the red.

Tahera was the nation’s busiest mining issue with around 8.6 million shares dropping 1.5 to 40.5. On Tuesday, Tahera said it has delivered a redemption notice to Dundee Precious Metals for its 8% secured convertible debenture, due Aug. 23. Tahera will redeem the note, plus interest, for $2.9 million on Mar. 24, unless Dundee decides to convert it into 22.5 million shares and 11.3 million warrants before then. Tahera expects the latter will occur. The redemption will leave Tahera debt-free. The warrants will be priced based on Tahera’s trading price at the time of conversion and will be exercisable for 5 years from the date of issue.

Next in line was Constellation Copper, which finished half a penny poorer at 13 with about 4.4 million shares changing hands. The Denver-based company recently added John Labate as its Vice President and Chief Financial Officer; Mike Attaway has joined as Vice President Operations; Gary Parkison as Vice President Exploration and Development; and Robert Washnock becomes General Manager of the Lisbon Valley Project.

Staying in Denver, Apollo Gold grabbed 4 to make $2.73 after tabling an initial proven and probable reserves of 3 million tonnes running 4.8 grams gold per tonne for its Black Fox gold project near Timmins, Ont.

Nice percentage gains were put in by International Uranium, plus 54, or 25%, to $2.69, America Mineral Fields, 40, or 22%, better at $2.25, and Jaguar Nickel, up a dime, or 10.5%, at $1.05.

Canada’s big three gold producers all managed to rebound, but Placer Dome was the class of the field gaining 95, or more than 4%, to make $22.85.

Shares in Falconbridge rose $1.20, or 3.6%, top $34.75 despite its contract settlement offer to some 220 office, clerical and technical employees at its Sudbury operations being soundly snubbed. The current three-year deal expires on Feb. 28.