Trading Summary (March 04, 2004)

Toronto stocks dropped another 22.42 to 8,773.27 in directionless trading on Thursday. The gold index edged 0.69 of a point higher to 210.48, while the yellow metal found a dime to make US$392.40 per oz. in New York. The diversified miners offset gains by the golds, slipping 0.71 of a point to 228.86.

UEX was the most traded mining issue with just shy of 3.9 million shares rising 12.5, or 34%, to hit a new 52-week high of 49. UEX is in the midst of US$1.9 million worth of geophysical surveying and drilling which will be equally split between the company’s Hidden Bay and Riou Lake uranium projects in the Athabasca Basin area of northern Saskatchewan. Work at both properties is expected to run until mid-April.

Queenstake Resources rose a nickel, or 7.5%, to 72. Recent exploration drilling on extensions of the Starvation Canyon project returned up to 15 ft. running 1.06 oz. of gold per ton. The drilling has extended mineralization over 300 ft. beyond the main Starvation Canyon mineralization. Plans are being laid for follow up drilling to the east-southeast.

Gulf International Minerals rebounded and then some, gaining 13.5, or nearly 50% of value, to make 41. Gulf International shares have been on the slide since late February, when the company’s chief executive, Alastair Ralston-Saul, resigned following an investigation found that he had misappropriated company funds.

Another big percentage gainer was Pioneer Metals, which finished a nickel, or 26%, higher at 24. There was no immediate news out of the company.

Among the base metal miners, Sherritt International added a penny to make $7.50 after reporting higher fourth-quarter earnings of $26.9 million (or 9 a share), compared with year-ago earnings of $14.7 million (9 a share). The increase is attributed to higher nickel and cobalt prices, record nickel sales and sales from recently acquired thermal coal assets.

LionOre Mining Internationalfell 9 to $6.93 despite posting sharply higher fourth-quarter earnings of US$29.8 million (16 a share), compared with year-ago earnings of US$3.6 million (2 a share).